21 September 2021 12:48 am
LOLC Al-Falaah, the Alternate Financial Services Unit of LOLC Finance PLC – Sri Lanka’s largest non-banking Financial Institution (NBFI) unveiled yet another pioneering savings product with a host of features and benefits to suit the needs of its diverse clientele.
Al-Falaah Mudharabah super saver account offers a ‘Super bonus profit share ratio’ to Al-Falaah’s customers based on their progressive savings discipline.
The Al-Falaah Mudharabah Super Saver account comprises of six saving tiers of step-up ‘Super bonus profit share ratio’ where the customers could choose to maintain their savings balance from. This unique and rewarding savings account comes with unlimited deposit and withdrawal limits with no penalty or conditions imposed on withdrawals.
The MSS is offered with a fully integrated passbook and the option of free-registration to LOLC Real Time internet banking, international Visa debit card, island-wise ATM coverage and access via iPay digital banking giving accountholders convenient access to savings both locally and overseas.
Other benefits include, free online transfers, higher safety and security with higher returns on a monthly basis. Customers can conveniently access the MSS account through any of Al-Falaah’s dedicated centres and through LOLC Finance’s island wide 100 plus
branch network.
Commenting about the LOLC Al-Falaah Mudharabah Super Saver Account, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “This unique savings account is designed to encourage progressive savings, thereby rewarding the habit of savings.
The bonus profit share ratio is allocated based on the several tiers of the super savings account balance, where the depositors are motivated to reach their specific amount of target-savings while enjoying a tiered higher return that will fast-track reaching their savings goal.
Usually to receive higher returns for deposits, the investor has to opt for a longer fixed-term option. But for the depositor who wants the benefit of instant access to cash and does not want to lock-away investments for a longer period and also expect a higher return in the short-term, this product is aptly suitable. We strive continuously to offer value added services to our clients and trust the LOLC Al-Falaah Super Saver Account will be a rewarding savings experience’’.