LOLC Insurance and Al-Falaah in partnership to introduce ‘Al-Falaah Takaful’

Thursday, 23 October 2014 00:00 - - {{hitsCtrl.values.hits}}

Staying true to the innovative spirit of the LOLC Group, subsidiaries, LOLC Insurance Company Ltd (LOLC Insurance) and Al-Falaah, the Islamic Business Unit of Lanka ORIX Finance PLC (LOFC), partnered to introduce a Motor Takaful product named ‘Al-Falaah Takaful’ to its new and existing clientele recently. With this new addition, the total Islamic Financial solutions portfolio of the Group has expanded further and marks its first entry into the Takaful industry.

The official handing over of Al-Falaah policies to customers, from left: LOLC Group Deputy Chairman Ishara Nanayakkara; Lanka ORIX Finance PLC Chairman, LOLC Insurance Co Ltd. Chairman and LOLC Group Group Managing Director/CEO Kapila Jayawardena; LOLC Group Executive Director Kalsha Amarasinghe; and LOLC Insurance Co. Ltd. Chief Executive Officer Gehan Rajapakse Commenting, LOLC Insurance Co. Ltd. Chief Executive Officer Gehan Rajapakse said, “This joint venture between LOLC Insurance and Al-Falaah cements the Group’s efforts to provide inclusive financial solutions to all segments of customers with the added convenience of making them available under one roof.” Also sharing his views, Al-Falaah IBU Assistant General Manager Shiraz Refai said, “Al-Falaah Takaful is designed exclusively to offer greater convenience to customers, and is a significant step taken towards ensuring that the entire gamut of auto and finance solutions is made available to them through our extensive island wide reach.” The significance of Al-Falaah Takaful is that all features coming under this product is stringently supervised by a dedicated Shari’ah Supervisory Board (SSB) and an in-house advisor to ensure that all product features and processes adhere to set standards and principles. In addition, through a wide network of branches an efficient service by a dedicated and experienced team of customer service personnel is ensured. Explaining further, Al-Falaah Takaful Manager Nadheer Siddeeq said, “Customers who are specific on patronising Islamic Finance options are now able to fulfil all their motor solutions requirements via Al-Falaah Takaful, which provides them an exclusively designed and hassle free motor insurance service, guaranteeing that every aspect of safeguarding their vehicle is well thought of on behalf of them.” According to him, the added benefits of Al-Falaah Takaful include a free cover for replacement of air bags, free towing facility within the greater Colombo area, third party property damage cover up to Rs. 500,000 for commercial vehicles (unlimited for private cars), optional settlement process in the event of a claim, 24 hour customer care hotline, efficient and hassle free handling of claims through an island-wide network of garages and assessor panels, 20% discount on purchase of Exide batteries from Browns Power Marts and most importantly, sharing of surplus by way of distributing the excess funds in the participant fund amongst the customers who have not claimed. Since the inception in 2007, the Al-Falaah Business Unit of LOFC has striven to offer personalised and innovative financing solutions to customers, whilst simultaneously addressing the business and socioeconomic requirements of its diverse market segments and fulfilling individual financing needs. All Al-Falaah financial products are designed in accordance with Shari’ah principles of profit sharing and regulated by the Central Bank of Sri Lanka.