DBK-Leasing financed first deal under Islamic leasing terms
The KZT 1.1 bln deal became the first project financed by DBK-Leasing under the Islamic leasing terms (Ijara).
As the DBK press service says, LLP Eastcomtrans will spend these funds on acquisition of 113 tank cars for transportation of liquefied hydrocarbon gases at the domestic, international and transit markets. The tank cars meet Kazakhstan’s climate and geographic peculiarities.
“This deal is of paramount importance for Kazakhstan’s economic sector, since our opportunities on attraction of foreign investment expand. In order to boost Islamic financing in our country, we need to use these instruments in active financial operations. In this regard, I would like to highlight that DBK-Leasing became the first company to finance the project on Ijara terms. The implementation of these plans will let the bank expand the line of its financial products. Moreover, it corresponds to the tasks, set by the Head of State on establishment of the Astana International Financial Centre,” Vice Chairperson of the DBK Board Elena Kogay said.
“Presently, our company ensures 20% of shipment of petroleum cargo by the network of Kazakhstan Temir Zholy JSC. As part of this project, we are currently working on diversification of the fleet and expansion of the geography of transportations. We should particularly note that application of the Islamic financing tools while structuring the deal, enabled the company to get a long-term leasing financing, which is a result of long-term cooperation between our company and DBK-Leasing,” Director General of LLP Eastcomtrans Evgeny Plakhotin noted.
According to Chairman of the Board of JSC DBK-Leasing Alexey Boyev, his organization has performed a huge work on preparation for adoption of a new regulatory legal framework and on elaboration of internal documents and contracts. “Islamic Bank AL-Hilal, Sunberg&Company and LLP Amanie Advisors CIS provided comprehensive consultations at all preparatory stages. Thus, this deal opens new opportunities and lays a foundation for implementing a wide range of Islamic products and services in financial sector, including those used for financing long-term investment projects,” he added.