LB Finance Al Salaamah launches Mudarabah Savings

Tuesday, 25 September 2012 00:00 - - {{hitsCtrl.values.hits}}

Al Salaamah, the fast-expanding Islamic finance unit of trailblazing financier LB Finance, has yet again introduced a financial product that is both profit yielding and honourable.

Al Salaamah launched Mudarabah Savings in a recent development, with regular accounts and special accounts for senior citizens and minors. As a first in the local Islamic finance sector, the seniors’ account rewards customers over 55 years a higher profit ratio.

Managing Director of LB Finance Sumith Adhihetty expressed his pleasure with the advance of the Islamic finance unit: “We are very happy to see the rapid progress of Al Salaamah over a short period of time. They have been able to cater to the specific customer demands in a consistent and efficient manner. As a result, we have been able to improve on capacity and provide more dedicated staff members to the branches.”

Al Salaamah services are available at LB Finance branches across its island wide branch network, as well as at dedicated standalone centres in the network. Customers can also access their Mudarabah Savings accounts conveniently using their LB Finance ATM cards.

As with its every operation, the Mudarabah Savings accounts too come under the guidance of the experienced Shari’a Council. All decisions are made in compliance with the council’s guidelines and advice, closely liaising with them on all protocols, remark by the Head of Islamic Finance Zakir Saly.

In addition to Islamic finance, the LB Finance portfolio includes fixed deposit, leasing, hire purchase, savings accounts, margin trading, factoring and gold loans. The customised financial solutions are easily accessible across its well-developed branch network, coupled with warm customer service and trademark efficiency.