LOLC Insurance and Al-Falaah joins in partnership to introduce “Al-Falaah Takaful” - 21 Oct 2014

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. 

Commenting, Mr. Gehan Rajapakse, Chief Executive Officer of LOLC Insurance Co. Ltd., 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, Mr. Shiraz Refai, Assistant General Manager, Al-Falaah IBU 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, Mr. Nadheer Siddeeq, Manager, Al-Falaah Takaful said, “Customers who are specific on patronizing Islamic Finance options are now able to fulfill 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, 3rd party property damage cover up to Rs. 500,000.00 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 personalized 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. Lanka ORIX Finance PLC is rated [SL] A- by ICRA Lanka Ltd and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, and the Insurance Board of Sri Lanka for respective product offering.

LOLC Insurance Co. Ltd., launched in 2011 is a fully owned subsidiary of the LOLC Group offering a range of insurance products and services under Life and General Segments spanning from Life, Motor, Fire, Marine to Travel, among others. In a short span of three years, the Company has risen amongst the top leagues of the insurance industry, notably strengthening its presence as one of the largest motor insurance providers in Sri Lanka. LOLC Insurance is licensed by the Insurance Board of Sri Lanka and is poised to become the largest total insurance solutions provider in the country, in the near future.

From L-R: Ishara Nanayakkara - Deputy Chairman, LOLC Group ; Kapila Jayawardena - Chairman, Lanka ORIX Finance PLC, Chairman, LOLC Insurance Co Ltd and Group Managing Director/CEO, LOLC Group ; Mrs. Kalsha Amarasinghe - Executive Director, LOLC Group and Gehan Rajapakse - Chief Executive Officer, LOLC Insurance Co. Ltd.
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