Askari Leasing Limited
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.