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LB Finance wishes Eid Mubarak

The newest star of the Islamic finance sphere, LB Finance Al Salamah, wishes the Islamic community all the very best for the festival season and a bountiful year ahead. Offering a wide range of financial services including Shari'a-compliant investment accounts and leasing, Al Salamah works hand-in-hand with a well-respected Shari'a Supervisory Council.

"Al Salamah represents safety, security and integrity," said Al Salamah Head S. H. M. Faraaz. "All our operations are fully monitored by a qualified Shari'a Supervisory Council to ensure that everything we do is one hundred percent within the Shari'a Law. Right now we have four main products, Mudarabah Investment Accounts, Murabaha Trade Financing, Ijarah Leasing and Ar Rahn Gold Loans, all of which have enjoyed great response from the public since we launched," he said. Al Salamah further plans to boost their already impressive array of Shari'a-compliant services in the near future with several new products, including asset-backed trade financing.

"Islamic finance doesn't just create cash," said Faraaz. "For every disbursement of cash, an asset of similar value is also released to the market and therefore there is no effect on inflation. In fact the only countries that survived or had the minimum impact of the recent world economic recession were the countries where Islamic finance was doing very well, with Malaysia and the Middle East being the best examples," he said.

The key strengths behind Al Salamah's success are threefold. Al Salamah is backed by LB Finance's 40 years of expertise, giving it a major advantage in the market. Furthermore, Al Salamah is not only monitored by a highly experienced and learned Shari'a Supervisory Council, it is also sanctioned by the Monitory Board of the Central Bank of Sri Lanka. "This is a key factor of our credibility and the security we offer, as we are operating strictly within the laws of the country as well as Shari'a Law," said Faraaz. "In fact, there is now scope for Islamic finance in the Banking Act as well as within the recent amendments to it," he said.

The basic principles of Islamic finance involve two parts, raising the capital and doing business. Both these aspects have to be Shari'a-compliant in an Islamic finance institution; adhering to one of these parts alone does not make it a fully-compliant Islamic finance institution. "We have done in-depth studies and referred to the opinions of world-renowned Sharia'a scholars on the subject of compliance," said Faraaz. "Based on our findings, the initial capital of Al Salamah was raised through a Mudarabah investment (deposit) by LB Finance PLC. This is just like any other deposit in an Islamic finance institution and is the commonly practised method at present to raise the capital, approved by Shari'a scholars," he said.

In addition to these measures, Shari'a-compliance is further promoted by the way Al Salamah has been structured to keep its operations independent from the main body of LB Finance. "We maintain independent accounts including a separate profit and loss account," said Faraaz. "For all the services LB Finance is providing, the unit will be making a payment for them. We will even go to the extent of paying LB Finance for every cup of tea consumed by the staff of the unit. That is the amount of respect we have for Shari'a Law," he said.

According Faraaz, Al Salamah is currently planning to move its head office to a new location which has been identified in Maradana. "We will be moving to an independent location within the next month or two," he said. "The new premises will house our operations separately from those of LB Finance and will include a prayer room for our customers. This building will be one hundred percent dedicated to Al Salamah and no conventional finance operations will be carried out here, giving us added Shari'a-compliance," he said.

Al Salamah services are available to the public across the country via LB Finance's islandwide branch network. "Since Islamic finance is based on equity and fair play, it is completely user-friendly," said Faraaz. "It therefore has convenient solutions for your every financial need, and anyone, irrespective of religion, race or gender, can avail the benefits of it. The entire Sri Lankan public is welcome," he said.

Commercial Credit in Kurunegala

Commercial Credit Limited opened their newest branch at No. 53, Ground Floor, Rajapihilla Road, Kurunegala recently.

Commercial Credit Limited is ISO 9001:2008 certified and registered with the Central Bank of Sri Lanka. Here the newly opened Commercial Credit Limited branch

Hemas introduces 'Renew' permanent hair colour cream

Hemas Manufacturing, in partnership with India's Godrej Consumer Products, introduced Renew, a permanent hair colour cream for both men and women, to the Sri Lankan market.

The product was launched on Tuesday at the Cinnamon Grand in the presence of celebrities, renowned hairdressers, beauticians, representatives from leading outlets and media. Approved by the Cosmetic, Drugs and Devices Authority (CDDA), which falls under the purview of the Health Ministry, Renew, builds on over 100 years of trust, confidence and experience of Godrej, India.

The product will be available in three shades, namely, natural black, natural brown and burgundy. A premium product, Renew will be sold at supermarkets and other leading outlets island wide.

