CLC Islamic Finance continues winning streak at IFFSA and SLIBFI Awards

Monday, 22 February 2021 00:07 - - {{hitsCtrl.values.hits}}

CLC Head of Islamic Finance Ilsam Awfer

CLC Islamic Finance, the Islamic Banking Division (IBD) of Commercial Leasing & Finance PLC., (CLC) reiterating its service excellence, has clinched the Silver award for ‘Leasing Company of the Year’ at the Islamic Finance Forum of South Asia (IFFSA) Awards and Bronze award in the same category at the Sri Lankan Islamic Banking and Finance Industry (SLIBFI) Awards, held recently.

These remarkable wins from two of the most prominent awards ceremonies in the region are a testament to the commitment and dedication of CLC Islamic Finance in serving its ever-growing customer base and further reinforces its excellence within the Islamic Banking and Finance industry.

CLC Head of Islamic Business Division Ilsam Awfer said: “It is indeed a great honour to have won these prestigious awards and to be recognised as one of the best performing Islamic leasing providers both in Sri Lanka and South Asia. I would like to extend my sincere gratitude to CLC Director/CEO Krishan Thilakaratne, members of the Shari’ah Supervisory Board, my fellow colleagues, customers and stakeholders for supporting us achieve this global recognition. Winning awards of this nature further inspires us to scale up our services to the next level.”

CLC Islamic Finance has been continuously reaping rewards from local and South Asian platforms for its customer-first solutions within an innovation-driven approach. Not just during the recently concluded awards, CLC Islamic Finance has been duly recognised at the previous editions of Islamic Finance Forum of South Asia (IFFSA) Awards, with several accolades such as Islamic Finance Entity of the Year (Gold), Islamic Finance Leasing Company of the Year (Gold), and Islamic Finance Window/Unit of the Year (Gold) to its name.

CLC Islamic Finance is a top-performing Islamic finance window within the Islamic banking and finance industry with a total asset base of Rs. 4,097 million and Rs. 140 million Profit Before Tax as at FY19/20. CLC Islamic Finance is currently the highest profit payer within the Islamic Banking and Finance Industry with a pool of quality assets with the lowest NPL ratios in the industry. A fully-fledged finance solutions provider, CLC Islamic Finance caters to its ever-growing customer base which now stands at 11,000+ via 68 branches located island-wide, seven dedicated service centres, and highly accessible ATM network.

The award-winning Islamic finance solution provider has a host of innovative and customer-centric banking solutions to offer from Profit Sharing Investments (Mudharabah), Term Investments (Wakala Investments), Islamic Leasing (Ijarah), Trade Finance (Murabaha), Property/Working Capital Finance (Diminishing Musharaka), Import Finance (Musawamah) and Working Capital Finance (Wakala Finance).

Commenced in 2015, the Islamic Business Division (IBD) of CLC operates as an Islamic Finance Window under the regulatory licence of Commercial Leasing & Finance PLC. It is a dedicated business unit set up in order to implement Shari’ah Compliance Finance solutions. The banking solutions offered by CLC Islamic Finance are approved and audited by a three-member Shari’ah Supervisory Board.