Business LOLC Al-Falaah launches Sri Lanka’s first structured Tawarruq-based personal finance solution Published 2 mins agoon 2026/07/15 Ash-Shaikh Shafique A. Jakhura (Mufti), Chairman / Shiraz Refai, Head of Al-Falaah Further strengthening its position as Sri Lanka’s leading a…
Business LOLC Al-Falaah launches Sri Lanka’s first structured Tawarruq-based personal finance solution
Published 2 mins agoon 2026/07/15
Ash-Shaikh Shafique A. Jakhura (Mufti), Chairman / Shiraz Refai, Head of Al-Falaah Further strengthening its position as Sri Lanka’s leading alternate financial services provider, LOLC Al-Falaah has introduced “Al-Falaah Tawarruq for Personal Finance,” the country’s first structured Tawarruq-based Islamic liquidity solution. The launch marks a significant milestone in the evolution of Sri Lanka’s Islamic finance landscape, offering customers a practical and ethically grounded avenue to access liquidity. Developed in response to the growing demand for alternate financial solutions, Al-Falaah’s Tawarruq for personal finance provides a structured, transparent, and accessible mechanism for customers to obtain liquidity while remaining aligned with Islamic economic principles. The solution is designed to support a wide range of financial needs, including education, healthcare, business expansion, personal commitments, and other essential expenditures. Tawarruq is a globally recognised concept that enables customers to access liquidity through a series of asset-based transactions. Under this arrangement, a commodity is purchased on deferred payment through a Murabaha (cost-plus-profit sale) agreement and subsequently sold to a third party on a spot cash basis, generating liquidity in a manner compliant with Murabaha principles. LOLC Al-Falaah acts as the appointed agent throughout the transaction process, facilitating the purchase, sale, and resale of commodities on behalf of the customer. This ensures a seamless, transparent, and efficient experience while maintaining strict adherence to underlying product principles. The introduction of this pioneering solution comes at a time when customers are increasingly seeking financial products that combine flexibility, transparency, and ethical responsibility. By formalising and institutionalising the Tawarruq structure within Sri Lanka’s financial sector, LOLC Al-Falaah is expanding access to faith-based financial solutions while elevating industry standards. Commenting on the launch, Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, stated, “At LOLC Al-Falaah, our commitment is to provide customer-centric and future-ready solutions that empower individuals and businesses to achieve their aspirations with confidence. The introduction of Sri Lanka’s first structured Tawarruq liquidity solution represents an important step in expanding access to ethical finance while reinforcing trust in alternate financial services. Designed with transparency, convenience, and compliance at its core, this solution offers customers a practical pathway to meet their evolving financial needs.” Sharing his views, Ash Shaikh Shafique A. Jakhura, representing the Scholar Supervisory Board, stated, “Al-Falaah Tawarruq for Personal Finance solution reflects the ability of Islamic finance to address contemporary financial requirements while remaining firmly rooted in its foundational principles. Developed with a strong emphasis on transparency, fairness, and authenticity, the solution provides a contractual framework that responds effectively to real-world liquidity needs. It also demonstrates the adaptability of Islamic finance in delivering relevant and impactful solutions within today’s dynamic financial environment.”
Business ITC Ratnadipa secures coveted ‘Sustainable Smart Building of the Year’ accolade
Published 4 mins agoon 2026/07/15
ITC Ratnadipa, Colombo has been honoured with the ‘Sustainable Smart Building of the Year’ award at the Sri Lankan Sustainability Awards (SSA) 2026 held on 11th July, in conjunction with the 14th World Construction Symposium (WCS) 2026 in Colombo. Recognised as Sri Lanka’s leading smart building, ITC Ratnadipa stands as a benchmark for responsible luxury, integrating advanced technology, sustainable design, and environmental stewardship. The achievement reflects the hotel’s commitment to creating a future-ready destination that balances luxury with sustainability. Guided by the ethos of responsible luxury, ITC Ratnadipa’s LEED Platinum certification and innovative approach to sustainable development continue to redefine the future of responsible hospitality in Sri Lanka.
Business Lanka Aluminium collaborates with SLIA to organize factory visit for architects
Published 5 mins agoon 2026/07/15
The architects at the Lanka Aluminium Industries PLC factory in Ekala, Ja-Ela Lanka Aluminium Industries PLC, Sri Lanka’s pioneering aluminium extruder, in collaboration with the Sri Lanka Institute of Architects (SLIA), recently facilitated a full-day visit to its aluminium extrusion factory in Ekala, Ja-Ela. The factory visit was arranged as one of the programmes under the “Specification Writing for Architects” programme, which was initiated by the President of the Sri Lanka Institute of Architects – Ms. Dilumini De Mel, who also joined the visit with a group of senior architects. Lanka Aluminium will continue to organize similar programmes to raise awareness of aluminium extrusion-based products and solutions for government institutions, supplementing the many similar programmes already carried out. “We have the in-house knowledge and expertise to assist the architects and consultants in choosing the most appropriate systems. This is essential for the success of any installation, to ensure optimal performance and value. For example, an over-specified window system will unnecessarily increase costs, while an under-specified system will result in poor performance,” stated Dinal Peiris, Chairman – Lanka Aluminium Industries PLC. The pioneer in the aluminium extrusion industry in Sri Lanka, Lanka Aluminium Industries PLC is a BOI-approved public quoted company specializing in the manufacture of high-quality aluminium extrusions for architectural, hardware, transport, and specialist applications. It has over 40 years of experience providing aluminium extrusion solutions of the highest standards and quality for buildings and high-rises. Some of these have been recognized with international awards. The leader in innovation and design, their products are manufactured to meet British and other international standards while keeping abreast of the latest industry trends.