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Dubai: AlHuda CIBE has certified ASR Leasing, the first Ijarah company in Central Asia. Ijarah is a rental based financing mode under the Shari’ah law. ASR Leasing has introduced first of its kind product in Tajikistan.
“ASR Leasing” LLC is one of the largest and fastest growing leasing companies in the Republic of Tajikistan. The company was founded on 23 January 2013 by the Islamic Corporation for the Development of the Private Sector (ICD), the private arm of the Islamic Development Bank, a group of local and foreign investors witha charter capital of 3mln US dollars. Later the ownership structure was changed. “ASR Leasing” LLC continues is an important player in Tajikistan's leasing sector. During its operations in the leasing market, “ASR Leasing” LLC has established itself as a reliable strategic partner and has become one of the leading leasing companies in Tajikistan.
AlHuda CIBE has reviewed and certified as it is a Shari’ah compliant rental based Islamic finance product. In this concern, ASR Leasing is the first Halal certified Ijarah company in Central Asia.
Ijarah is a term of Islamic fiqh. It means ‘to give something on rent’. In the Islamic jurisprudence, the term ‘ijarah’ is used for two different situations. In the first place, it means ‘to employ the services of a person on wages given to him as a consideration for his hired services.’ The second type of ijarah relates to the usufructs of assets and properties, and not to the services of human beings. ‘Ijarah’ in this sense means ‘to transfer the usufruct of a particular property to another person in exchange for a rent claimed from him.’ The rental agreement of the financing entered by the subject of the contract followed by term of the contract, grade of the contract, settlement procedure, and other conditions.
Mr. Muhammad Zubair Mughal- CEO of AlHuda CIBE, expressed his views that many new Islamic Finance markets are seen to be emerging on the horizon in the world including Commonwealth Independent States (CIS) countries. Tajikistan is one of the emerging markets aggressively working for Islamic finance promotion and implementation. The total population of Tajikistan consists of 8.9 million inhabitants and 98% of them are Muslims, which is the supportive indicator for the growth of Islamic finance industry.
He further said that ASR Leasing has taken the step forward and introduced the first of its kind Islamic finance product in the country which will get the first mover advantage to tap the Islamic leasing market. Moreover, Tajikistan plans to introduce Islamic finance regulations and set up an Islamic finance institution to expand its financial sector and tap foreign markets. Islamic banking & finance will grow substantially in Commonwealth of Independent States (CIS) in the next five years from a low base, driven by government initiatives to boost the sector. In Tajikistan, a law to lay out a foundation for Islamic banking and finance took effect in 2014 and since then, the central bank and the government have been working together to amend other existing laws and regulations to facilitate the development of the sector.
Mr. Anvar Yuldoshev the Chief Executive Officer, ASR Leasing LLC, Tajikistan said that we planned to be Shariah compliant in all our Ijarah transactions and procedures to penetrate in the financial market. He further said that we are committed to offer Shariah compliant leasing products all over the Central Asia because Islamic finance is an emerging phenomenon as an alternative financial solution.
AlHuda CIBE has started putting research, advisory, consultancy and capacity building services in CIS countries for Islamic banking and finance industry from 2006 and in different countries of the world. AlHuda CIBE is the only advisory and consultancy firm working for Islamic banking and finance in Central Asian countries. It is expected that the volume of Islamic finance industry will increase by 100% in next five years which also will strengthen global Islamic finance industry. AlHuda CIBE also certify the Islamic finance products by offering Shari’ah certificate in order to ensure the Shari’ah compliance in the banking and financial transactions.
About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.
We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com
For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com
Call: +92 42 35913096 - 98
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