CLC launches Islamic finance

 From left: Director/CEO Krishan Thilakaratne, Shari'ah Supervisory Board Members Ash-Shaikh Murshid Mulaffar and Mufthi Shafique Jakhura, Chairman Ishara Nanayakkara, Director Kapila Jayewardena and Director Kalsha Amarasinghe

Embarking on another revolutionary financial service provision, Commercial Leasing and Finance PLC recently introduced CLC Islamic Finance with the purpose of meeting the financial needs of our many existing and potential customers within the Sri Lankan community.

Hoping to create an influential trademark parented by CLC, this specialised Islamic Business Division (IBD) will function as an Alternative Finance solutions provider under the Commercial Leasing and Finance regulatory license implementing Shari’ah compliance finance solutions. 

This unit will be monitored by a three member Shari’ah Supervisory Board that represents eminent Islamic finance scholars from Sri Lanka and overseas. 

CLC Islamic finance will offer the following fully-fledged alternative finance solutions:

• Mudharabah – Profit-sharing investments (fixed deposits and savings accounts)
• Wakala investment – Fixed term investment
• Ijarah – Leasing
• Murabaha – Trade financing 
• Diminishing Musharakah – Project/property finance and working capital
• Wakala lending – Fixed term investments and business and working capital finance

Expressing his idea on this new launch, CLC CEO Krishan Thilakaratne shared the vision that lead to this initiative: “Sri Lanka, though geographically a relatively small nation, has one of the fastest growing economies and it is home to a multi-cultural community. Therefore as a financial service provider we are aware of the growing needs of people and their diverse expectations. We have always provided innovative financial solutions and now we are driven to provide specific financial solutions for the benefit of our existing customers and our potential customers.”

Adding further, Thilakaratne mentioned: “I am confident that the newly launched Islamic Business Division will add greater value to CLC by offering Islamic Finance solutions from our entire branch network to satisfy all financial requirements of our valued customers.”

CLC, with a history of 27 years, is one of the top brands in the non-banking financial industry. The company has equity over Rs. 10 billion coupled with an ICRA (A-) rating. Through a 59 branch network island wide, CLC continues to spread its influence and steadily expands its business activities by providing innovative financial solutions, thus making it one of the best options when satisfying financial needs.