PLC AL-SAFA:PIONEERING SHARIAH-COMPLIANT FINANCE IN SRI LANKA FOR TWO DECADES, NOW EXPANDING NATIONWIDE WITH CUTTING-EDGE DIGITAL SOLUTIONS

As the first full-service non-banking Islamic finance provider in Sri Lanka, People’s Leasing & Finance PLC (PLC) Al-Safa Unit has been offering reliable and trustworthy Shariah-compliant products and services since 2005. Over the past two decades, it has built a reputation for high-quality, customer-centric services. Al-Safa serves Sri Lankans seeking comprehensive Shariah-compliant alternative financial solutions.

Since its inception, PLC Al-Safa has been committed to innovation within the framework of Shariah-compliant finance. The company enhanced its dedication to compliance and innovation by strengthening the Shariah Supervisory Board. This allows PLC Al-Safa to regularly and continuously review all its products, services, and processes, ensuring they not only comply with Shariah principles but also offer maximum value, flexibility, and innovation.

Commenting on the company’s journey, Mr. Fazmil Mowlana, Head of Islamic Finance & Digital Products at PLC Al-Safa stated, “We were the pioneers in providing full-service Shariah-compliant financial services in Sri Lanka, focusing not just on investment but also on lending and transactional finance. As a result, we are now planning to expand further to meet the increasing interest and demand for Shariah-compliant financial services. Additionally, we have embarked on a significant effort to re-engineer existing products and launch new ones, enhancing our product portfolio with the latest cutting-edge digital technology. By focusing strongly on risk assessment and credit quality, we continue to maintain a robust financial position and excel in our key performance indicators, even under challenging market conditions.”

Now, PLC Al-Safa is aiming to expand its presence across the island, leveraging the extensive network of People’s Leasing & Finance PLC. In addition to the company’s seven dedicated branches located at Park Street, Mt. Lavinia, Kandy, Puttalam, Kattankudy, Kalmunai, and Muttur, PLC Al-Safa also operates convenient access points at over 50 PLC branches Islandwide. Meanwhile, Smart Branch concept models were implemented at Al-Safa – Kalmunai, and digitalization of the core system has been initiated at Al-Safa – Parkland. These branches were equipped with state-of-the-art infrastructure to enhance customer convenience. Additionally, Al-Safa’s presence is expected to increase even further, by including new dedicated branches, along with access through all of PLC’s branches reaching out to 109 locations, in the near future.