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Business

Japan's Orix expands Islamic financial business

TOKYO -- Leasing giant Orix has become the first Japanese company to handle a Modaraba, a type of financial product compliant with Islamic law, through a business acquisition in Pakistan.

The financial products are similar to investment trusts in that an asset management company invests funds entrusted by investors and pays out distributions from profits. These contracts are offered widely in Islamic countries. The Modaraba market in Pakistan is estimated to be worth several hundred million dollars.

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