clock December 24,2023
PLC Al-Safa: Pioneering Shariah-Compliant Finance in Sri Lanka for Two Decades, Now Expanding Nationwide with Cutting-Edge Digital Solutions

PLC Al-Safa: Pioneering Shariah-Compliant Finance in Sri Lanka for Two Decades, Now Expanding Nationwide with Cutting-Edge Digital Solutions

As the first full-service non-banking Islamic finance provider in Sri Lanka, People’s Leasing & Finance PLC (PLC) Al-Safa Unit has been offering reliable and trustworthy Shariah-compliant products and services since 2005. Over the past two decades, it has built a reputation for high-quality, customer-centric services. Al-Safa serves Sri Lankans seeking comprehensive Shariah-compliant alternative financial solutions.

Since its inception, PLC Al-Safa has been committed to innovation within the framework of Shariah-compliant finance. The company enhanced its dedication to compliance and innovation by strengthening the Shariah Supervisory Board. This allows PLC Al-Safa to regularly and continuously review all its products, services, and processes, ensuring they not only comply with Shariah principles but also offer maximum value, flexibility, and innovation.

Commenting on the company’s journey, Mr. Fazmil Mowlana, Head of Islamic Finance & Digital Products at PLC Al-Safa stated, “We were the pioneers in providing full-service Shariah-compliant financial services in Sri Lanka, focusing not just on investment but also on lending and transactional finance. As a result, we are now planning to expand further to meet the increasing interest and demand for Shariah-compliant financial services. Additionally, we have embarked on a significant effort to re-engineer existing products and launch new ones, enhancing our product portfolio with the latest cutting-edge digital technology. By focusing strongly on risk assessment and credit quality, we continue to maintain a robust financial position and excel in our key performance indicators, even under challenging market conditions.”

Now, PLC Al-Safa is aiming to expand its presence across the island, leveraging the extensive network of People’s Leasing & Finance PLC. In addition to the company’s seven dedicated branches located at Park Street, Mt. Lavinia, Kandy, Puttalam, Kattankudy, Kalmunai, and Muttur, PLC Al-Safa also operates convenient access points at over 50 PLC branches Islandwide. Meanwhile, Smart Branch concept models were implemented at Al-Safa - Kalmunai, and digitalization of the core system has been initiated at Al-Safa - Parkland. These branches were equipped with state-of-the-art infrastructure to enhance customer convenience. Additionally, Al-Safa's presence is expected to increase even further, by including new dedicated branches, along with access through all of PLC’s branches reaching out to 109 locations, in the near future.

Additionally, the company ensures 24/7 access to its products and services through its digital channels. PLC Al-Safa leverages PLC’s existing digital delivery channels, such as the PLC Touch App and the eDoc platform, enabling customers to digitally store documents, receipts, renewal notices, and, to ensure seamless digital access to its entire portfolio of sharia-compliant financial services. During the Q2 of FY 2024/25, PLC Al-Safa will also introduce new product extensions providing enhanced customer convenient through digital enablement for lending facilities. Additionally, A VISA enabled Shariah-compliant card will also be introduced for enhanced banking convenience, and this will be further supported through digital banking channels. 

PLC Al-Safa has introduced innovatively re-engineered products such as the Wakalah Investment solution and the Wadi’ah gold safekeeping product. Wakalah Investments offer a reliable, non-interest-based investment scheme that focuses on providing high returns. The Wadi’ah gold safekeeping facility provides a convenient, non-interest-based, Shariah-compliant alternative to traditional gold loans. Additionally, the company offers a range of other Islamic finance options, all backed by the trust and strength of People’s Leasing & Finance PLC and the parent company, People’s Bank.

Mr. Udesh Gunawardena – CEO at PLC Al-Safa and People’s Leasing & Finance PLC added, “Our strategic expansion initiative goes beyond growth, as we are committed to transforming how people access and utilize Sharia-compliant financial services. We are committed to integrating cutting-edge digital technology to offer financial solutions that cater to the evolving needs of our customers. I also wish to emphasize that Shariah-compliant finance is not exclusive to the Islamic community; it offers a sustainable and equitable alternative to traditional financial services, making it accessible to members of all communities.”

Enjoy the most advantageous Shariah-compliant financial services from Sri Lanka’s true pioneer in Islamic finance. Call 0766140513 or visit your nearest PLC AL-Safa or PLC branch to learn more and get started.

 Photo Caption: Mr. Fazmil Mowlana Head of Islamic Finance & Digital Products



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