PLC aiming to expand Shariah-compliant finance across SL

As the first full-service non-banking Islamic finance provider in Sri Lanka, People’s Leasing & Finance PLC’s (PLC) Al-Safa Unit has been offering 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. 

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, Fazmil Mowlana, Head of Islamic Finance & Digital Products at PLC Al-Safa said, “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 Island wide. 

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. 
During the second quarter 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. 

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.”