Islamic Finance

islamic fincancing

Orient Alternative Finance Business Unit, a dedicated business unit of Orient Finance PLC (OFPLC) commenced operations in 2021. The Orient Alternative Finance Business Unit is licensed by the Central Bank of Sri Lanka to conduct Islamic financial services and mobilize deposits and it offers a new way of forward financial solutions with its exclusive Islamic banking proposition for business and open doors to all communities irrespective of ethnicity guided by strong principles and values. We established a dedicated unit in an effort to ensure that all products and services are handled in conformity with these accepted concepts, assuring coherence with Islamic principles at all times.

Since its inception, the Orient Alternative Finance Business Unit has been committed to a set of Islamic values that were embodied by the unit’s formation of an independent Shari’ah Consultant. Our independent Shari’ah Consultant makes sure funds specially mobilizing from the Wakalah Investments utilized in a Shari’ah accepted business operations.

The Shari’ah Consultant is well-versed in domestic finance, hold proven track records in the implementation of rules and principles within Islamic Finance Institutions, as well as in product development and Islamic finance structuring techniques.

The guiding principles of Orient Alternative Finance Business Unit ensure that practice, trust, honesty and receptiveness are maintained at all times with regard to all transacting parties.

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Strength Of Orient Alternative Finance Business Unit

  • Dedicated Independent Shari ‘ ah Consultant Availability
  • Fully trained marketing staff
  • Customer – made products & services
  • Wide network of branches
  • Authorized accounting standards
  • Hassle free processes & procedures

Related FAQs

What is Islamic finance?

Islamic finance is a system of financial services and products that adhere to Islamic principles, promoting ethical and socially responsible financial practices.

What are the fundamental principles of Islamic finance?

Islamic finance is guided by principles such as the prohibition of interest, risk-sharing, asset-backed financing, avoidance of uncertainty and speculation, and the avoidance of investments in unethical activities.

How does Islamic finance differ from conventional finance?

Islamic finance operates without interest, encourages risk-sharing, and involves transactions backed by tangible assets, ensuring alignment with Shariah principles.

What is Ijarah, and how is it different from conventional leasing?

Ijarah is similar to leasing, where a lessor owns an asset and leases it to a lessee for a specified period. However, Ijarah adheres to Shariah principles, emphasizing fairness and ethical conduct.

Can conventional finance organizations offer Islamic finance services?

Yes, conventional finance companies establish Islamic finance windows or subsidiaries to provide Shariah-compliant financial services alongside their conventional offerings.

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