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ORIX leasing Pakistan Limited (OLP) has established Islamic Finance Division on April 1, 2011.
ORIX leasing Pakistan Limited (OLP) has established Islamic Finance Division on April 1, 2011. OLP over the years has introduced a number of products that cater to almost all sectors of the economy.
Our vision is to provide you with the best of both worlds by offering you a full range of Islamic products designed for you "The Islamic Way".
OLP's Shariah Advisor Mufti Ibrahim Essa holds TAKHASSUS FIL FIQH qualification from Jamia Darul Uloom, Karachi, under his supervision all transactions of Islamic Division are being carried-out and he approves the entire documentation to ensure that our valued customers receive fully Shariah compliant products.
Shariah Approval of IJARAN and DIMINISHING MUSHARAKAH Products
OLP Islamic Finance Division offers following Shariah Compliant Products.
- Diminishing Musharkah
Corporate and Commercial customers can choose from Shariah Compliant financing solution to meet their business needs.
Medium to long term facility for vehicle ( Corporate and Individual), plant and machinery leased out to the client on rental basis.
Medium to long term facility for vehicles (Corporate and Individual), plant and machinery on joint ownership (Shirkat ul Milk) basis.
Initial Financing by OLP will be for acquiring share in the (tangible) asset not to provide a Loan.
Through periodic repayments Customer will acquire OLP's share in asset and portion of the repayment consist of rentals for the use of asset by the Customer.
That arrangement for Diminishing Musharakah contract comprises of following.
- Joint ownership agreement between OLP and Customer.
- Ijarah Agreement between OLP and Customer.
- Unit Purchase Agreements between OLP and Client.
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