LOLC’s Islamic Business Unit Al-Falaah opens in Kalmunai

Thursday, 30 September 2010 12:50 - - {{hitsCtrl.values.hits}}

LOLC Al Falaah, the Islamic Business Unit (IBU) of LOLC, commenced operations in Kalmunai last week by opening its third fully-fledged Islamic Financial Services Center (IBU Centre).

The centre is located at No. 986, Akkaraipattu Road, Kalmunai. The IBU’s eastern expansion commenced in April early this year with the opening of its first IBU Centre in Kattankudi, and the second IBU Centre located at the Town Centre Post Office in Oddamavadi.

Managing Director and CEO of Lanka ORIX Finance Company (LOFC), Brindley de Zylva; CEO of the LOLC Al-Falaah Islamic Business Unit Krishan Thilakaratna; Head of Regional Branch Network Ashan Nissanka and Manager of LOLC Al-Falaah Head Office Shiraz Refai graced the occasion as Chief Guests of the new IBU Centre opening ceremony.

Many of their customers from the area also participated at this ceremonial opening by engaging in the initial transactions.

LOLC Al-Falaah is a business unit of LOFC providing Shari’ah compliant financial services, with a special approval to function within the framework of LOFC – a registered finance company under the Monetary Board of the Central Bank of Sri Lanka (CBSL).

With a mission to assist the local entrepreneurs of the Islamic community, it was a fervent and conscious effort of LOLC Al-Falaah to adhere to a globally accepted Islamic financial system that prohibits financial practices such as Riba or Usury, which are considered to be Haraam.

As Islamic Banking and Finance gained precedence in the global financial sector, its popularity found a rich soil to develop in Sri Lanka, and as a result, LOLC entered the Islamic Financial Services Sector in 2003, establishing its own fully fledged Islamic Business Unit branded Al-Falaah in 2007.

At present, all financial activities of LOLC Al-Falaah are based on globally recognised Shari’ah financing practices and are supervised by an Internal Shari’ah supervisory board chaired by industry leading local and international Shari’ah scholars.

Through innovative, personalized and wide-ranging product concepts such as Mudharabah (Profit – Sharing Investments and Savings), Ijarah (Leasing), Murabaha (Trade Financing) and Diminishing Musharakah (Property/Project Financing), LOLC customers in Kalmunai and the surrounding areas now have the opportunity to avail themselves of the Shari’ah compliant financial services offered by its new IBU centre.