RUZAIK FAROOK
COLOMBO – RUZAIK FAROOK
COLOMBO – Further strengthening its position as Sri Lanka’s leading alternate financial services provider, LOLC Al-Falaah has introduced “Al-Falaah Tawarruq for Personal Finance,” Product Launch Ceremony was held at the Ramada Hotel, Colombo recently. The country’s first structured Tawarruq-based Islamic liquidity solution. The launch marks a significant milestone in the evolution of Sri Lanka’s Islamic finance landscape, offering customers a practical and ethically grounded avenue to access liquidity.
Developed in response to the growing demand for alternate financial solutions, Al-Falaah’s Tawarruq for personal finance provides a structured, transparent, and accessible mechanism for customers to obtain liquidity while remaining aligned with Islamic economic principles. The solution is designed to support a wide range of financial needs, including education, healthcare, business expansion, personal commitments, and other essential expenditures.
Tawarruq is a globally recognised concept that enables customers to access liquidity through a series of asset-based transactions. Under this arrangement, a commodity is purchased on deferred payment through a Murabaha (cost-plus-profit sale) agreement and subsequently sold to a third party on a spot cash basis, generating liquidity in a manner compliant with Murabaha principles.
LOLC Al-Falaah acts as the appointed agent throughout the transaction process, facilitating the purchase, sale, and resale of commodities on behalf of the customer. This ensures a seamless, transparent, and efficient experience while maintaining strict adherence to underlying product principles.
The introduction of this pioneering solution comes at a time when customers are increasingly seeking financial products that combine flexibility, transparency, and ethical responsibility. By formalising and institutionalising the Tawarruq structure within Sri Lanka’s financial sector, LOLC Al-Falaah is expanding access to faith-based financial solutions while elevating industry standards.
Commenting on the launch, Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, stated, “At LOLC Al-Falaah, our commitment is to provide customer-centric and future-ready solutions that empower individuals and businesses to achieve their aspirations with confidence. The introduction of Sri Lanka’s first structured Tawarruq liquidity solution represents an important step in expanding access to ethical finance while reinforcing trust in alternate financial services. Designed with transparency, convenience, and compliance at its core, this solution offers customers a practical pathway to meet their evolving financial needs.”
Sharing his views, Mr. Ash Shaikh Shafique A. Jakhura, representing the Scholar Supervisory Board, stated, “Al-Falaah Tawarruq for Personal Finance solution reflects the ability of Islamic finance to address contemporary financial requirements while remaining firmly rooted in its foundational principles. Developed with a strong emphasis on transparency, fairness, and authenticity, the solution provides a contractual framework that responds effectively to real-world liquidity needs. It also demonstrates the adaptability of Islamic finance in delivering relevant and impactful solutions within today’s dynamic financial environment.”
The launch of Al-Falaah Tawarruq for personal finance further reinforces LOLC Al-Falaah’s role in expanding product variants, financial inclusion, and access to ethically grounded financial services in Sri Lanka. Backed by strong governance, deep industry expertise, and a commitment to responsible finance, LOLC Al-Falaah continues to deliver value-driven solutions that support individuals, businesses, and the broader financial ecosystem.
Chairman of the LOLC Finance PLC Conrad Dias and Executive Director / CEO LOLC Krishan Thilakaratne also addressed the gathering.” Product Launch Ceremony was held at the Ramada Hotel, Colombo recently. The country’s first structured Tawarruq-based Islamic liquidity solution. The launch marks a significant milestone in the evolution of Sri Lanka’s Islamic finance landscape, offering customers a practical and ethically grounded avenue to access liquidity.
Developed in response to the growing demand for alternate financial solutions, Al-Falaah’s Tawarruq for personal finance provides a structured, transparent, and accessible mechanism for customers to obtain liquidity while remaining aligned with Islamic economic principles. The solution is designed to support a wide range of financial needs, including education, healthcare, business expansion, personal commitments, and other essential expenditures.
Tawarruq is a globally recognised concept that enables customers to access liquidity through a series of asset-based transactions. Under this arrangement, a commodity is purchased on deferred payment through a Murabaha (cost-plus-profit sale) agreement and subsequently sold to a third party on a spot cash basis, generating liquidity in a manner compliant with Murabaha principles.
LOLC Al-Falaah acts as the appointed agent throughout the transaction process, facilitating the purchase, sale, and resale of commodities on behalf of the customer. This ensures a seamless, transparent, and efficient experience while maintaining strict adherence to underlying product principles.
The introduction of this pioneering solution comes at a time when customers are increasingly seeking financial products that combine flexibility, transparency, and ethical responsibility. By formalising and institutionalising the Tawarruq structure within Sri Lanka’s financial sector, LOLC Al-Falaah is expanding access to faith-based financial solutions while elevating industry standards.
Commenting on the launch, Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, stated, “At LOLC Al-Falaah, our commitment is to provide customer-centric and future-ready solutions that empower individuals and businesses to achieve their aspirations with confidence. The introduction of Sri Lanka’s first structured Tawarruq liquidity solution represents an important step in expanding access to ethical finance while reinforcing trust in alternate financial services. Designed with transparency, convenience, and compliance at its core, this solution offers customers a practical pathway to meet their evolving financial needs.”
Sharing his views, Mr. Ash Shaikh Shafique A. Jakhura, representing the Scholar Supervisory Board, stated, “Al-Falaah Tawarruq for Personal Finance solution reflects the ability of Islamic finance to address contemporary financial requirements while remaining firmly rooted in its foundational principles. Developed with a strong emphasis on transparency, fairness, and authenticity, the solution provides a contractual framework that responds effectively to real-world liquidity needs. It also demonstrates the adaptability of Islamic finance in delivering relevant and impactful solutions within today’s dynamic financial environment.”
The launch of Al-Falaah Tawarruq for personal finance further reinforces LOLC Al-Falaah’s role in expanding product variants, financial inclusion, and access to ethically grounded financial services in Sri Lanka. Backed by strong governance, deep industry expertise, and a commitment to responsible finance, LOLC Al-Falaah continues to deliver value-driven solutions that support individuals, businesses, and the broader financial ecosystem.
Chairman of the LOLC Finance PLC Conrad Dias and Executive Director / CEO LOLC Krishan Thilakaratne also addressed the gathering.
