Due to the strong demand for Shariah-compliant products in Malaysia, ORIX Leasing Malaysia Berhad (OLM) introduced a suite of innovative Islamic products to the market.
The host of products, i-Rental, i-Lease and i-Hire Purchase subscribes to specific Shariah concepts and forms in OLM’s Islamic Financing portfolio. i-Rental is applicable for the rental of equipment (Information & Communications Technology, Test & Measurement, Medical and Office Automation Equipment) and is the first-of-its-kind in Malaysia.
Meanwhile, i-Lease is offered to business enterprises for leasing of equipment for commercial purposes and applicable under the concept of Al Ijarah Muntahiya Bi Tamleek, while i-Hire is offered to both consumers and business enterprises to finance the purchase of goods.
Hiroshi Inui, Chief Executive Officer of ORIX Leasing Malaysia Berhad said: “Malaysia’s Islamic finance marketplace is experiencing a surge in popularity and growth recently. The industry is enjoying a double-digit growth, and as an organisation that prioritises product innovation and service refinement, we felt it was timely to introduce a host of Shariah compliant products to widen the scope of financial services offered to our customers.”
In ensuring the full compliance to the local Shariah policy and guidelines, OLM worked hand-in-hand with the Islamic Bank and Finance Institute Malaysia (IBFIM). “This is really the beginning of our Islamic financial solutions. Already, we have plans in the pipeline to introduce a number of new products in the near future,” concluded Inui.