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One more leasing company to operate under shariat rules in Azerbaijan

28 September 2011 10:08 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijanâ€™s ATAleasing company intends to operate on the basis of Islamic principles from 2012, board member of the company Javid Abbasov said.

To him, next year, the company will start works in this sphere: â€œEven, the company will divide the customers into two categories â€“ normal and troubled customers. The services based on shariat rules are considered only for normal customersâ€.

He noted that the company would base on â€œel-Ijareâ€ principle in Islamic leasing: â€œBut this type also has a lot of varieties. The decision related to this variety has not been made yet. Consultations will be conducted with local companies â€“ Ansar Leasing and Nikoil Bank. There is great potential on Islamic banking and leasing in Azerbaijanâ€.

Abbasov said the interest rate to be offered to customers would be regulated by the market.

Remind that, ATAleasing has been in operation since 2004.