Mohammad Al Barwani, chairman of Taageer Finance, says, “IFC’s loan will give our company access to longer-term funding than is not available from local sources, and it will help us to meet the increasing demand for leases from SME clients.
“This financing will enhance investors “confidence in Taager Finance, particularly in view of our forthcoming IPO.”
Taageer is the newest entrant in the Omani leasing market. it was established in February 2001 as a nonbanking finance company with a license to such offer products as financing and operating leases, corporate and retail loans, factoring, and consumer loans. Currently it has a 10 percent market share. For the financial year ending December 31, 2004, it had total assets of $ 45.8 million, net lease assets of $ 43 million, and net income of $ 1.4 million.
