Asr Leasing Becomes the First Ijarah-Based Leasing Company in Tajikistan
Asr Leasing LLC (Asr) of Tajikistan has been certified as an Ijarah facilities provider by UAE based AlHuda Center of Islamic Banking and Economics (CIBE), an advisory firm specializing in Shariah based advisory services.
CEO of AlHuda CIBE, Muhammad Zubair Mughal, stated that Asr has gained a first-mover advantage in Islamic leasing in Tajikistan, which is a predominantly Muslim country. Founded in 2013 by Islamic Corporation for the Development of the Private Sector (the private arm of Islamic Development Bank), Asr is one of the largest and fastest growing leasing companies in Tajikistan.
He further stated that the volume of Islamic Finance globally will witness 100% growth, and that the sector will witness substantial growth amongst the Commonwealth of Independent States over the next five years, off a low base, driven by government initiatives.
To this end, he added that Tajikistan would benefit given the country’s plans to introduce Islamic finance regulations, as well as set up an Islamic finance institution to expand its financial sector and tap overseas markets.