Orient Finance’s Alternative Finance Business Unit Wins International Accolades
12th December 2023 – Colombo: Orient Finance’s Alternative Finance Business Unit (AFBU) recently marked a significant milestone in its journey as a distinguished financial services provider, garnering international recognition as ‘South Asia’s Emerging Islamic Finance Entity of the Year’. This notable accolade was bestowed by the esteemed Islamic Finance Forum of South Asia (IFFSA). In conjunction with this honour, the Director / CEO of Orient Finance, K.M.M. Jabir has been honoured as ‘South Asia’s Islamic Finance Personality of the Year’, further enhancing the organization’s distinguished status.
“We are humbled and deeply gratified to receive these recognitions for our efforts to enhance service and accessibility of ethical and Sharia-compliant financial practices for our valued customers” expressed Director/CEO, K.M.M. Jabir. “These acknowledgments further solidify the trust and loyalty of our esteemed customers, motivating us to consistently elevate our standards and set new benchmarks. I extend my heartfelt congratulations to Mr. Ifath Zuhry, Senior Manager of Business Channels and Head of the Alternative Finance Business Unit, as well as the entire Orient Finance team for their hard work and dedication.”
Saminda Ratnayake, Head of Channels shared, “Despite challenging conditions in 2021, we launched Orient Finance’s AFBU. This strategic move, implemented during a period when most other financial institutions shied away from new investments, proved immensely fruitful in just two years. Now, we’re expanding our reach with operational units strategically positioned. Our goal is to make our products accessible, educate clients on our Sharia-compliant offerings, and emphasize our commitment to ethical principles beyond cultural and religious boundaries”
Adding to the unit’s list of accomplishments and future objectives, Ifath Zuhury, Senior Manager of Business Channels and Head of AFBU, added, “Orient Finance’s AFBU has made significant strides in expanding into the eastern region, covering Trincomalee, Batticaloa, and Ampara, offering ethical services. We are also set to launch our first Alternative Finance Business Unit in Kandy, in early 2024. Expansion plans further include reaching Panadura, Kalutara, Galle, and Matara through window units.” He further stated, “In just two years, our team expanded the portfolio to 1.4 Bn, offering services like Ijarah, Wakalah Term Investments, and Murabaha. Looking ahead to Q1 2024, we plan to introduce new products—Diminishing Musharakah and Wadiya’h Safe Keeping—to diversify and meet evolving customer needs.”
Since its establishment, Orient Finance’s AFBU has demonstrated a strong commitment to Islamic values by setting up an independent Sharia Consultant. This Consultant ensures that funds, especially those from Wakalah Investments, are used in business operations that comply with Sharia principles. With a robust background in domestic finance, the Consultant has a proven track record in implementing Islamic finance principles. The unit’s core values emphasize integrity, trust, honesty, and transparency in all transactions, supported by product guidance, a segmented financial framework, and stringent security measures. Notably, the independent Consultant also actively communicates the adherence to Sharia principles in business operations to the public.
The company brings 42 years of stability, strength, reliability and expertise to the financial industry. Progressively, Orient Finance PLC has established itself as a customer-focused financial service provider that prioritizes innovation and offers exceptional products and customer service. Orient Finance is licenced by the Central Bank of Sri Lanka and rated BB+ (stable) by LRA.
-END-
Photo Captions:
Image 1 – Orient Finance receiving “South Asia’s Emerging Islamic Finance Entity of the Year” award.
Image 2 – K.M.M Jabir, Director/ CEO of Orient Finance receiving “’South Asia’s Islamic Finance Personality of the Year” Award.
