CLC – Islamic Finance wins local and international awards

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December 15, 2021, Colombo: The increasingly strong Islamic Business Division (IBD) of Commercial Leasing & Finance (CLC) PLC recently won top local and regional awards, further strengthening its positioning as one of the top performers in the Islamic banking sector in Sri Lanka and the Southeast Asian region. CLC’s Islamic Affairs division received the silver award as “Islamic Leasing Company of the Year” at the South Asia Islamic Finance Forum (IFFSA) amid fierce competition in the brotherhood Islamic banking and finance from South Asia. In Sri Lanka, the IBD received the Silver Award for ‘Leasing Company of the Year’ and the Bronze for ‘Islamic Window of the Year’ for 2020 by more than 20 industry players. alternative financial services.

The IFFSA and SLIBFI winners are judged by an independent jury in terms of performance for fiscal year 2020/21 based on balance sheet growth, business expansion, marketing activities, CSR, etc.

Commenting on this achievement amid the fight against the pandemic, Head of Islamic Affairs Division Ilsam Awfer said, “We are delighted to be recognized by these prestigious awards among the biggest names in Islamic finance in Sri Lanka and abroad. The Islamic Affairs Division achieved 13% revenue growth over the previous year, with balance sheet growth of 29%. The most important fact is the industry’s low Non Performing Loans (NPL) ratio of 3.6%, which shows the importance of running this business.

Explaining further, he added: “Despite the depression in financial markets due to the Easter 2019 attacks followed by the pandemic, CLC has been one of the very few financial services providers to increase its portfolio of assets.

As the Islamic affairs division of CLC, we are pleased to have made a significant contribution to the performance of the company. While expanding our portfolio of advances, we have also granted COVID-19 moratoria up to a considerable amount on our portfolio to provide relief to those whose incomes and livelihoods have been affected. “

Commenting on IBD’s achievements, CLC Director / CEO Mr. Krishan Thilakaratne said, “I am extremely happy to see CLC – Islamic Finance progress to become one of the leading providers of Islamic finance services. in Sri Lanka and South Asia.

CLC IBD offers a full range of products from Mudharabah Term Investments, Mudharabah Savings, Wakala Term Investments which covers liability aspects; and Ijarah Leasing, Murabaha Trade Finance, Diminising Musharaka Project / Property Finance, Musawamah Import Finance, Wakala Working Capital Finance and Wadi’ah Safe Keeping.

Further adding, Mr. Thilakaratne said, “CLC Islamic Finance is currently the largest profit payer for Mudharabah and Wakala investments among Islamic banking and financial institutions in the country.

This is due to the successful business model we follow – backed by the right strategy. “

Future plans include increasing the marketing framework to promote new products – Wadi’ah (Safe Guard) – as an alternative to conventional gold lending.

This facility is presented in two options – Safe Keeping, which allows customers to store their gold items, and the Volunteer Loan facility, which provides an interest-free loan for a specified period.


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