Shivajothi takes over 100 percent shares of First Barakah Investments:

Management change brings total share capital to over Rs. 200m

Anuradha Kodagoda

Almost 100 percent of First Barakah Investments Limited shares have been taken over by Shivajothi, the current Chairman of the company.

“He has the wide range of experience in the fields of financing, insurance and accountancy. Being the Chairman of Barakah Investments Limited he got into the Islamic Financial sector which is strictly under the Shari’ah law,” said the Managing Director, Barakah Investments Limited, M.I.M. Razeek.

“M.L. Jamaldeen has been appointed as the new director of the company and O.B.M. Ishzam will continue as the General Manager of the company. With the change of management we were able to bring the total share capital to over Rs. 200 million. We have shifted the head office to Duplication Road, in Colpetty which allows customers to do their day-to-day transactions more conveniently,” he said.

“First Barakah Investments has already expanded its branches in Colombo, Kandy, Panadura and another branch in Colombo which is exclusively for women.

We are planning to expand the services in the Eastern province such as Katthankudi, Kalmunai and Ampara. We have already identified a building premises in the Southern province to expand our business. Soon after we expand business in the Eastern province we are planning to expand business in the Northern province too.

A special scheme called the Grameen concept will be introduced in the Northern province.

This scheme is especially for unemployed persons and we are providing funds for them to launch self-employment ventures” Razeek said.

“We started the Rahn profit sharing concept in the pawning industry recently which operates in the Northern and Eastern provinces.

We are providing these services at a nominal service charge without levying any interest or penalty. In addition we have introduced a medical scheme under the Ilaaj concept. This operates only in Colombo at present and we are planning to expand it soon,”

“Taleem, is another concept which we have introduced especially for educational purposes.

The loans which we offer for higher educational purposes can be re-settled within three to four years,”

“We are expecting more funds from Middle East investors who have shown an interest to invest in First Barakah Investments and we are also expecting Central Bank approval to operate as a registered finance company that involves Islamic financial services.