LOLC Al-Falaah unveils pioneering Wadi’ah Gold-Storage Facility with multiple customer benefits
Sri Lanka’s most awarded and trusted Alternate Financial services brand, LOLC Al-Falaah recently unveiled their ground-breaking new product – the Wadi’ah Gold Loan Facility. This is the 1st time a Finance company in Sri Lanka is offering this facility. Al-Falaah Wadi’ah is a unique gold storage option offered to Al-Falaah’s valued customer base. All gold articles are tested for quality and authenticity using state-of-the art equipment by the company’s experienced staff without causing any damage to the jewellery. A unique ‘Gold Storage Certificate’ with the description of articles, including weight, quality and quantity along with the market value will be issued to the customer when obtaining this facility.
Speaking about the new product, Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Gold is a favourite investment option at all levels within the concentrated community. The metal is usually pawned, sold or exchanged when in need of cash. As the conventional Pawning options and Gold Loan offering has limitations to cater to the specific needs, as well as contradict with certain beliefs of the community, a concept acceptable and practiced in the industry is introduced by LOLC’s Alternate Financial Services Unit to its valued customer segment”.
Accordingly, a unique feature has been introduced to the Al-Falaah Wadi’ah Gold Storage facility offering the Customer the benefit of obtaining an interest-free maximum Cash-Advance in the industry at zero mark-up against the gold storage certificate value for any emergencies. In addition, for the convenience of the customers, the Gold storage facility period is extended from 3, 6 and 12 months without any requirement for a deposit and the custodial fees are comparatively competitive. The stored gold articles will also be offered a free Takaful cover with a reassurance of highest safety and security.
The Al-Falaah Wadi’ah gold storage facility will be initially available at selected branches including Wellawatta, Akkaraipattu, Kalmunai, Pottuvil, Grandpass, Maradana, Mawanella, Matara, Nawalapitiya and Negombo. Al-Falaah aims to make the facility available across all LOLC Finance branches and dedicated Al-Falaah centers island-wide by the end of the 1st quarter of 2021.
Commenting on the new Al-Falaah Wadi’ah Gold loan facility, Nishantha Jayasekera, Chief Manager, SME Unit & Head of Gold Loan Business of LOLC Finance said, “The main aim of this facility is to give financial-access to the grass-root level clients who do not have direct access to banking & finance, but require small cash advances to develop daily businesses and self-employment. Through this product and its value added features, we hope to cover all segments of the population”.
Share investors worried over Wealth and Heritage tax
By Hiran H Senewiratne
CSE trading kicked off on a positive note yesterday but the momentum could not be sustained for long owing to investor worries that the government is planning domestic debt restructuring involving the imposition of a wealth and heritage tax on citizens, market sources said.
Amid those developments both indices moved downwards. The All -Share Price Index went down by 131 points and S and P SL-20 declined by 46.8 points. Turnover stood at Rs 3.4 billion with four crossings. Those crossings were reported in Agalawattte Plantations, which crossed 45.3 million shares to the tune of Rs 1.5 billion, its shares traded at Rs 35, CTC 420,000 shares crossed for Rs 269 million and its shares traded at Rs 640, Cargills 100,000 shares crossed to the tune of Rs 24.5 million; its shares traded at Rs 245 and Hayleys 300,000 shares crossed for Rs 24 million; its shares traded at Rs 80.
In the retail market top seven companies that mainly contributed to the turnover were, SLT Rs 234 million (two million shares traded), Hayleys RS 121 million (1.5 million shares traded), Lanka IOC Rs 106 million (115,000 shares traded), Softlogic Capital Rs 69 million (5.6 million shares traded), CTC Rs 65.3 million (101,000 shares traded), Sampath Bank RS 54.7 million (one million shares traded) and Commercial Bank RS 52.5 million (801,000 shares traded).During the day 164 million share volumes changed hands in 20000 transactions.
Brandix ‘RightToRead’ initiative gains momentum enriching Sri Lanka students and transforming learning
Inspired by the challenge to provide Sri Lankan children with better access to learning materials and the transformative power to read and comprehend English, Brandix launched the ‘RightToRead’ project in 2018 in collaboration with the Ministry of Education.
Accordingly, Brandix introduced the ‘ReadToMe’ English learning tool, created by English Helper – India, to improve reading and comprehension skills of Sri Lankan students. Last Monday, Julie Chung, the US Ambassador to Sri Lanka, visited Susamayawardhana Vidyalaya in Borella, to observe progress of the project and experience how children and educators in Sri Lanka engage with educational technology.
Brandix Lanka Limited, Director, Ajit Johnpillai, said: “Education is the most powerful tool to enrich communities and futures, and Brandix is committed to build a strong foundation for transformational learning for students across Sri Lanka. The progress we have made with RiteToRead over the past two years is promising, and the potential for change in the education sector harnessing such digital technologies is immeasurable. Brandix will continue its commitment to deliver Inspired Solutions for the people of Sri Lanka.”
Dialog TV Boosts Resilience and Capacity with Norsat Satellite Earth Station
Hytera, a leading global provider of professional communications technologies and solutions, is proud to announce the successful deployment of a new backup satellite station for Dialog TV, Sri Lanka’s No.1 satellite Pay TV service provider. The project was fulfilled in 2022 by Hytera and its subsidiary specialized in Satellite Communications (SatCom), Norsat International Inc. The new station enhances the resilience and capacity of Dialog TV’s existing system and ensures continuity of service in the event of damage due to natural disasters.
Dialog TV provides coverage over the entirety of Sri Lanka through the Intelsat 38 Ku-band satellite. As the business expanded, it opted for a backup solution to support its existing satellite station and to strengthen the network’s disaster tolerance.
Hytera and Norsat provided an end-to-end satellite earth station solution that includes the installation, integration, and setup of satellite antennas, a transmission and receiving system, a new network management system (NMS), and a carrier monitoring system (CMS). The NMS makes routine work easier and simpler for on-duty staff, as equipment status, parameter monitoring and configuration, and remote control of the devices can be viewed and accomplished via a single interface. The CMS monitors the carrier spectrum status of satellite signals in real-time and ensures stable signal transmission and receiving.
“We are excited to have been able to work with Dialog TV on this important project,” said Kevin Sun, Sales Director for Hytera South Asia, “Our ability to seamlessly integrate our new equipment and software with Dialog TV’s existing systems has helped to ensure a stable and reliable service for their millions of customers across Sri Lanka.”
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