Al-Falaah Islamic Business Unit opens branch in Akkaraipattu

Tuesday, 1 May 2012 01:51 - - {{hitsCtrl.values.hits}}

Al-Falaah, the Islamic Business Unit (IBU) of Lanka ORIX Finance PLC opened its latest, fully fledged Islamic Financial Services centre in Akkaraipattu earlier this week. Al-Falaah Islamic Business Unit CEO Krishan Thilakaratne; Lanka ORIX Finance Managing Director/CEO Brindley de Zylva; Chief Officer Branch Network Ashan Nissanka; Al-Falaah Islamic Business Unit Chief Manager Shiraz Refai and senior management members of the LOLC Group were amongst the distinguished guests gathered at the opening ceremony.

Located at No. 4B, Kalmunai Road, Akkarapattu, this new branch is the fifth fully fledged service point of the IBU branch network, which also includes dedicated IBU branches in Kalmunai, Akurana, Oddamavadi and Kaththankudi.

Al-Falaah provides Shari’ah compliant financial services such as Mudharabah (Profit-Sharing Investments and Savings), Ijarah (Leasing), Murabaha (Trade Financing) and Diminishing Musharakah (Property/Project Financing), and has a special approval from the Central Bank of Sri Lanka to function within the framework of Lanka ORIX Finance.

Speaking at this significant event Krishan Thilakaratne said, “Financial services offered by Al-Falaah are geared towards providing our customers better returns on their investments, in compliance with Shari’ah principles. Our new branch in Akkaraipattu will offer the rising SMEs in the vicinity, an opportunity, to invest and further their business aspirations, which will provide an added boost to the burgeoning economy of the East.”

All financial activities of Al-Falaah are supervised by a dedicated, Independent Shari’ah Supervisory Board chaired by industry leading local and international Shari’ah scholars.