Orient Finance’s Alternative Finance Business Unit Wins International Accolades
Orient Finance’s Alternative Finance Business Unit (AFBU) recently achieved a significant milestone in its journey as a distinguished financial services provider. It received international recognition as ‘South Asia’s Emerging Islamic Finance Entity of the Year’ from the esteemed Islamic Finance Forum of South Asia (IFFSA). Alongside this honor, the Director/CEO of Orient Finance, K.M.M. Jabir, was also acknowledged as ‘South Asia’s Islamic Finance Personality of the Year,’ further elevating the organization’s esteemed status.
Director/CEO, K.M.M. Jabir, expressed his gratitude, saying, “We are humbled and deeply gratified to receive these recognitions for our efforts to enhance service and accessibility of ethical and Shariacompliant financial practices for our valued customers. These acknowledgements further solidify the trust and loyalty of our esteemed customers, motivating us to consistently elevate our standards and set new benchmarks. I extend my heartfelt congratulations to Mr. Ifath Zuhry, Senior Manager of Business Channels and Head of the Alternative Finance Business Unit, as well as the entire Orient Finance team for their hard work and dedication. Our commitment remains resolute as we continue to broaden our reach and enrich our array of offerings, with a focus not only on serving the Islamic community but the entire nation. Orient Finance PLC will stand as a beacon of excellence and ethical finance in the dynamic realm of Islamic finance, consistently evolving and innovating while staying true to our mission of delivering principled financial solutions to a broader audience, upholding trust and integrity within the industry.”
Orient Finance’s Director/CEO, Mr. K.M.M. Jabir, along with Mr. Saminda, Head of Channels, Mr. Ifath, Senior Manager Business Channels and Head of AFBU, and Mr. Krishanth, the Channel Development & Brand Manager, stand proudly alongside the Alternative Finance Business Unit.
Saminda Ratnayake, Head of Channels, highlighted the successful launch of Orient Finance’s AFBU in 2021, “Orient Finance AFBU was initiated in 2021 amidst the adverse market conditions and the economic turmoil. This strategic move, implemented when most other financial institutions were shying away from new investments, proved to be immensely successful within just two years operation. Currently, the organization is actively expanding its reach with strategically positioning dedicated units in identified locations. Our aim is not limited to easing the accessibility of financial products and services to those in need, but also to take the message to the society on importance of ethical financing. Our message to the society is that Islamic finance is not just a product range exclusive to Islamic populations; it is a method of financing rooted in ethical business principles
that transcends cultural and religious boundaries.”
Ifath Zuhury, Senior Manager of Business Channels and AFBU, added to the unit’s list of accomplishments and future objectives, stating, Orient Finance’s AFBU has been extending its presence into the eastern region, covering Trincomalee, Batticaloa, and Ampara, with a commitment to providing ethical and efficient services to the communities. In line with the organization’s strategic initiatives, they are set to establish the first Alternative Finance Business Unit in Kandy in early 2024. Furthermore, their expansion plan includes reaching Panadura, Kalutara, Galle, and Matara through the establishment of window units.
“Our team was able to successfully expand the portfolio to a value of 1.4 Bn, offering a range of services such as Ijarah & Wakalah Term Investments. Looking
ahead, in the first quarter of 2024, we plan to introduce new products, specifically Murabaha, Diminishing Musharakah and Wadiya’h Gold Safe Keeping, aiming to diversify our offerings and meet the evolving needs of our growing customer base. These strategic initiatives underscore our commitment to foster greater financial inclusivity within our communities. Most importantly, we identify our customers as the key for our success and OFPLC team always strive to provide a delightful experience to our customers.”
Orient Finance’s Alternative Finance Business Unit was recognised in different forums during the Year 2023 for its dedication to excellence and innovation in the Islamic Finance sector. The company attributes its success and multiple accolades to several key factors: its dedication to upholding the principles of Islamic Finance, ensuring ethical and Sharia-compliant practices, including a successful retail expansion, strategic investments in its people and team, commitment to excellent customer service, and a comprehensive range of products and services designed to cater to the diverse needs of its customers.
Since its establishment, Orient Finance’s AFBU has demonstrated a strong commitment to Islamic values by setting up an independent Sharia Consultant. This Consultant ensures that funds, especially those from Wakalah Investments, are used in business operations that comply with Sharia principles. With a robust background in domestic finance, the Consultant has a proven track record in implementing Islamic finance principles. The unit’s core values emphasise integrity, trust, honesty, and transparency in all transactions, supported by product guidance, a segmented financial framework, and stringent security measures. Notably, the independent Consultant also actively communicates the adherence to Sharia principles in business operations to the public.
The company brings 42 years of stability, strength, reliability, and expertise to the financial industry. Progressively, Orient Finance PLC has established itself as a customer-focused financial service provider that prioritises innovation and offers exceptional products and customer service. Orient Finance is licensed by the Central Bank of Sri Lanka and rated BB+ (stable) by LRA.