Joint Leasing Company in Azerbaijan is looking to pool additional funds for the Islamic leasing project launched this past January, according to Elchin Ahmadov, the director general of the company.

Initially, the project received 4 million AZN, which was quickly used. Now, there is an opportunity to gain even more funds for the project.

The International Bank of Azerbaijan is currently the chief financial contributor of Joint Leasing and co-founder of the company, but Joint Leasing hopes to expand their leasing portfolio.

"Despite the financial strength of our founder, the company draws funds from other sources to diversify its borrowed portfolio," Ahmadov said. "Last year, we raised a loan worth $3 million. We are also working on export financing schemes. Today, most countries have schemes to encourage exports of any country. Last year, we actively worked with Korea in this direction and attracted funds to purchase Japanese equipment. At present, we are holding negotiations with a number of financial institutions."