Leasing History

    • New techniques of leasing began by founding the United States of America International Leasing Institute in 1952 in San Francisco by the name of U.S. Leasing. Leasing was introduced in Germany in 1960 by Deutsche leasing and in Japan by orient leasing. Leasing became popular in many countries including Iran during 1970 to 1975. The 80s can be called years of the International Leasing boom. The International Financial institution (IFC) dependent on the World Bank has an important role in design and establishment of leasing companies in the world. Leasing of Korea in 1977 was the first example of its success. IFC support measures resulted in the development of a leasing industry in countries like Brazil, India, South Korea, and Turkey. The first Iranian leasing company was founded in 1975 in partnership with Iran Credit Bank, International Company (France) and the private sector entitled Iran leasing company. The Second Leasing Company was founded with partnership of Iran Industrial and Mining Development Bank and Society General Agricultural Development (French) entitled Ariya Leasing Company. These institutions were not active up to 1975, when they were under the policy of the Central Bank of the Islamic Republic of Iran. Companies and institutions, including the two mentioned companies were subject to operation review and implementation of Islamic laws in their activities. The Islamic laws were suggesting interest-free banking. In this way one of the credit tools was hire-purchase which was later used in financial leases.