Richard Pieris Finance offers unparalleled financing solutions
Richard Pieris Finance Ltd, the sole financing arm under the renowned Arpico brand, is a fully owned subsidiary of the Richard Pieris Group, one of the oldest diversified conglomerates in Sri Lanka.
The company is the only finance company ingrained under the Arpico umbrella, with its head office located at Hyde Park Corner, Colombo 02.
Commissioned in 2013, Richard Pieris Finance Ltd, the youngest finance company in Sri Lanka, was established to come forward to finance the group’s suppliers’ working capital requirements, to ensure continuity of supplies to the group’s Arpico supermarket chain and to ensure that the continuity of its suppliers would not be disturbed.
This motive paved the way for Richard Pieris Finance Ltd to develop and nurture local entrepreneurs, ensuring a ready market for the products they have to offer.
Sri Lanka’s market has several standalone institutions which have collapsed, along with all the hard earned money of the innocent people that invested with these institutions. For any customer to invest their hard earned money, they need a trusted institution, and with over 80 years of industry expertise and invaluable experience, the Richard Pieris Group has proven that it is the epitome of a ‘trusted institution’. Richard Pieris Finance Ltd is 100 percent backed by its parent organisation, the Richard Pieris Group.
Richard Pieris Finance Ltd began with an initial capital of Rs.400 million, a non-existent asset base and five employees.
Today, the company boasts a total equity of Rs.2.6 billion, an asset base of Rs.16.5 billion, and a deposit base little over Rs.5 billion. Also, since its inception, the company has attracted a customer base of over 7,000, provides 265 jobs, and has seen a steady yearon-year growth, along with a branch network of 15 branches. Richard Pieris Finance is also 100 percent compliant with the Central Bank requirements.
“It is the commitment of our staff members working as a team which brought the realistic and productive results to make this company a fast-growing financial entity. Our staff is the secret to our company’s success, given their priceless efforts to portray continuous dedication and commitment,” stated Richard Pieris Finance Ltd CEO K.M.M. Jabir.
“Our objective is, by 2023, to have an asset base of over Rs.30 billion, to have 25 successful branches around the island, and to be within the top five financial institutions in Sri Lanka,” he added.
Completing four successful years of operations, the Islamic Finance unit of Richard Pieris Finance Ltd has also seen continuous growth. This unit employs a young and dedicated team that is committed to provide a consummate speedy service.
Islamic Finance at Richard Pieris Finance is not restricted to the Islamic community, but offers its services to all communities. This flexibility is beneficial to the endconsumer as it makes space for the company to provide tailor made solutions to satisfy the customer’s needs and ensure a fast delivery.
“For example, if a customer wants to get a lease and provides all the required documents in the morning, by evening they will be able to get the leasing order. That is one of the main plus points in Islamic Finance,” stated Richard Pieris Finance Ltd Islamic Finance Head Imruz Kamil.
“We at the Islamic Finance unit of Richard Pieris Finance Ltd strictly abide by Sharia principles at all times in our dealings, so people trust that all our dealings are 100 percent compliant. We encourage and promote ethical business processes,” he added.