MCSL Financial Services to offer Islamic finance

Monday, 15 September 2014 00:08 - - {{hitsCtrl.values.hits}}

Owned by two leading financial giants in the country, the state-owned commercial bank, Bank of Ceylon and Merchant Bank of Sri Lanka, MCSL Financial Services Ltd. is the newest entrant to the growing domestic market of Islamic financing after launching a dedicated Islamic Financing Unit, “Al-Wafa”.

MCSL Chief Executive Officer Duleep Daluwatte (third from the right) hands over the first lease facility to M.A. Hashim in the presence of senior management of MCSL. Others from left are IFU Executive Ershad Rashmishab, Recoveries AGM Kumudu Jayasundara, IFU Manager Ahmed Dilshad, Marketing Head Lasantha Udayakumara, Credit and Western Region AGM Niroshan Selvarajah “Al -Wafa” will initially serve its customers from its head office located at the Bank of Ceylon Merchant Tower, Colombo 3. The unit will provide a wide range of financial products, structured to Shariah principles. The Head of the “Al-Wafa” Islamic Finance Unit Ahmed Dilshard stated that the unit will provide depositors with profit-sharing investment options which will provide depositors with competitive Shariah-based return on their investments. Further, he stated that for personal and business customers seeking financing the Islamic Finance Unit will offer a wide range of facilities from short-term trade financing to long-term financing. Dilshard assured that the all products and services provided by the unit will be in accordance with the guidelines provided by the Central Bank of Sri Lanka (CBSL) and shall also be in conformity with Shariah principles. The Islamic Finance Unit will be guided and supervised by its Shariah Supervisory Board comprising eminent and experienced scholars based in Sri Lanka. MCSL Financial Services Ltd. CEO Duleep Daluwatte stated that Islamic finance will be offered as a new product line to its customers. The Islamic Finance Unit will serve as a key strategic business unit of MCSL. Daluwatte said that this alternative financial product is open to all and is not specific to a particular market segment.