Al-Falaah junior account launched
- the Islamic Business Unit of Lanka ORIX Finance PLC.,recently renewed
the identity of its Shari'ah compliant minor savings scheme, under the
name, "Al-Falaah Junior". This minor savings scheme was introduced way
back in August 2009, and was the first of its kind to be offered in the
Sri Lankan Islamic Financial Services sector.
Identifying a dearth in the existing Islamic Finance industry for
children's savings products, Al-Falaah improved "Al-Falaah Junior" with
added benefits and returns,under the core theme "A Righteous Start..."
"Al-Falaah Junior" aims to inculcate the savings habit and financial
discipline amongst children from a younger age. It also offers a
comprehensive savings plan based on the Shari'ah principle of profit
sharing, where the child will receive a high return on investments.
Speaking about this unique offering, Shiraz Refai, Chief Manager,
Islamic Business Unit of Lanka ORIX Finance PLC said, "By introducing a
Shari'ah compliant approach to minor savings,we have identified along
term value in harnessing a righteous approach to finance amongst
children and parents.
Al-Falaah Junior offers a variety of exciting gifts and attractive
value added benefits. This would provide parents the opportunity to
build a solid financial foundation for their children, so that on
reaching 18 years of age, the child would have a substantial fund to
pursue higher studies and other future goals."
To open an account, a parent or the guardian is required to produce
their NICs and the Birth Certificate of the child. Al-Falaah services
can now be obtained from over 50 Lanka ORIX Finance PLC., branches
island wide, including 4 dedicated Al-Falaah centres located in Kalmunai,
Kaththankudi, Oddamawadi and Akurana.
Further plans are underway to set up student saving centers in key
schools around the country, offering greater convenience and
accessibility to children and parents to operate the savings account
from the school premises itself.