ORIXCorp. unit ORIXLeasing Pakistan Ltd. has acquired and a Pakistani leasing company for ¥1 billion, The Nikkei reported July 13.
The acquisition makes ORIX the first Japanese company tohandle Modaraba, a Shariah-complaint financial instrument. The news came afterORIX Leasing Pakistan announcedin June that it acquired a 10% stake in Standard Chartered Modaraba.
The acquisitions were part of a under which ORIX LeasingPakistan had agreed to acquire Standard Chartered Leasing Ltd. and Standard CharteredServices of Pakistan, as well as a 20% stake in Standard Chartered Modaraba,from Standard Chartered Bank(Pakistan) Ltd.
As of July 12, US$1was equivalent to ¥104.51.