‘CLC Islamic Finance’ celebrates first anniversary

Monday, 29 August 2016 00:01 - - {{hitsCtrl.values.hits}}

The Islamic Business Division (IBD) of Commercial Leasing and Finance PLC (CLC) successfully completed its first year in operations embodying a remarkable financial performance. Embarking on another revolutionary financial service provision, CLC unveiled ‘CLC Islamic Finance’ in July 2015 despite of challenging economic conditions that remained during the time to offer a complete range of Shari’ah compliant products.

IBD formed a Shari’ah Supervisory Board with three locally and internationally recognised scholars namely Ash-Shaikh Fazil Farook (Chairman), Ash-Shaikh Murshid Mulaffar (Member) and Ash-Shaikh / Mufthi Shafique Jakhura (Member) to ensure the compliancy in each transaction. Further, the business unit marked its segregation clearly to make the operation fully Shari’ah compliant and acceptable.

IBD was commenced with a fully-fledged product range to serve all customer requirements such as, Profit Sharing Investments and Saving Accounts (Mudharabah), Term Investments (Wakala-Investments), Leasing (Ijarah), Trade Finance (Murabaha), Property and Working Capital Finance (D. Musharakah), Business and Working Capital Finance (Wakala-Lending).

To date, CLC-Islamic Finance has recorded a phenomenon growth in terms of business volumes, market reach, customer service and staff development. CLC Islamic Finance services are available at all 60 CLC branches in addition to ‘Dedicated Islamic Finance customer touch points’ island wide.

Director/Chief Executive Officer Krishan Thilekaratne stated that, “CLC IBD has performed commendably during its very first year whilst maintaining its impeccable compliance standards. It has been able to offer financial solutions such as Term Investments, Leasing, Trade Finance, Business and Working Capital Finance and so on and has also been able to extend the product offerings through all 60 branches. No doubt CLC Islamic Finance will become a significant player in the Islamic Finance market in the near future.”

At the end of the first year, IBD posted a portfolio of Rs. 1.55 billion subsidised by the rapidly grown deposit base and the solid seed capital of the entity.

Sharing his views; IBD Head Ilsam Awfer stated, “We are happy to complete one year in operations successfully with many milestones. CLC-Islamic Finance earned a plenitude of acceptance island-wide within a short span.” Further he added, “Though IBD is a new kid on the block, it will grow into greater heights and penetrate the market with the support of existing CLC brand.”

IBD is anticipating a substantial growth in the forthcoming financial year through adding more products to its portfolio, improving customer service, expanding the reach, increasing the staff force, carrying out extensive staff training programs and enhancing the public awareness on Islamic Finance. Despite the inimical and volatile industry environment CLC-Islamic Finance will continue to move forward with its competitive and comprehensive spectrum of products.