Al-Falaah Junior– Sri Lanka’s first regulated Shari’ah compliant minor account

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”. The minor savings scheme was introduced 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 among children from a young 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 Chief Manager, Islamic Business

Unit of Lanka ORIX Finance P Shiraz Refai LC 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.