CLC Islamic Finance introduces Wadi’ah

CLC Islamic Finance, the Islamic banking division (IBD) of Commercial Leasing & Finance PLC, (CLC), introduced its latest service offering: Wadi’ah (Safe Keeping), an alternative for conventional gold loans. 

This facility is introduced in two options such as the Safe Keeping, which allows the customers to store their gold articles and the Benevolent Loan facility, which provides an interest-free loan for a set period. 

With this service, customers have the choice of selecting the Safe Keeping option or avail both Safe Keeping and Benevolent Loan facilities simultaneously. A nominal service charge will accumulate only for the Safe Keeping facility, where as the Benevolent Loan will not accrue any additional charges. 

The terms for this product range from one, three, six to 12 months while the customers can decide the period based on their requirements. Customers who obtain the Wadi’ah Safe Keeping facility avail a free Takaful cover for all their gold articles. A unique feature of this facility is that the customers can obtain cash instantly via a safe and fully transparent service. As usual, CLC Islamic Finance pledges a fast and hassle-free service for customers and no additional charges or penalty will be charged for this product.

Commenting on the new product Islamic Business Division Head Ilsam Awfer said, “We are indeed happy to address a long awaited need of customers by introducing the Safe Keeping facility. Now we are able to fulfil urgent cash needs of customers in different social segments through convenient product offerings coupled with additional benefits. At CLC Islamic Finance, we are committed to maintain the highest level of customer service while providing the most suitable solutions to our customers.”

“Pledging gold is the most viable option for an urgent cash need. Customers who seek this service look for safety and convenience. Our Safe Keeping solution is highly customer focused, as we want to ensure that our loyal customers are satisfied at the end of the day. With the pool of benefits, this Safe Keeping option provides, we hope that this product will soon be embraced by the public,” said Gold Loan Business Unit Head Thuvagar Asohan said.