Orient Rental Mod amends business operations

June 27, 2024 (MLN): Orient Rental Mod (PSX: ORM) has amended its business operations, and will initially engage in providing equipment rental solutions and operation & maintenance services, the company’s filing on the local bourse showed.

The Securities and Exchange Commission of Pakistan has approved the amendments to the Prospectus of Orient Rental Modaraba.

ORM’s approach involves owning and renting out equipment, with rental periods ranging from one hour to years.

Rentals will be provided on an Ijara basis to credit-worthy customers, ensuring compliance with Islamic principles.

These rental solutions will be available both locally and internationally.

In addition, the Modaraba will be engaged in providing Operation & Maintenance (O&M) services to customers who own the equipment and require O&M service providers for maintenance.

The tenor of services will vary from client to client, it said.

Diminishing Musharika will be offered for acquiring tangible assets on a joint ownership basis.

Shariah-compliant financing facilities may also be provided to reputable corporate, commercial, and retail customers based on other modes of financing approved by the Religious Board from time to time.

Furthermore, the Modaraba will expand its operations to include logistics business and supplies of spares, accessories, and consumables related to all types of assets.

The Modaraba will also engage in long-term BOT-type projects whereby it will provide equipment and operate and maintain it for customers for a specified period.

The Modaraba will also focus on the development, sale, deployment, and provision of products/services related to information technology-based software applications, web-based applications, legal and regulatory compliance application products or solutions/services, either by itself or for any other IT-based proprietary software application products or solutions, under any arrangement with partners/service providers/contractors or any other person.

The Modaraba will also focus on the research, development, sale, deployment, and provision of products/services related to Information Technology data products, data processing services, database solutions, data warehousing, data management, legal and regulatory compliance data screening solutions, research and compilation of compliance data and data security products and services, by itself or for any other IT based proprietary data products or solutions, under any arrangement with partners/service providers/contractors or any other person.

Furthermore, Modaraba will engage in consulting Services with respect to research, development, and deployment of Governance, Risk, and Compliance Frameworks, Policies and Processes Manual, Audit and Risk Management Guidelines, and Training contents related to Information Technology driven Enterprise Risk Management.

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