Al Falaah, the Islamic Business Unit (IBU) of Lanka ORIX Finance Company Ltd. (LOFC) opened its 4th fully fledged Islamic Financial Services center in Akurana earlier this week. Group Managing Director and CEO of LOLC Mr. Kapila Jayawardena; Managing Director and CEO of LOFC, Mr. Brindley de Zylva; CEO of Al-Falaah Islamic Business Unit Mr. Krishan Thilakaratne; Chief Officer Branch Network Mr. Ashan Nissanka were amongst the distinguished guests gathered at the opening ceremony of this new branch. Customers from this region too participated and engaged in initial transactions.

Located at No 153/C, Matale Road, Kudugala, Akurana, the new branch will serve customers with Shari’ah compliant financial services in the likes of Mudharabah (Profit – Sharing Investments and Savings), Ijarah (Leasing), Murabaha (Trade Financing) and Diminishing Musharakah (Property/Project Financing).

Al-Falaah is a business unit of LOFC dedicated towards 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). LOFC is also a member company of the LOLC Group.

“Services offered by our new Islamic Financial Services centre will undoubtedly assist the local SME community to aspire to greater heights whilst adhering to religious requirements. LOFC will offer compliant Islamic Financial services through its special IBU network. We possess the experience, and a professional team of staff who understand the principles of Shari’ah compliance, thereby providing people of this community with better solutions for their day to day financial requirements.” said, the Group Managing Director and CEO of LOLC Mr. Kapila Jayawardena.

Adding further, he stated that greater steps have also been taken to ensure that all financial activities of Al-Falaah are supervised by a dedicated Shari’ah supervisory board chaired by industry leading local and international Shari’ah scholars.