LOLC group opens first Shari’ah Compliant Student Savings Centre in Sri Lanka

Al-Falaah, the Islamic Business Unit of Lanka ORIX Finance PLC (LOFC), under its Shari’ah based children’s savings brand “Al- Falaah Junior”, opened the first Student Savings Centre at the Fathima Muslim Ladies College in Colombo.

LOFC, part of the LOLC group, said this is the first of its kind in the Islamic financial services industry launched by a licensed finance company.

A special ceremony was organized by the students of the school, where Kalsha Amarasinghe, Executive Director of the LOLC Group, attended as Chief Guest and participated in the first transaction of the Student Savings Centre. LOLC’s senior management members and officials, including, Krishan Thilakaratne, CEO of Al Falaah, Brindley de Zylva, MD/CEO of LOFC, Ashan Nissanka, Chief Officer – Branch Network together with Shiraz Refai, Chief Manager - Al-Falaah were also present.

In addition, Ms. H. N. Yousuf, Principal of the school, Ms. K. L. S. Rumaiza, Teacher in charge of the Al-Falaah Student Savings Centre together with the school’s OGA members, PTA members, school staff members, well-wishers and students were also present during the ceremonial activities. Addressing the gathering, Ms. Amarasinghe said, “Al-Falaah together with its parent company LOFC will take steps to bring this unique concept to strategic locations around the country, enabling children of the Islamic faith, to save and invest for their future, in compliance with their religious obligations.”