Partnership to promote Shariah financial products

by Nilma DOLE

Shariah financial products are not just for Muslims, but also for those who value the concept of equal profit-sharing, to reap the benefits of their businesses.

Chairman of Wealth Lanka Management, Mangala Boyagoda exchanges the agreement with Director AI Tayseer Edwin Das    Pic:Chinthaka Kumarasinghe

To boost the knowledge, concepts and ideals of Shariah finance and ethical business practices in Sri Lanka, local consultancy firm Wealth Lanka Management signed a Memorandum of Understanding with Al Tayseer Advisory Services, an Islamic finance specialist with a strong presence in Pakistan and Malaysia.

Chairman of Wealth Lanka Management, Mangala Boyagoda said that by tying up with Al Tayseer, they are partnering to give the best financial services in Sri Lanka after signing the MoU.

Al Tayseer is a reputed finance firm specialising in corporate finance, international business, risk management and investment advisory services.

Boyagoda said, "We selected Al Tayseer because we valued their integrity and the fact that Shariah financial products are quickly gaining popularity, not only in Sri Lanka, but around the world as a reliable financial scheme and for us, they are the best Shariah experts."

The strength of Wealth Lanka will be combined with Al Tayseer to incorporate true Shariah principles because there is a demand for such financial products in the market. "Our focus will be to develop short and medium-term Shariah-based financial instruments for banks, finance companies, leasing companies, corporate entities and the Government," said Boyagoda.

Director Al Tayseer, Fahd Hashim told a press conference, "We have renowned clients such as Tata Cement and we are constantly improving our services for their benefit. Most recently, we gave financial advice to a sugar-producing factory in Pakistan which became the biggest producer of sugar within a year."

Hashim said potential clients in the USA are beginning to realise that Shariah financial advice helps them greatly in terms of ensuring profitability and making sure all stakeholders and employees benefit from it.

Al Tayseer believes in the ethics of business which is not all about making profits. It is a people-oriented company which values the reputation it has built by forging sustainable partnerships with clients.