First Newsletter devoted to news about Leasing in Mauritius. Published by The Mauritius Leasing Company Limited. www.mauritiusleasing.com

1. NOTE FROM THE CEO
CROSSING THE CHASM IN THE ISSUE 1 AUGUST 2009
MAURITIAN LEASING
INDUSTRY................ ......... 1
NEW PRODUCTS
IJARAH FROM MAURITIUS
LEASING – THE FIRST ISLAMIC
LEASING SOLUTION ........... 2
Leasing
SPECIAL SME SCHEMES
NEW LEASING SCHEMES FOR
SME EQUIPMENT
MODERNISATION ............... 4
ADDRESSING THE NEEDS OF THE PRODUCTIVE SECTORS OF THE
ECONOMY AND PLANTING THE SEEDS FOR FUTURE GROWTH News
In 2009, Mauritius Leasing will have contributed 22 years of leasing expertise to Mauritius,
having pioneered this industry back in 1987 and being today the only listed leasing company
in the country. The company is constantly developing new and innovative products and
distribution channels which add value for the customer while minimizing operational costs
Crossing the Chasm in the
Mauritian Leasing Industry
James Allen, CEO
James Allen, CEO of Mauritius Leasing
The leasing market in Mauritius is economic initiatives to revitalise the
characterized by increased competition and economy which, we anticipate, will further
constant pressure on margins. With the benefit the Company and the Industry in the In a crowded market like Mauritius, where
tighter regulatory framework, it is expected future. achieving critical mass can be a real
that the industry will see some consolidation Leasing as an industry has been, in my view, challenge, it is essential to have a balanced
in the near future as a result of the changing under-valued. It is time we realized that regulatory and fiscal framework that
landscape for leasing businesses in the leasing can be equally, if not more effective recognizes the risks and rewards associated
country. than traditional banking at stimulating with this business.
From its inception, Mauritius Leasing has economic growth.
always been positive and forward looking. Already, the Non-Bank Deposit Taking Therefore, the leasing industry needs to
And indeed, with the new challenges being Institutions, of which Leasing is a work closely with government and the
thrown into the market, we remain component, represent no less than MUR 30 regulators to provide the right environment
optimistic for the future. Billion in terms of assets and this is set to to ensure this important growth instrument
The government has embarked on major grow even more in the years to come. of the economy can compete effectively.
MARKET WATCH
Bank of Mauritius 364-day Treasury Bills closed at a weighted yield of 4.90% at the latest
auction on 24 July 2009. 182-day and 91-day bills respectively closed at 4.54% and 4.51% on
a weighted yield basis. The declining trend witnessed earlier during the year which seemed to
have bottomed out in the past weeks is still showing a slight declining trend.
The Repo Rate has been maintained at 5.75% since 22 June 2009, date of the last sitting of the 1
Monetary Policy Committee of the Bank of Mauritius.

2. Respecting Your Principles with a new SMARTER
product designed to offer a new choice LEASING:
previously unavailable to Mauritian
customers. Experience vs.
Discipline
Ijarah – Not a far
away tale anymore!
Linda Vithilingum, Head of Sales and Mr Nawaz Narod
Harbouring a satisfied smile, Mr. Ijarah was approved by a Ijarah works on the principle
Nawaz Narod accepts the key of Shari’ah board supported by that Mauritius Leasing buys the
a Hyundai Tucson from Mrs. local and Malaysia-based asset (vehicle or equipment)
Linda Vythilingum, Head of scholars who are fully versed in which remains in its ownership
Sales of Mauritius Leasing, at Islamic finance. Through Ijarah, all throughout the lease period. The core values of
the Dealer’s showroom. Having ML expresses its continuing In exchange of the use of the .
