"Al-falaah Junior" - Sri Lanka's first regulated Shari'ah Compliant Minor Savings Account
Al-falaah - the Islamic Business Unit of Lanka ORIX Finance Plc.,recently renewed the identity of its Shari'ah compliant minor savings scheme, under the name, "Al-falaah Junior". This minor savings scheme was introduced way back in August 2009, and was the first of its kind to be offered in the Sri Lankan Islamic Financial Services sector.
Identifying a dearth in the existing Islamic Finance industry for children's savings products, Al-falaah improved "Al-falaah Junior" with added benefits and returns, under the core theme "A Righteous Start…"
"Al-falaah Junior" aims to inculcatethe savings habit and financial discipline amongst children from a younger age. It also offers a comprehensive savings plan based on the Shari'ah principle of profit sharing, where the child will receive a high return on investments.
Speaking about this unique offering, Mr. Shiraz Refai, Chief Manager, Islamic Business Unit of Lanka ORIX Finance PLC said, "By introducing a Shari'ah compliant approachto minor savings,we have identified along term value in harnessing a righteous approach to financeamongst children and parents."al-falaah Junior"offers a variety of exciting gifts and attractive value added benefits. This would provide parents the opportunity to build a solid financial foundation for their children, so that on reaching 18 years of age, the child would have a substantial fund to pursue higher studies and other future goals."in order to open an account, a parent or the guardian is required to produce their NICS and the Birth Certificate of the child. Al-falaah services can now be obtained from over 50 Lanka ORIX Finance PLC., branches island wide, including 4 dedicated Al-falaah centres located in Kalmunai, Kaththankudi, Oddamawadi and Akurana. Further plans are underway to set up student saving centers in key schools around the country, offering greater convenience and accessibility to children and parents to operate the savings account from the school premises itself.
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