Al-Falaah opens Shari'ah compliant student savings centre

The Executive Director of the LOLC Group, Ms. Kalsha Amarasinghe hands over the first savings pass book to a student.

Al-Falaah, the Islamic business unit of Lanka ORIX Finance PLC (LOFC), under its Shari'ah-based children's savings brand 'Al- Falaah Junior', opened the first Student Savings Centre at Fathima Muslim Ladies College, Colombo 12.

"This is one of the first in the Islamic financial services industry launched by a Licensed Finance Company", a spokesman for LOLC said.

"This new Student Savings Centre aims at creating awareness about Islamic finance and the Shari'ah principles associated with it among children", he said.

Executive Director of LOLC Group, Ms. Kalsha Amarasinghe said, "To nurture the savings habit among future leaders of the country, Al-Falaah Junior opened the first Shari'ah Compliant Student Savings Centre. With its parent company LOFC will take steps to bring this unique concept to strategic locations around the country, enabling Muslim children to save and invest for their future, in compliance with their religious obligations."