LOLC Al-Falaah Wadi’ah Gold Storage Facility hits Rs. 3 b milestone

LOLC Al-Falaah Head of Alternate Financial Services Shiraz Refai

LOLC Finance Head of Gold Loans Nishantha Jayasekara

LOLC Al-Falaah, the Alternate Financial Services unit of LOLC Finance PLC, yesterday announced its ‘Wadi’ah Gold Storage Facility’ has achieved a remarkable milestone by surpassing a benevolent cash-advance portfolio exceeding Rs. 3 billion.

 “This momentous achievement signifies the growing demand for ethical, transparent, and purpose-driven financial solutions in Sri Lanka’s evolving financial services landscape,” the company said in a statement.

LOLC Finance PLC was the first Non-Banking Financial Institution (NBFI) in the country to launch the ‘Wadi’ah Gold Storage Facility’, offering alternative features to address conventional gold loan offerings. 

The Wadi’ah Gold Storage Facility allows customers to safely deposit their physical gold while receiving a valid storage certificate that clearly details the exact weight, quality, and value of the items stored. This transparency, coupled with LOLC’s robust infrastructure, has earned deep customer trust across a wide demographic — including SMEs and middle-to-lower-income segments who value both security and ethical financial conduct.

A key distinguishing feature of the Wadi’ah solution is its benevolent cash-advance facility, which allows depositors to access up to 90% of the gold’s value, particularly during times of personal or economic hardship. This facility, offered without any compromise on ethics, provides critical liquidity to customers when they need it most — while maintaining the security of their stored assets. In addition to a state-of-the-art assessment process that causes no damage to deposited gold, the Wadi’ah Gold Storage Facility is fully backed by the institutional strength of LOLC Finance PLC, reinforcing customer confidence in both safety and reliability.

The growth of the Wadi’ah portfolio has been fuelled by a combination of strategic outreach, financial education, and grassroots-level customer engagement. Leveraging LOLC Finance’s expansive branch network, LOLC Al-Falaah successfully penetrated underserved regions to reach communities often overlooked by traditional financial services. By delivering educational awareness sessions focused on Islamic finance principles and the benefits of Wadi’ah-based safekeeping, the company bridged critical knowledge gaps while providing tangible financial empowerment.

LOLC Al-Falaah Head of Alternate Financial Services Shiraz Refai said: “This Rs. 3 billion milestone is not merely a number — it is a reflection of the deep trust our customers place in us and in the ethical framework we uphold. Our Wadi’ah Gold Storage Facility is built around dignity, security, and accessibility. It ensures that even the most underserved Sri Lankans can store and leverage their wealth without compromising their beliefs or risking unethical practices.”

“We are now actively working on the introduction of a premier Wadi’ah solution with technologically driven cash-advance and settlement facilities to cater to the emerging needs of a more cosmopolitan market segment and further deepen the value we bring. This is yet another stride in our mission to democratise Islamic finance — ensuring that every individual, regardless of status or circumstance, has access to ethical, dignified financial solutions,” he added.

LOLC Finance Head of Gold Loans Nishantha Jayasekara said: “The consistent growth of the Wadi’ah Gold Storage Facility is a testament to LOLC’s commitment to innovation within responsible finance. Our customers are looking for more than just financial assistance — they seek assurance, transparency, and value. Wadi’ah answers that call by blending tradition with trust. As we continue to lead the gold loan space in Sri Lanka, our goal is to integrate smart, technology-enabled solutions while preserving the human touch that has always defined our service. This Rs. 3 billion milestone is just the beginning of a new era in ethical gold-backed finance. LOLC Al-Falaah’s Wadi’ah portfolio growth affirms its position as a leader in alternate financial services, creating new possibilities for inclusive prosperity grounded in timeless ethical values.”