Azerbaijan to support development of leasing market

Baku. 3 October. REPORT.AZ/ A tripartite meeting with the purpose of reviving the leasing market in Azerbaijan took place between Association of Leasing Companies of Azerbaijan (ALCA), International Financial Corporation (IFC) and Financial Market Supervisory Auhority (FIMSA).

Elchin Ahmadov, the ALCA Chairman told Report.

"Main purpose of the meeting was to discuss the situation in leasing market, existing problems and the ways of promotion of leasing: “It is not about controlling the market by FIMSA and licensing the leasing operations. There were just discussions about the future role of state authority in promotion of leasing in the country”, Ahmadov said.

He also added that currently leasing companies are only dealing with collecting fees: “The situation of leasing market is related with state in banking sector. Of course, similar to limiting the lending of loans by the banks, leasing companies have also limited the financing. The number of customers is small, besides, companies don’t want to make risk for which reason they just deal in collecting fees. In any case, it is appreciated that they did not leave the market.”