Commercial Leasing & Finance enters world of Alternate Finance

7 December 2015 02:49 am - 0 - {{hitsCtrl.values.hits}}

A A A

Commercial Leasing & Finance PLC takes yet another revolutionary step towards delivering the best of innovative financial solutions. As the Islamic Finance industry in the country grows at a steady pace, CLC also proudly takes part in providing Shari’ah compliant financial solutions for the benefit of many existing and potential customers.Thus, the company unveils ‘CLC Islamic Finance’.

This specialized Islamic Business Division (IBD) is a dedicated Business Unit set up under the Commercial Leasing and Finance PLC (CLC) regulatory license to implement Shari’ah compliant finance solutions monitored by three-member Shari’ah Supervisory Board, and operated by a well trained staff through all existing CLC touch points. This business unit ensures that all products, services and the procedures taken will offer a complete ‘Shari’ah Compliant’ finance product together with essential firewalls created in terms of Products & Services, Funding, Accounting, IT, Bank Accounts etc.

CLC Islamic Business Division offers the following fully-fledged Alternative Finance Solutions:

Mudharabah - Profit-Sharing Investments, (Fixed Deposits and Savings Accounts)
Wakala Investment – Fixed Term Investment
Ijarah – Leasing
Murabaha - Trade Financing
Diminishing Musharakah - Project/Property Finance & Working Capital
Wakala Lending – Business & Working

Capital Finance
Mudharabah Profit Sharing Investments enables the customer/investor and the company to carry out business projects and share the profits on a pre-determined ratio agreed by both parties.

Mudharabah Term Deposit, which is a long term investment plan that extends from one month up to sixty months, offers profit payments monthly, annually or at maturity, depending on the preference of the customer. Mudharabah Savings Accounts facilitates a flexible and convenient way of deposits and provides easy access to the savings through a savings pass book, an internationally accessible ATM/Debit card which is accessible from any HNB ATM machine and through CLC’s online banking facility.

Wakala Investment – refers to a Fixed Term investment plan where the company as the Agent manages Investor’s funds for an agreed profit rate. The term can be from 01 month up to 60 months.

Through Ijarah (Leasing), CLC will lessen the burden of capital expenditure by providing fixed term leasing facilities for vehicles, machinery and equipment. Murabaha refers to the sale of goods at a price which includes a profit margin in addition to the cost.

This service will be available for Trade Finance and for the purchase of property, vehicles, machinery and equipment.

Diminishing Musharaka refers to property financing where CLC partners with the client for a common ownership of an asset.

However since the client has the ability to purchase the company’s share periodically, it diminishes the company’s ownership and increases the client’s share eventually passing complete ownership to the client.

To satisfy working capital requirements of the customer CLC Islamic Finance provides Wakala Lending (short term business and working
capital finance).

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Commercial Leasing & Finance enters world of Alternate Finance

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

SL on alert on possible genocide allegations by Canada

Street food vendor arrested for verbally harassing foreigner

Gota fires back at Cardinal, rebuts allegations

Former MP Palitha Thewarapperuma dies from electrocution

Racing event tragedy leaves seven dead including eight-year-old child

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

No footboard riding allowed, no liability for accidents: Railways Department

Six patients claim Rs.600 million from Keheliya and others for permanent loss of sight

SLPP, UNP initiates action for forming broad alliance

Here is the way!

Pakistan lose key players for last two T20Is against New Zealand

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident