LOLC’s ‘Al-Falaah Takaful’ celebrates a year of remarkable success

‘Al-Falaah Takaful’ the Motor Takaful window operated by LOLC Insurance Company Ltd., celebrated a successful and promising first year in the fast expanding Takaful industry.

Backed by the strength and stability of the LOLC Group and an island wide footprint of service outlets, Al-Falaah Takaful has made headway in the industry in just one year by building a customer base touching 5,000 and gross written contribution exceeding Rs. 125 million in Motor Takaful alone.

The significance of Al-Falaah Takaful is that all features of this product is stringently supervised by a dedicated Shari’ah Supervisory Board (SSB) and an in-house advisor to ensure that all product features and processes adhere to set standards and principles. In addition, an efficient service is ensured by a dedicated and experienced team of customer service personnel operating through a wide network of branches.

Al-Falaah Takaful is offered with a host of added benefits which include, a free cover for replacement of air bags, free towing facility within the greater Colombo area, third party property damage cover up to Rs. 500,000 for commercial vehicles (unlimited for private cars), optional settlement process in the event of a claim, 24 hour customer care hotline, efficient and hassle free handling of claims through an island-wide network of garages and assessor panels, and most importantly, sharing of surplus by way of distributing the excess funds in the participant fund amongst the customers who have not claimed.

Commenting, LOLC Insurance CEO Gehan Rajapakse said, “We are indeed heartened by the performance of the Al-Falaah Takaful product within a period of just one year. Moving forward, we hope to expand our offerings to customers and provide unmatched benefits to policy holders.”

Explaining further, Al-Falaah Takaful Manager Nadheer Siddeeq said, “Al-Falaah Takaful provides customers an exclusively designed and hassle free motor insurance service. Whether customers purchase the vehicle though LOLC or not, Al-Falaah Takaful will guarantee that every aspect of safeguarding their vehicle is well thought of on behalf of them.”

Also sharing views, Lanka ORIX Finance PLC Al-Falaah Islamic Business Unit Assistant General Manager Shiraz Refai said, “We continuously strive to offer innovative financial solutions to our valued customers. In our efforts to provide complete financial solutions under one roof, we signed up with Al-Falaah Takaful to cater to the insurance demands of our customers last year. We believe that this initiative has provided more convenience and flexibilities to our customers. We look forward to more variants of Takaful options, so that we could make available same in future for our valued customers.”

All Al-Falaah financial products are designed in accordance with Shari’ah principles of profit sharing and regulated by the Central Bank of Sri Lanka. Lanka ORIX Finance PLC is rated (SL) A- by ICRA Lanka Ltd. and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, and the Insurance Board of Sri Lanka for respective product offering.

LOLC Insurance Co. Ltd., launched in 2011 is a fully owned subsidiary of the LOLC Group offering a range of insurance products and services under Life and General Segments spanning from Life, Motor, Fire, Marine to Travel, among others. In a short span of four years, the company has risen amongst the top leagues of the insurance industry, notably strengthening its presence as one of the largest motor insurance providers in Sri Lanka. LOLC Insurance is licensed by the Insurance Board of Sri Lanka and is poised to become the largest total insurance solutions provider in the country, in the near future.