Al-Falaah opens first Shari’ah Compliant Student Savings Centre

Thursday, 29 November 2012 00:00 - - {{hitsCtrl.values.hits}}

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, Colombo 12. This is the first-of-its-kind in the Islamic financial services industry launched by a Licensed Finance Company.

The aim of opening this new Student Savings Centre is to create awareness about Islamic finance and the Shari’ah principles associated with it amongst children at an early stage.

A special ceremony was organised by the students of the school, where Kalsha Amarasinghe, the 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, H.N. Yousuf, the Principal of the school, K.L.S. Rumaiza, Teacher-in-Charge of the Al-Falaah Student Savings Centre, together with the school’s OGA members, PTA members, SDS members, school staff members, well-wishers, and students were also present during the ceremonial activities. The initiative to open a Student Savings Centre was well received by parents and teachers as well as students.

Addressing the gathering, Kalsha Amarasinghe said: “In order to nurture the savings habit amongst future leaders of the country, Al-Falaah Junior opened the industry’s first Shari’ah Compliant Student Savings Centre at the Fathima Muslim Ladies College. 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.” ‘Al-Falaah Junior’ is a Shari’ah Compliant Children’s Savings facility, first introduced by Al-Falaah, back in August 2009. At the time, it was the first of its kind to be offered in the Sri Lankan Islamic financial services sector. This unique and innovative children’s savings product aims to inculcate the habit of saving and financial discipline amongst children from a younger age. Later, identifying a dearth in the existing industry for Shari’ah Compliant Children’s Savings products, Al-Falaah improved ‘Al-Falaah Junior’ with a renewed identity together with added benefits and returns, under the core theme ‘A Righteous Start’.