CLC Islamic Finance expands product portfolio with Wadi’ah gold safe-keeping

Commercial Leasing & Finance Islamic Business Division Head Ilsam Awfer (left) and Gold Loan Business Unit Head Thuvagar Asohan

CLC Islamic Finance, the Islamic Banking Division (IBD) of Commercial Leasing & Finance PLC., (CLC) is pleased to announce its latest service offering: Wadi’ah (‘Safe-keeping’) – an alternative for conventional gold loans. This facility is introduced in two options, such as the ‘Safe-keeping’, which allows the customers to store their gold articles, and the ‘Benevolent Loan’ facility, which provides an interest-free loan for a set period. 

With this service, customers have the choice of selecting the Safe-keeping option or avail both Safe-keeping and Benevolent loan facilities simultaneously. A nominal service charge will accumulate only for the Safe-keeping facility whereas the Benevolent Loan will not accrue any additional charges. 

The terms for this product range from one, three, six to 12 months while the customers can decide the period based on their requirements. 

Customers who obtain the Wadi’ah Safe-keeping facility avail a free Takaful cover for all their gold articles. A unique feature of this facility is that the customers can obtain cash instantly via a safe and fully transparent service. As usual, CLC Islamic Finance pledges a fast and hassle-free service for customers and no additional charges or penalties will be charged for this product.

Commenting on the new product, Islamic Business Division Head Ilsam Awfer said: “We are indeed happy to address a long-awaited need of customers by introducing the Safe-keeping facility. Now we are able to fulfil urgent cash needs of customers in different social segments through convenient product offerings coupled with additional benefits. At CLC Islamic Finance, we are committed to maintaining the highest level of customer service while providing the most suitable solutions to our customers.”

“Pledging gold is the most viable option for an urgent cash need. Customers who seek this service look for safety and convenience. Our Safe-keeping solution is highly customer-focused, as we want to ensure that our loyal customers are satisfied at the end of the day. With the pool of benefits this Safe-keeping option provides, we hope that this product will soon be embraced by the public,” said Gold Loan Business Unit Head Thuvagar Asohan.

CLC Islamic Finance is a strategic business unit formed under the regulatory licence of Commercial Leasing and Finance PLC to offer alternate finance solutions. In 2021, CLC Islamic Finance completes six years of providing customer-centric finance solutions. CLC Islamic Finance has set itself apart as a top-performing Islamic finance window and surpassed many milestones along its journey.

The business unit offers a range of alternate finance products such as profit-sharing investments and savings (Mudharabah), term investments (Wakala Investments), leasing (Ijarah), trade finance (Murabaha), property/asset finance (Diminishing Musharaka), import finance (Musawamah), and working capital finance (Wakala Finance). Wadi’ah is the latest addition to the product portfolio.

Commenced in 2015, the Islamic Business Division (IBD) of CLC operates as an Islamic finance window under the regulatory license of Commercial Leasing & Finance PLC. It is a dedicated business unit set up in order to implement Shari’ah Compliance Finance solutions. The banking solutions offered by CLC Islamic Finance are approved and audited by a three-member Shari’ah Supervisory Board.