Mauritius Leasing are
the keys remitted in the hands of commitment and innovative asset, the client pays a monthly embedded in its tagline
the client, with the vehicle ready contribution to the Mauritian rent which serves to cover the
to be on the road, is the one of leasing industry. cost of the asset and a “Leasing for Life”
the core characteristics of reasonable level of profit for the
Mauritius Leasing’s new Ijarah comes at an opportune owner of the asset.
product, Ijarah - Islamic Leasing. time when the government and
L.I.F.E represents the
the leasing industry are working At the end of the rental period,
building blocks of
Mauritius Leasing’s Ijarah is the towards introducing property Mauritius Leasing offers an
Mauritius Leasing’s
first leasing product to lead the leasing. option for the client to purchase
approach and conduct
way in the emerging Islamic the asset at a nominal or token
with respect to its
finance environment in price as part of a separate
business.
Mauritius. Ijarah is an alternative contract of sale.
to conventional leasing and it is
the ultimate form of interest-free For more information, please
asset-backed financing. It download the Ijarah product fact Leadership
combines modern credit and sheet online at our website on
financing techniques with www.mauritiusleasing.com or Change is the essence
traditional risk reward sharing contact Mrs Linda Vithilingum, of what it means to
concepts and business ethics. This will be an added Head of Sales on 202-3700. lead.
opportunity for such customers
Both Standard Ijarah (Operating (Muslims and non-Muslims) to Mauritius Leasing
joins the MCIB Innovation
Lease) and Ijarah Muntahia acquire assets under an ethical
Bittamleek (Finance Lease) are mode of financing which is Innovation is the
accessible to both individual and compliant with their moral Since 1 May 2009, Mauritius
Leasing together with the other
foundation of our past
corporate customers and will be values. and the key to our
leasing companies has joined
applicable for medium to large the Mauritius Credit future.
ticket assets ranging from motor Islamic Finance principles Information Bureau operated by
vehicles to sophisticated require Shari’ah-compliant the Bank of Mauritius. This was
machinery. products to be free from “riba” previously only available to Focus
Banks.
(interest) and other
characteristics such as “gharar” Focus is the delivery
The MCIB tracks individual and
(uncertainty). mechanism of our
corporate exposure and payment
performance. By law, all leasing vision.
companies are required to report
The Mauritius Leasing Company Limited is a credit information included any
MUR 3Bn Asset Finance Company listed on non performing accounts (late
the Stock Exchange of Mauritius. by more than 90 days) through Effectiveness
Leasing News the MCIB.
c/o The Mauritius Leasing Latest Annual Report 2008 available online at Doing the right things,
Company Limited www.mauritiusleasing.com
3rd Floor, BAI Building
first time, every time.
25 Pope Hennessy Street
Port-Louis
MAURITIUS
We would be delighted to obtain your feedback on this new publication. Please write to us on mleasing@ml.intnet.mu
in case you would like to see some specific features or would like to opt out of the distribution list.
2

3. ML VENDOR Mauritius Leasing Sponsors
PROGRAM:
The fastest and easiest way the Mauritius Ocean Classic
to close more sales
The ML Vendor Program is a new approach Mauritius Leasing structures leasing
introduced by Mauritius Leasing for its options tailored specially to meet the
Channel Partners. For equipment and needs of the vendor’s customers and
vehicle dealers, offering convenient leasing provide a means to expedite the
terms is a proven way to demonstrate the acquisition process. Mauritius Leasing
affordability of their products. brings together its financial strength
and a broad array of leasing
Successful equipment vendors and car alternatives with the objective of
dealers use the power of leasing to increase remaining a long-term financing Hank MacGregor, winner of the race with
profitability in every proposal they make by partner for both the vendor and the Jean-Yves de Fleuriot, Relationship manager of ML
breaking down the sales price into easy-to- client. Mauritius Leasing sponsored the 1st
manage monthly payments. This approach international ski-surf competition in
preserves profit margins by eliminating the Mauritius Leasing Relationship Mauritius which took place on 4-6 July
need to offer discounts or extended terms. Managers initiate the Vendor Program 2009 at Le Morne. Through this
And by eliminating price objections, the with the identified channel partner and sponsorship, Mauritius Leasing
sales cycle can be shortened resulting in work closely with the latter to develop contributed to a contemporary sport
increased volume. For such companies marketing and sales approaches in line which reflects its dynamism and
seeking an experienced financial partner, with their marketing objectives, while innovative capabilities. This event
Mauritius Leasing is the logical choice. providing first-rate support and positioned Mauritius as an international
satisfaction. destination for ski-surf competitions.
