Islamic financing has been recognized as a major profitable business while it follows the cultural trends of the Muslim religion. Being in a post war situation and understanding the needs of the hour and profitability, LB Finance introduces Islamic Finance to cater to the community, said Managing Director, LB Finance, Sumith Adhihetty.
Under this scheme, LB finance will be providing pawning services, leasing facilities, trade financing and investment accounts. The facilities will follow a Muslim tradition monitored by the company’s Islamic unit.
Adhihetty said that the company planned on launching this product a few years ago, but due to tough economic conditions being a thing of the past and the war over, now would be the right time to venture into Islamic banking as the Muslim community in the North and East are looking forward to prosperity and development.
In the initial stages, the new product will focus mainly on its leasing service as it is one of the main strengths of the company, in addition, hire-purchase and investment accounts will be also provided under Islamic terms.
source - www.lbo.lk
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