Yoshihiko Miyauchi
Chairman and Chief Executive Officer, ORIX Corporation, Japan |
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Late Mr. Shakirullah Durrani (1929-2009)
Founding Director (1986-2005) ORIX Leasing Pakistan Limited |
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As a pioneer in the leasing industry, ORIX has always stayed ahead of the times. Our success can be attributed to this acute responsiveness to the everchanging business environment and customers’ varied needs.
It was in this spirit that we decided to enter the market in 1986 when leasing was relatively unknown in Pakistan. After recognizing the great potential, we launched operations with a team of professionals and committed individuals. Our determination to become a leader in the Pakistan leasing industry was made possible only by the unstinting efforts of OLP management and staff.
As OLP commemorates its 25 years in Pakistan, please allow me to congratulate the Board, management and all staff members for their remarkable achievements in reaching this milestone. As a major financial institution and a responsible corporate citizen, OLP can take pride in its major contributions to Pakistan's economic and social well-being.
I wish OLP continued success for many years to come.
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A Tribute by
Mr. Humayun Murad
Regional CEO, MENA & CIS,
ORIX Corporation and Director OLP
Chief Executive, ORIX Leasing Pakistan Limited
(1989-2010)
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My association with Mr. Shakirullah Durrani spanned over 30 years. To me he was a mentor and a father figure, and he guided me with great affection and regard.
I feel privileged to have earned his trust and confidence. I am now honored to have an opportunity on the occasion of OLP’s Silver Jubilee to recognize his contribution in OLP’s formation and progress.
Mr. Durrani was a towering figure with a tremendous personality, sharp intelligence and great foresight. He
founded the first true investment bank in the country Investment Corporation of Pakistan which introduced new concepts in finance and savings through the stock market. He was Managing Director, Pakistan International Airline for three years and Governor, State Bank of Pakistan for a shorter period. Mr. Durrani founded OLP in 1986 with great enthusiasm and pride. The structure of OLP reflected his wisdom, and his
ability to attract a world class company like ORIX Corporation of Japan. After formation of OLP he took a lot of interest in the company’s growth and the professional development of its executives and staff. He succeeded in forging a close relationship amongst the founding shareholders, and he nurtured the company’s development with meticulous care and attention.
It was at Mr. Durrani’s recommendation that
ORIX Corporation allowed OLP to invest in its first overseas joint venture in Oman and later in four other countries, all of which receive technical and managerial support from OLP. It was Mr. Durrani’s vision that OLP should become a successful and sound financial institution. OLP delivered on his vision by becoming the biggest and most profitable leasing company in Pakistan, and the first Pakistani NBFC to expand internationally.
The greatest tribute to Mr. Durrani’s memory would be for OLP to become even more successful in the years to come. InshaAllah, OLP’s current management and staff will, no doubt, take the company to greater heights of excellence and professionalism. |
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D.M. Qureshi
Founding Director ORIX Leasing Pakistan Limited Former President Bankers Equity Limited |
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I am pleased to know that ORIX Leasing Pakistan Limited (OLP) is celebrating its 25 years in Pakistan.
In 1986, when it was incorporated as Orient Leasing Pakistan (Pvt) Limited, I was one of the founding Directors in my capacity as the President, Bankers Equity Limited (BEL), which was a shareholder in the Company. I am delighted that the Company I was associated with when it set afoot in Pakistan emerged as one of the largest leasing companies and major lender to the Small & Medium Enterprises (SMEs).
Being in the vanguard of Islamic finance, I was motivated to promote OLP under four main considerations. Firstly, because the leasing mode of finance was the closest candidate for Islamic financial engineering. Secondly, by my long association with the late Mr. Shakirullah Durrani, I had great trust in his leadership qualities. Thirdly, I found that the joint sponsorship with one of the major players in the leasing industry in the world will prove to be a major factor in OLP's success. Finally, in an environment characterized by nationalization of the financial sector, I envisioned this opportunity to be the vehicle for privatization.
I acknowledge the vision of the Japanese sponsors who saw the potential of leasing in Pakistan and the Pakistani group of investors led by late Mr. Durrani who was instrumental in bringing the Japanese leaders in leasing industry to invest in Pakistan. I congratulate the management and staff of OLP and wish the company prosperity and progress. |
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Kunwar Idris
Chairman, ORIX Leasing Pakistan Limited |
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It is my third stint on the Board of ORIX Leasing Pakistan Limited. In the first (1989-90) it was my privilege to witness its spectacular growth.