Mauritius Leasing is the market leader in
leasing solutions specializing in providing For more information, download the
custom solutions for growing businesses. Mauritius Leasing Vendor Program
Working together with its Channel Partners, brochure online from our web site at
www.mauritiusleasing.com or contact
Chrystelle Douzet on 202-3700 for
more information and a preliminary
Leasing News discussion on your requirements.
c/o The Mauritius Leasing
Company Limited
3rd Floor, BAI Building
25 Pope Hennessy Street
Port-Louis
MAURITIUS The Mauritius Leasing Company Limited
3
25 Pope Hennessy Street, Port-Louis Mauritius
Tel : +230 202 3700, Fax : +230 212 6456 email :mleasing@ml.intnet.mu

4.
Leasing to support the SMEs with SME
SCHEMES
Special Government Initiatives Timely and Affordable
The Ministry of Finance Under the first scheme, SMEs The equipment which are eligible Modernisation
working together with the Joint will be able to obtain lease under the scheme include the
Economic Council, the State facilities based on an implicit following:
Investment Corporation and the rate of 8.5% per annum over a Low Contribution
Association of Leasing period ranging from 3 to 7 years. (a) Agriculture, Agro Industrial,
Stone Crushing Concrete Plant, A minimum initial
Companies have put together The contribution of the SME to Earthmoving, Land Preparation payment of 10% or 15%
two special schemes targeted to the cost of the asset will be as and Civil Engineering payment is required
Small and Medium Enterprises low as 10% with 90% provided Equipment depending upon the
(b) Manufacturing and Industrial
based in Mauritius. by the leasing company. Equipment including Textile scheme chosen by the
Government through the SIC will related, Knitting, Dyeing, SME.
The objective is to provide provide 30% guarantee on the Washing, Ironing, Cutting,
Making, Packing and other Competitive Pricing
assistance through a special facility. The maximum lease textile equipment
finance leasing scheme to SMEs facility that can be available by (c) Kitchen, Restaurant, Catering, At 8.5% per annum,
towards enhancing their any SME will be MUR 5m. Food & Hotel Industry related these two schemes
competitiveness through the
equipment represent a cost
(d) ICT, Office Equipment effective financing for
modernisation of their Under the second scheme, SMEs including light printing
equipment Small Businesses.
production processes with a which have a turnover of up to
(e) Heavy Duty Printing Press
view to prepare them to bounce MUR 150m will be able to obtain Equipment
back once the global economic lease facilities based on an (f) Seafood Processing, Cold Room Fast Turnaround
downturn is over. The scheme is implicit rate of 8.5% per annum & Refrigeration Equipment Mauritius Leasing makes
(g) Fishing and Boat House
expected to run as from August over a period of 3 to 7 years. The Equipment is easy for you to benefit
2009 until 31 December 2009. contribution of the SME to the (h) Utility Vehicles, trucks and from these schemes in a
cost of the asset will be as low as trailers short time.
(i) Other Small Industrial or
Two schemes have been 15% with 85% provided by the Specialised Equipments
designed for the following: leasing company. Government
(a) SMEs with turnover less than through the SIC will provide All facilities are subject to terms
MUR 50m 15% guarantee on the facility. and conditions as may be
(b) SMEs with turnover less than The maximum lease facility that applicable to the application
MUR 150m can be available by any SME will submitted by the SME. Usual
be MUR 15m. processing and registration fees
apply.
For more information and assistance on the Special SME Leasing
Leasing News Scheme, Please contact our Relationship Managers:
c/o The Mauritius Leasing
Company Limited Angelo Bussier 945-2631 Clothilde De Fondaumiere 257-9315
3rd Floor, BAI Building
25 Pope Hennessy Street
David Athaw
Kemla Rajah Gopal
258-2899 Jean-Yves De Fleuriot
256-7869
251-5885
4
Port-Louis
MAURITIUS