A Significant Innovation by “LOLC Al-falaah” - 19 Dec 2007

“LOLC Al-falaah”, the Islamic arm of the LOLC Group made a significant stride in the Islamic financing sector in Sri Lanka by marking two significant events simultaneously. While introducing the country’s first Mudharabah Savings account with a fully integrated savings pass book and an ATM Card, the Sharia’h Supervisory board of LOLC Al-falaah was further strengthened with Shaikh Shafique Jakhura joining.
Lanka ORIX Finance Company Ltd. the first and only finance company to be registered under the Central Bank of Sri Lanka to offer Sharia’h Financing, launched the Islamic Business Unit in late 2007. For the past almost three years LOLC Alfalaah offered Ijarah (Leasing), Murabaha (Trade Financing), Diminishing Musharakah (Property/Project Financing) and now Mudharabah (Profit Sharing Investments & Savings) to their clientele with strict compliance to the sharia’h principles. LOLC Alfalaah is facilitated with its own infrastructure such as IT, Documentation and Financial Accounting which are based on Shari’ah principles. While the dedicated Islamic Business Unit is currently operating under the supervision and expert guidance of the Sharia’h Supervisory Board comprising of the eminent Islamic Scholars Shaik M. Fazil Farook and Shaik M.Murshid Mulafar, the joining of Shaik Mufti Jakhura is of immense significance and will further strengthen it. Shaik Mufti Jakhura serves in the Fatwa Department preparing and issuing Islamic Juristic rulings at the Darul Ihsan Centre in Durban, South Africa. He completed, the Aalimiyah Course at Madrasah Taleemuddeen in 2002 in Durban, South Africa and completed a three year specialization course in Islamic Jurisprudence (Fiqh & Fatwa) from Jamia Darul Uloom, in Karachi, Pakistan in 2005, under the guidance of Mufti Taqi Usmani, which culminated in the submission of a thesis on the topic of Shirkat and Mudharabah. He also has an Advanced Diploma in Islamic banking and finance from the Centre for Islamic Economics based in Karachi, Pakistan.
The LOLC Group with their inherent spirit of innovation, professionalism and dynamism always caters to the needs of the different segments in the financial services market and focuss on expanding its scope. Due to rapid product innovations and the strategically placed branch network the company has been able to gain a significant market share and is keen to propagate Islamic Financing around the country.
The Mudharabah Savings account will be the most attractive solution available in Sri Lanka with its fully integrated savings pass book and ATM card which is accessible from more than 350 Locations country wide. Further-more the account offers the highest profit sharing returns in the county to the customers. The fact that LOLC Al-falaah is supervised and regulated by the Central Bank of Sri Lanka attests that this is the safest investment option available to the customers.


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