Monday, May 26, 2014

ICD-backed Ijarah leasing company to be established in Kyrgyzstan

IFN Asia Forum 2014
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KYRGYZSTAN: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the IDB Group, in collaboration with Kazakhstan Ijarah Company, Eurasia Group and Tredstone has announced plans to establish Kyrgyzstan’s first Shariah compliant leasing company.

The company, which will begin operations in the fourth quarter of the year, will be Kyrgyzstan’s first standalone leasing company and the first leasing company to operate in accordance with Shariah principles. Following in the footsteps of the established ICD-backed leasing companies in the region, the leasing company in Kyrgyzstan is aimed at rendering financial leasing services to businesses from the agriculture and agri-related sectors, as well as the construction, housing and manufacturing sectors.

The leasing company will focus on SMEs, according to Khaled Al Aboodi, CEO of ICD. “Financing SMEs is part of the core strategy of ICD. The SMEs have a crucial role to play in the country’s growth and development, and ICD has big plans for them. ICD is now focusing on this sector by establishing Ijarah leasing companies and investment funds,” said Khaled. The corporation has shown its commitment to the proliferation of Ijarah leasing companies with the 2010 establishment of subsidiary, the Ijara Management Company (IMC).

In an email to Islamic Finance news, Sanjeev Chadha, CEO of the IMC, confirmed that plans for 2014 included a pipeline of deals for the Kazakhstan Ijara Company and exploration of Turkmenistan as a potential new market. “Prospects are extremely bright in the coming years. We expect more and more clients to opt for Islamic finance for faith reasons, provided Islamic finance is competitive, customer-oriented and has products to meet customers’ requirements.”


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