In the third, and the current, it has been again my good fortune to witness its confident and fast recovery from recession caused by extraneous factors.
In the period of crisis the lessees and investment certificate holders of the Company stood by it and the management of the company reciprocated by honoring its commitment fully and on time. Mr. Humayun Murad who steered the Company through growth and recession with equal skill for 23 years remains on the Board to guide its discussions.
All doubts about the future of leasing business in Pakistan should now stand dispelled. It is bright and ORIX, surely, would be in the vanguard of growth. |
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Humayun Murad
Sitara-e-Imtiaz, Regional Chief Executive Middle East, North Africa & Central Asia (MENA & CIS)
ORIX Corporation and Director OLP Chief Executive, ORIX Leasing Pakistan Limited (1989-2010) |
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It gives me immense pleasure and a great degree of professional satisfaction to celebrate OLP's 25th anniversary of its establishment.
As one of the pioneers of leasing in Pakistan, OLP was in the forefront of promoting this new financial product in the Country in the 1980s. From a modest start with Rs 10 million in paid up capital, the Company today deploys shareholders' funds in excess of Rs. 2.2 billion. Since its first year of listing, OLP continuously declared dividends for 19 years until this record was interrupted in 2009 when it suffered its first and only loss in its entire history.
OLP's focus has always remained on SMEs and it opened the doors of formal credit for many small businesses which previously relied on the informal lenders. This not only strengthened the SME sector, which is critical for economic development in any economy, it also brought countless enterprises within the ambit of documentation and tax system. OLP successfully developed its network throughout Pakistan and with the encouragement from ORIX Corporation, Japan, established joint-venture leasing companies in five countries in Middle East and Central Asia. Each of these companies is headed by CEOs from OLP who are ably supported by colleagues from the respective host countries as well as from OLP.
Throughout my tenure I was privileged to have had the support of the Founding Shareholders, eminent Directors and Shareholders from the public. Above all, I could not have succeeded without the dedication, passion and hard work of all the staff members of OLP, both past and present. It has been my honour to have worked with the tremendous OLP team over the years, and their cooperation and success remain the highlight of my career.
I acknowledge the mentoring I received from the Founding Fathers of OLP- Mr. Yoshihiko Miyauchi, [late] Mr. Shakirullah Durrani and Mr. D. M. Qureshi. I also recognize the strong foundation laid by my predecessors- Mr. Masafumi Aoyama and Mr. Etsuo Matsumoto. To my successor, Mr. Teizoon Kisat and all OLP staff, I wish great success in the next 25 years of OLPs progress as the outstanding Non-Bank Financial Institution in Pakistan. |
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Teizoon Kisat
Chief Executive Officer, ORIX Leasing Pakistan Limited |
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At the onset let me pay special tribute to my predecessor and former Chief Executive of ORIX Leasing Pakistan Limited, Mr. Humayun Murad, under whole leadership OLP had grown exponentially over a period of 23 years.
He is still a source of inspiration and respected as well as admired for his visionary role. Succeeding him was a challenging prospect although I had worked as his deputy for seven years. To acknowledge his contribution to the success of the Company over the years, I promised him that I will manage OLP with the same passion that he was known for.
When I took over as Chief Executive on 1st January 2011, we were facing tough challenges; liquidity constraints hampering growth, stagnant economy and negative sentiments about leasing business. Yet we embarked on the difficult journey of turning around OLP with unflinching faith and confidence as foundations of the Company were built on strong fundamentals. My strategy was to focus on core business with emphasis on quality and not volume. Corporate Governance and internal controls have been strengthened and credit policy has been tightened to ensure sustainable performance.
Turnaround of OLP in a very short period was achieved by sheer hard work of my team members whose loyalty, trust and drive to excel have proved to be the biggest assets of the Company. This success would not have been possible without the guidance and encouragement from ORIX Corporation, Board Members, Customers, Asset Managers and Stakeholders of the Company.
Leasing has enormous potential in the Country and I find business opportunities, particularly in the SME sector, very encouraging. The period of restricted growth appears to be
coming to an end as the funding position has improved. I am
confident that OLP will continue its progress and achieve
greater heights in future. |
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