International IFPA held and TechnoLeasing company discussed future cooperation

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International Islamic Food Processing Association (“IFPA”) and Limited Liability Partnership TechnoLeasing (“TechnoLeasing”) had a bilateral meeting to discuss prospects of cooperation.

TechnoLeasing was established in 2010, and currently, it is a full-fledged player in the local equipment leasing market. According to the Committee on Statistics of the Republic of Kazakhstan, in 2019 the company was leading among private companies with leasing portfolio.

During the meeting, parties discussed the importance of machinery and production equipment that represent major cost in crop production operations. These costs can challenge an enterprise’s cash flow, but properly managing them can help agri-producers effectively and efficiently recapture gross margin. Managing Director of TechnoLeasing Mr. Dmitry Kogai noted that: “through finance leasing of farm equipment, TechnoLeasing purchases the assets and rents them out to companies over an agreed term with monthly repayments. Whether it is a milking parlour, growing crops, or breed livestock, we offer from basic tractor financing to more specialist equipment like combine harvesters or milking machines. The cooperation with IFPA is important for us, as we are striving to enhance connections and strategic partnerships to facilitate agricultural leasing using Islamic leasing instruments such as Ijara and related models through the engagement of agricultural service organizations of intra-OIC countries.”

The Director General and CEO of IFPA, H.E Sheikh Bilal Khan, remarked: ”IFPA is ready to expand its cooperation with TechnoLeasing for developing investment projects in agricultural leasing through offering various private sector options for improving agricultural mechanization related to the use of Islamic finance especially Ijara-based models, Islamic investment agency and leasing funds, Shariah structuring, and other Islamic investment and financing instruments to foster profitability of micro, SME and large-scale enterprises as well as expanding wider cooperation between all ecosystem businesses and agri-food companies across the OIC and IOFS markets.”