ORIX Modaraba Announces Board Changes

OLP Modaraba, formerly Orix Modaraba., is a Pakistan-based Islamic financial institution. The Company is primarily engaged in financing of plant, machinery, equipment, motor vehicles (both commercial and private) and housing finance under Islamic finance structures. The Company also invests in commercial and industrial ventures suitable for the Modaraba. It offers both consumer and wholesale Shariah compliant products. Its financial products include Ijarah/leasing, diminishing Musharakah, Murabaha, Salam, Istisna and certificates of Musharakah. Murabaha is the sale of commodity on pre-define price and profit. The Company's investment schemes include products, such as Certificate of Musharika (COM). It also offers Syndicate financing facility to clients that require large amount of financing. It operates office in Karachi, Lahore and Islamabad.