Wadi’ah Gold Storage Facility of LOLC Al-Falaah, Sri Lanka’s most awarded Alternate Financial services brand is gaining much popularity amongst the community with its value added dual benefits. This new product is a first in Sri Lanka’s Alternate Finance industry introduced by a Finance company in Sri Lanka that is a unique gold storage option offered, where the 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’ is offered with the description of articles, including weight, quality and quantity along with the market value authenticating the facility.
Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah commenting about product gaining popularity said, “We are pleased that both options of gold storage as well as the cash-advance against the storage certificate are gaining popularity amongst the community. We believe that the reason is purely as the conventional Pawning options and Gold Loan offering has limitations to cater to the specific needs of the community, and this product offering is aptly suitable for our valued clientele. We believe that this unique facility addresses and cater to both the growing demand for Gold storage and also the emergency cash advances our valued clients need”.
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 and unlike conventional gold-storage facilities, there is no 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 is available in 85 branches of the 130 LOLC Finance branch locations. Al-Falaah aims to make the facility available across all branches and dedicated Al-Falaah centers island-wide by the end of 2021.
Commenting on the growth of the Al-Falaah Wadi’ah Gold Storage facility, Nishantha Jayasekera, Chief Manager, SME Unit & Head of Gold Loan Business of LOLC Finance said, “Our goal was to offer this facility and give financial-access to the grass-root level clients who does not have direct access to banking & finance, but require small cash advances to develop daily businesses and self-employment. With the popularity of this product building so far, we believe that the value added features and trust placed towards us by our valued customers, has proven our deliberations are appreciated”.
LOLC Al-Falaah, with over a decade of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd.
