Askari Leasing Limited (ALL), a subsidiary of
Army Welfare Trust (AWT), the name that spells growth, quality and
commitment in Pakistan, is focused on underwriting quality lease
business with a two fold objective of ensuring the safety of capital
and maximizing the shareholder's return.
Dec
10 - 16 , 2001
ALL was incorporated on August 01, 1993 and went
public on September 22, 1993 and the public issue was oversubscribed.
The company received its commencement of business certificate in
October 1993. ALL is listed on all the stock exchanges of the country.
Leasing as an organized business in Pakistan
started in early 80's. The main purpose was to introduce the Islamic
mode of financing thus bringing the economy in conformity with the
tenents of Islam. The industry has seen unprecedented growth in the
early 90's. The total number of leasing companies has reached 32.
Today at least 7-9% of total acquisition of capital goods in the
country takes place through leasing.
ALL has shown a phenomenal growth in its balance
sheet footing, which stood at Rs. 7.8 billion for the fiscal year
2000-2001. Till June 2001 our net investment in lease finance stood at
Rs. 6.3 billion and is very well diversified. Major investments are in
the sector of power, energy, cement, services and auto lease. Our
lease analysis shows 65% investment in autos, 29% in machinery and 65
in equipment.
Fund mobilization is the lifeblood of any leasing
company. We are following a three pronged strategy of Certificate of
Investments. Term Finance Certificates and credit lines from financial
institutions. Our ANZA certificates of investments (COI's) are in
great demand by the general public and institutions. By June 2001 the
company has raised Rs. 4.4 billion in COI's which denotes the trust
people have in ALL.
Pakistan Credit Rating Agency (PACRA), an associate
of IBCA, UK has upgraded ALL's entity rating to "A Plus"
long term and "A1" for short term obligations.
Askari Leasing is contributing substantially in the
economic activities of the country besides being a profitable concern
of AWT. ALL remains alive to the changing business trends and keep
adding new products to the existing line. To exploit a highly
lucrative market segment in the country ALL has entered into consumer
auto leasing product namely 'asKar'. It has received a highly
encouraging response and till June 2001 has marketed over 7000 cars
and disbursed over Rs. 4.0 billion.
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