‘Al-Falaah Ladies’ to offer exclusive financial solutions for women
Monday, 8 July 2013 00:00
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Al-Falaah, the Islamic Business Unit (IBU) of Lanka ORIX Finance PLC (LOFC), has reached yet another milestone by creating a window to the niche market of ladies financial services through the launch of its latest brand ‘Al-Falaah Ladies’.
For this purpose, a dedicated Business Unit – an innovation in the Islamic financial services sector – was set up at the main Al-Falaah centre located at LOLC head office premises, with a team of highly skilled professionals to manage the product and services exclusively.
‘Al-Falaah Ladies’ will offer comprehensive financial products and services aimed at offering women an opportunity to invest soundly, and to reap maximum benefits. Aptly titled ‘Blossom of Success,’ this unique product offers the highest profits on ‘Mudharabah’ ladies savings and fixed deposits as well as tailor made credit facilities to suit the busy professional and also the self-employed.
The services are accessible through a network of over 60 LOFC branches and five dedicated Al-Falaah service centres located islandwide. Plans are underway to further develop this exclusive ladies brand to offer a diverse range of innovative financial products and services with maximum benefits that demand the exclusive requirements of women.
‘Mudharabah’ ladies savings account offers a profit sharing ratio of 42:58 (42% to the investor), and added benefits include a fully integrated savings passbook, enabling unlimited deposits and withdrawals, Maestro linked ATM card with accessibility to 500+ ATMs island wide, and a debit card with international accessibility.
‘Mudharabah’ ladies fixed deposits provide investment options between one month to 60 months with profit returns on a monthly basis or at maturity. Profit sharing ratio is 62:38 (62% to the investor) at 12 months’ maturity.
LOLC Group Chairperson Rohini Nanayakkara said: “This is a historic moment for Al-Falaah, Lanka ORIX Finance and the overall LOLC Group. During the past three decades, we have partnered with people from micro and SME segments across the country irrespective of gender, ethnic, religious or class differences. We are proud to say that our overall customer base constitutes an impressive number of women and women entrepreneurs, which has been increasing substantially over the years.”
“Investing in women’s financial needs is now more important than ever before. Women’s contribution to the overall economic development of Sri Lanka has risen significantly over the past few years with more and more women entering the work force as working professionals, heads of households and bread winners of families. Therefore, I believe as a financial powerhouse in the Sri Lankan financial services sector, it is our responsibility to invest in women of all faiths and social strata, ensuring that our products and services are customized to full fill their financial requirements. In achieving this, I am extremely pleased that ‘Al-Falaah’ has taken this far-sighted step in that direction to extend its financial services to include women as well,” Nanayakkara concluded.
‘Al-Falaah Ladies’ products are designed in accordance with Shari’ah principles of profit sharing and regulated by the Central Bank of Sri Lanka. Al-Falaah is the Islamic Business Unit of Lanka ORIX Finance, which is rated [SL] A- by ICRA Lanka Ltd. and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011.
