Commercial Leasing and Finance PLC is one of the flagship entities of the LOLC Group which has propelled to the forefront in the industry by being one of Sri Lanka’s leading Non-Banking Financial Service Providers. CLC with over 29 years of experience in the finance industry in Sri Lanka, offers financial solutions ranging from leasing, fixed deposits, savings, loans, flexi cash, and microfinance to factoring to customers. ICRA Lanka Ltd in its annual credit review affirmed the “[SL] A” credit rating for CLC with a stable outlook. Besides offering the range of conventional financial products, CLC ventured into Islamic Finance in August 2015 with the aspiration to offer a full range of Shari’ah compliant products to its customers.
Islamic Business Division (IBD) is a dedicated Business Unit set up under Commercial Leasing and Finance regulatory license to implement Shari’ah Compliance Finance solutions. This unit consists of trained staff members who had gained a sound knowledge in Islamic Finance. The Islamic Financial solutions offered by CLC Islamic Finance is approved by a three member Shari’ah Supervisory Board comprise of renowned local and international scholars. The prime objective of IBD is to ensure Shari’ah compliancy in all business transactions whilst offering our customers total Islamic Finance Solutions to satisfy their requirements.
Shari’ah Supervisory Board (SSB) of CLC IBD
- Ash-Shaik Mufthi Shafique Jakhura – Chairman – SSB
- Ash-Shaik Fazil Farook – Member – SSB
- Ash-Shaik Murshid Mulaffar – Member – SSB
- Ash-Shaik Zaid Nooramith – In – House Shari’ah Advisor
As per the directives received from the SSB and guiding principles of Islamic Finance, the Islamic Business Division has below features;
- Special clearance to function as a ‘Islamic Finance Window’ from the Central Bank of Sri Lanka
- Separate Bank Accounts for Funds In-flow and Out-Flow
- Separate General Ledger System
- Separate IT System
- Fully Trained Staff Members
Our role in Islamic Finance has enabled us to benefit many people and communities, whilst striving processes in line with Shari’ah principles and the triple bottom line focus, causes for the rapid growth of CLC Islamic Finance and currently Islamic Finance products are offered by 60+ branch Network and 4 dedicated service centres Island wide for a strong customer base, fulfilling their all financial requirements.