LB Finance Al Salamah declares highest Mudarabah profit rates in Sri Lanka

The new pace-setter in Islamic finance, LB Finance Al Salamah recently declared the highest Mudarabah profit rates in the country for the quarter ended September 30th 2010.

Offering what are now emerging as the most lucrative Mudarabah investment accounts as well as a wide range of other Shari’a-compliant financial services including leasing and gold loans, Al Salamah works hand-in-hand with a well-respected Shari’a Supervisory Council in making its services available to all Sri Lankans based on the ideals of fairness and brotherhood.

The profit rates on Al Salamah’s 3-month and 6-month Mudarabah Fixed Deposits stood at 11.46% and 11.79% respectively, whilst the 12-month Mudarabah Fixed Deposit profit rate stood at an unprecedented 12.07%.

Al Salamah has further recorded a massive growth of over 100% on all portfolios in the month of September alone, confirming the immense confidence that the youngest star of the Islamic finance industry has inspired within the Islamic community with its commitment to Shari’a compliance.

“The remarkable results Al Salamah has recorded for the last quarter are a sound indication of our dedication to our customer and to Shari’a,” said S.H.M. Faraaz, Head of Al Salamah. “Al Salamah represents safety, security, and integrity. Our operations are not only very profitable; they are fully monitored by a qualified Shari’a Supervisory Council to ensure that everything we do is 100% within the Shari’a Law.”

According to Faraaz, Al Salamah is currently planning to boost their already impressive array of Shari’a-compliant services in the near future with several new products, including asset-backed trade financing.

“Of our four main products, our Mudarabah services have performed phenomenally well and the other three, consisting of Murabaha Trade Financing, Ijarah Leasing and Ar Rahn Gold Loans, have all enjoyed an outstanding response from the public since we launched,” he elaborated.

The key strengths behind Al Salamah’s success are threefold. Al Salamah is backed by LB Finance’s 40 years of expertise, giving it a major advantage in the market. Furthermore, Al Salamah is not only monitored by a highly experienced and learned Shari’a Supervisory Council, it is also sanctioned by the Monitory Board of the Central Bank of Sri Lanka. “This is a key factor of our credibility and the security we offer, as we are operating strictly within the laws of the country as well as Shari’a Law,” stated Faraaz.

Al Salamah is also gearing to move its head office to a new location which has been identified in Maradana. “We will be moving to an independent location on the 25th of November,” he elaborated.

“The new premises will house our operations separately from those of LB Finance and will include a prayer room for our customers. This building will be 100% dedicated to Al Salamah and no conventional finance operations will be carried out here, giving us added Shari’a-compliance.”

Al Salamah services are available to the public across the country via LB Finance’s island wide branch network. “Since Islamic finance is based on equity and fair play, it is completely user-friendly,” said Faraaz. “It therefore has convenient solutions for your every financial need, and anyone, irrespective of religion, race or gender, can avail the benefits of it. The entire Sri Lankan public is welcome.”

LB Finance operates through a highly-integrated network of branches offering cutting-edge solutions through services such as acceptance of deposits, leasing, hire purchase, micro-financing, inland money transfer, gold loans, agricultural equipment leasing and other credit facilities.