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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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