LOLC, an innovative Financial Solutions provider in Sri Lanka offers a range of fully Shari’ah compliant financial products (financing done in accordance with Islamic Principles) through its subsidiary Lanka ORIX Finance company Ltd, which is the only Finance Company in Sri Lanka registered under the Central Bank to be granted approval to mobilize Shari’ah compliant deposits. The company with their separate Islamic Business Unit (IBU) ‘LOLC Al-Falaah’ for Islamic Finance Solutions, which ensures that these products are managed in strict compliance with Shari’ah laws offers Ijarah (Leasing), Murabaha (Trade Financing), Mudharabah (Profit Sharing Investments) and Diminishing Musharakah (Property Financing) to the public.
In their effort to popularize these products amongst the general public in the regions, ‘LOLC Al-Falaah’ conducted a ‘Public Awareness Program on Islamic Financing’ in Mahaweli Reach Hotel, Kandy last Saturday. The awareness program was conducted by the Shari’ah Supervisory Board (SSB) of LOLC and some of the topics discussed at the program were what Islamic Financing is? The global overview Islamic finance, Islamic Financing at LOLC and the nature of the products offered by LOLC. The program was conducted by the president of SSB of LOLC Ash-Shaikh Fazil Farook and the vice president Ash- Shaikh Murshid Mulaffar who are eminent scholars are executive members of the ACJU (All Ceylon Jammiyyathul Ulama) Banking Advisory Committee.