CLC Islamic Finance celebrates five-year stint | Daily News


CLC Islamic Finance celebrates five-year stint

Head of CLC Islamic  Finance Ilsam Awfer
Head of CLC Islamic Finance Ilsam Awfer

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 unmatched financial services to customers of all walks of life.

The stellar growth of CLC Islamic Finance in the past five years is reflected by a multitude of achievements -namely, a series of top of the line awards that elevated its profile in South Asia, product offerings with unmatched returns that surpass even the minimum payout rates required by the Central Bank, a growing assets base, innovative automated service offerings across an island-wide service network, and an open invitation to all citizens – both Islamic and non-Islamic-to avail of its profitable services.

CLC Islamic Finance meets the due requirements of compliance through a three-member Shari’ah Supervisory board along with dedicated in-house Shari’ah advisors comprising of renowned local and international scholars.

A series of top-of-the-line accolades won by CLC Islamic Finance within a short time-span vouch for its growing reputation, strength in compliance, and unmatched customer focus. CLC Islamic Finance won continuous awards at the Islamic Finance Forum of South Asia (IFFSA- the only annual gathering of Islamic Banking practitioners in South Asia). The awards include “Best Islamic Leasing Company in Sri Lanka and South Asia” which CLC Islamic Finance has been winning since 2016 to present. CLC Islamic Finance also won the “Emerging Islamic Finance Entity of the Year” at the 2016 Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards. The crowning achievement in its winning streak came in 2018 at the IFFSA Awards when CLC Islamic Finance was crowned with three gold awards, namely, “Islamic Finance Entity of the Year”, “Best Islamic Leasing Company of the year” and “Best Islamic Finance Window of the year”.

Ilsam Awfer, Head of CLC Islamic Finance shares his thoughts: “We offer the maximum permissible profit share rate for regulated Finance Companies on Deposits to our valued investors on Mudharabah and Wakala Investments which is also the highest in the industry.

The Business Unit’s Asset base now stands above Rs. 4 billion and Liabilities at Rs. 2 billion. Such high returns to the investors are due to our profitable and safe business model.” As part of this safe business model, CLC Islamic Finance offers many innovative products. In 2019, CLC Islamic Finance introduced the industry’s first Mudharabah Growth Savings Account. In addition to Mudharabah and Wakala Investment which is known as Profit Sharing Investments, 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.

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