CLC Islamic Finance

Commercial Leasing and Finance PLC is a flagship entity of the LOLC Group, which propelled to the forefront of the industry by being one of Sri Lanka’s Group leading Non-Banking Financial Service Providers.
With over 29 years of experience in Sri Lanka’s finance industry, CLC offers financial solutions ranging from leasing, fixed deposits, savings, loans, flexi cash, and microfinance to factoring to customers.
In its annual credit review, ICRA Lanka Ltd affirmed the “[SL] A” credit rating for CLC with a stable outlook.
Apart from offering a vast 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.

The 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 have a sound knowledge in Islamic Finance.
The solutions offered by the CLC Islamic Finance is approved by a three member Shari’ah Supervisory Board which comprises of renowned local and international scholars. The prime objective of IBD is to ensure Shari’ah compliancy in all business transactions, while offering total Islamic Finance Solutions to satisfy all customer 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-Shaikh Abdul Rahman – 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 support many people and communities, while adhering to Shari’ah principles and the triple bottom line focus. This caused a rapid growth of CLC Islamic Finance, allowing us to currently cater Islamic Finance products to a strong customer base, across a 70+ branch network with 4 dedicated, island wide service centres.

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.

Annual Reports

2019 - 2020