ORIX LAUNCHES 3 SYARIAH PRODUCTS

Company upbeat that i-Rental, i-Lease and i-Hire Purchase will boost business volume, revenue

ORIX Leasing Malaysia Bhd expects the three syariah-compliant products it launched yesterday — i-Rental, i-Lease and i-Hire Purchase — to boost its business volume and revenue.

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

“Close to 80 per cent of our customers are small and medium enterprises and the demand for the products has been evident for a while,” he said yesterday.

The products were launched by Deputy Finance Minister Datuk Lee Chee Leong. Also present was ORIX chairman Tunku Naquiyuddin Tuanku Jaafar.

Inui said the new products would help grow the company’s revenue by five per cent in the first year.

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

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

“We have made our mark in the global sukuk market, where we have sustained our leadership position with a market share of more than 50 per cent over the last 10 years.”

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.

i-Lease is offered to business enterprises for the leasing of equipment for commercial purposes and applicable under the concept of Al Ijarah Muntahiya Bi Tamleek.

i-Hire Purchase, which is based on the concept of Al Ijarah Thumma al Bay, is offered to both consumers and business enterprises to finance the purchase of goods. Bernama