ORIX expects syariahcompliant products to boost volume, revenue

SHAH ALAM: ORIX Leading Malaysia Bhd expects the syariahcompliant products it launched yesterday – i-Rental, i-Lease and i-Hire Purchase – will boost its business volume and revenue.

Chief executive officer, Hiroshi Inui, said the products, which offered a wide scope of financial services to the customers, were launched in line with the strong demand for shariah products in Malaysia.

“Close to 80 per cent of our customers are from the small and medium industry and the demand for the products in this sector has been evident for a while,” he told reporters after the launch of the products by Deputy Finance Minister, Datuk Lee Chee Leong yesterday.

Also present was ORIX Chairman Tunku Naquiyuddin Tuanku Jaafar.

Inui said with the launch of these

Close to 80 per cent of our customers are from the small and medium industry and the demand for the products in this sector has been evident for a while. Hiroshi Inui, ORIX chief executive officer

products, the company’s revenue was expected to grow by five per cent within the first year and double-digit moving forward.

Meanwhile, Lee said, the launch of the three syariah-compliant products was apt at a time when Malaysia’s Islamic finance marketplace was experiencing a significant growth.

“The Islamic finance segment registered double-digit growth in the past decade despite challenging circumstances globally.

“Our presence in the global Islamic finance system has made its mark largely in the global sukuk market, where we have sustained our position as the market leader with market share of over 50 per cent over the last 10 years.

“Currently, Malaysia is the largest sukuk market in the world with 50.7 per cent share of global sukuk outstanding, of which 48.2 per cent were corporate sukuk,” he said.

i-Rental, which is based on the concept of Operating Ijarah, is applicable for the rental of equipment (information and communications technology, test and measurement, medical and office automation equipment) offered to business enterprises. — Bernama

Johari (middle) together with Izham (second left) and other officials giving the thumbs up after welcoming MAB’s first A350-900 XWB aircraft at Kuala Lumpur International Airport yesterday. — Bernama photo

Lee (right) receives a token of appreciation from Naquiyuddin (middle) and accompanied by Hiroshi after launching three syariah-compliant products here yesterday. — Bernama photo