Launched in 2015 under the Islamic Business Division (IBD) of CLC as an Islamic Finance Window under regulations of the Central Bank of Sri Lanka (CBSL), CLC Islamic Finance offers financial services to customers of all walks of life.
It meets the due requirements of compliance through a three-member Shari’ah Supervisory board with a dedicated in-house Shari’ah advisors comprising local and international scholars.
The growth of CLC Islamic Finance in the past five years is reflected by a multitude of achievements - a series of awards that elevated its profile in South Asia, product offerings with returns that surpass the minimum payout rates of the Central Bank, a company spokesman said.
Head of CLC Islamic Finance, Ilsam Awfer said, “We offer the maximum permissible profit share rate for regulated finance companies on deposits to investors on Mudharabah and Wakala Investments which is also one of the highest in the industry. The business unit’s asset base now stands above Rs. 4 billion and liabilities at Rs. 2 billion.” As part of this safe business model, CLC Islamic Finance offers many innovative products. In 2019, CLC Islamic Finance introduced the Mudharabah Growth Savings Account. The Business Unit also offers Ijarah Leasing, Diminishing Musharaka Finance, Murabaha - Trade Finance, Wakala Working Capital Finance and Musawamah Import Finance in terms of advances.
“Our strength also lies in CLC’s 30 long years of experience in the industry that spurred us towards innovative finance solutions driven by our passion to ensure Shari’ah compliance in all transactions,” he said.