OREANDA-NEWS. December 5, 2011. Leasing company Unileasing CJSC has opened a line of credit from the International Islamic Trade Finance Corporation (ITFC).

Unileasing department head Hikmet Ibrahimov says that ITFC approved the credit line of USD 3.5 million for the leasing company. He added that the finances would be directed for financing projects in the area of small and medium businesses.

"A huge number of potential clients, convenient schemes of financing of our company, as well as attractive leasing terms have allowed starting spending of these funds. To date, USD 2.5 million of the credit line has been spent," said Ibrahimov.

Unileasing was the first among leasing companies which put into practice a system of financing of projects on the principles of Islamic banking, and cooperation with the ITFC will also promote and improve this system.

Presently, the Unileasing’s main priorities are:

- Car leasing
- Leasing of construction machinery
- Leasing of vehicles
- Leasing of industrial equipment
- Leasing of real estate
- Leasing of medical equipment.

The Unileasing shareholders are Unibank (66.67%) and European Bank for Reconstruction and Development (33.33%). ITFC is a subsidiary of the Islamic Development Bank (IDB).