LOLC Al-Falaah unveils pioneering Wadi’ah Gold-Storage Facility with multiple customer benefits

LOLC Al-Falaah Deputy General Manager Shiraz Refai

LOLC Finance Chief Manager, SME Unit and Head of Gold Loan Business Nishantha Jayasekera

Sri Lanka’s most awarded and trusted alternate financial services brand, LOLC Al-Falaah recently unveiled its ground-breaking new product – the Wadi’ah Gold Loan Facility. This is the first time a finance company in Sri Lanka is offering this facility. 

Al-Falaah Wadi’ah is a unique gold storage option offered to Al-Falaah’s valued customer base. All gold articles are tested for quality and authenticity using state-of-the art equipment by the company’s experienced staff without causing any damage to the jewellery. A unique ‘Gold Storage Certificate’ with the description of articles, including weight, quality and quantity along with the market value will be issued to the customer when obtaining this facility. 

Speaking about the new product, LOLC Al-Falaah Deputy General Manager Shiraz Refai said, “Gold is a favourite investment option at all levels within the concentrated community. 

The metal is usually pawned, sold or exchanged when in need of cash. As the conventional pawning options and gold loan offering has limitations to cater to the specific needs, as well as contradict with certain beliefs of the community, a concept acceptable and practiced in the industry is introduced by LOLC’s Alternate Financial Services Unit to its valued customer segment.”

Accordingly, a unique feature has been introduced to the Al-Falaah Wadi’ah Gold Storage facility offering the Customer the benefit of obtaining an interest-free maximum Cash-Advance in the industry at zero mark-up against the gold storage certificate value for any emergencies. 

In addition, for the convenience of the customers, the Gold storage facility period is extended from 3, 6 and 12 months without any requirement for a deposit and the custodial fees are comparatively competitive. 

The stored gold articles will also be offered a free Takaful cover with a reassurance of highest safety and security. 

The Al-Falaah Wadi’ah gold storage facility will be initially available at selected branches including Wellawatta, Akkaraipattu, Kalmunai, Pottuvil, Grandpass, Maradana, Mawanella, Matara, Nawalapitiya and Negombo. Al-Falaah aims to make the facility available across all LOLC Finance branches and dedicated Al-Falaah centres island-wide by the end of the first quarter of 2021.

Commenting on the new Al-Falaah Wadi’ah Gold Loan Facility, LOLC Finance Chief Manager, SME Unit and Head of Gold Loan Business Nishantha Jayasekera said, “The main aim of this facility is to give financial-access to the grass-root level clients who do not have direct access to banking and finance, but require small cash advances to develop daily businesses and self-employment. Through this product and its value-added features, we hope to cover all segments of the population.” 

LOLC Al-Falaah, with over a decade of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Ltd. and a wholly-owned subsidiary of ICRA Ltd.