With Sri Lanka's hair and beauty industry making rapid progress and the public becoming more conscious of the products that are in the market, Renew promises to deliver something beyond the ordinary, Hemas Manufacturing (Pvt) Ltd Personal Care Marketing Manager Derrick Antony.

Country's computer industry over US $ 70 m

Sanjeevi JAYASURIYA

The computer market is improving and picking up with business recording growth. The country's computer industry is over US $ 70 million and the enterprise market, which comprises of the laptop and desktop market, is $ 15 to 20 million. All in all there is a US $130 to 150 million market. However, the market penetration is low- 50 percent commercial and less than five percent domestic market. There is much potential for business, Dell South Asia General Manager Tian Beng said. Dell and Abans entered in to a strategic partnership aimed at strengthening the marketing arm for a range of high quality IT related products which includes Dell printers, monitors, projectors and Winery notebooks.

Dell is a global high technology leader and together with Abans, Dell's aim is to make quality IT products more widely available in Sri Lanka.

"The Government's IT initiative have facilitated increased demand on IT products and we are optimistic of the sustained growth momentum. The North and the East will be key areas of the development drive and with the partnership entered there will be an expansion in the business scope", he said.

Dell is the number two IT company in the local market and has recorded impressive year on year growth.

The company will offer a range of products with main focus on printers. "We are hiring local people to market our products in an aggressive marketing campaign running to five years. The grey market is reducing due to Government's taxes. This is encouraging to capture a wider market share", Beng said.

Abans has a strong network and equally strong presence in the domestic market. This will facilitate product availability and access.

There is an increased demand in rural areas and the partnership will work towards capitalizing on this situation.

The growing economy in Sri Lanka will provide growth momentum in IT related products. The company have set up 30 showrooms in the East and plans to set up a similar number in the North.

HNB Customer Centres open today

Hatton National Bank has made special arrangements to keep open 39 Customer Centres today (Ramazan Festival Day) to enable customers to access basic banking services.

The Customer Centres that will be open today are Greenpath Branch, Cinnamon Gardens, Aluthkade, Maligawatte, Wellawatte, Pettah (Ex.Office), Kotahena, Kotte, Nugegoda, Maharagama, Piliyandala, Wattala, Chilaw, Gampaha, Ja-Ela, Negombo (Ex.Office), Nittambuwa, Kiribathgoda, Nuwara Eliya, Bandarawela, Ratnapura, Thalawakelle (Ex.Office), Jaffna, Chunnakam, Manipay (Ex.Office), Nelliady, Vavuniya, Mannar, Trincomalee, Batticaloa, Kathankudy (Ex.Office), Kalmunai, Mathugama, Galle, Matara, Anuradhapura, Dambulla, Kurunegala and Polonnaruwa.
 

Second consecutive year:

Phoenix Ogilvy hosts 'Adchamps'

Senior Ogilvy Professionals from 21 countries across the globe including USA, Australia, Russia and South Africa have gathered in Sri Lanka to participate in 'Adchamps' held at the Lighthouse Hotel in Galle.

Hosted in Sri Lanka for the second consecutive year, the 'Adchamps' sessions commenced on September 6 and will conclude on September 10.

'Adchamps' is an annual event where senior and promising Ogilvy stars from the region and outside, meet to acquire new learnings and to gear themselves up to face new challenges. The faculty this year is of world class quality and includes Ogilvy Global CEO, Miles Young, legendary creative guru Piyush Panday, Creative Director Asia Pacific, Deputy Regional Executive Creative Director Juggi Ramakrishnan, O and M Asia Pacific CEO Paul Heath and O and M Asia Pacific President David Mayo and Simon Clift, Unilever Ex-Worldwide Chief Marketing Officer, Colin Mitchell and Anthony Wong.

Phoenix Ogilvy Chairman Irvin Weerackody said "Adchamps is aimed at exposing the very latest thinking and tools to Ogilvy's most influential and senior people.

The objective is that the participants return to their respective offices at the end, invigorated and enthused, as a Fusion Ambassador - where only great work will follow."

Phoenix Ogilvy's Sundesh Sundara Moorthi, Shani Karunarathne and Sidath Roy participated from Sri Lanka.

Adchamps has been designed as a challenging learning experience, a recognition and reward for the people who are critical to Ogilvy's future. By exposing the Champs to new Ogilvy thinking, habits and approaches to business, the programme hopes to forge a sense of pride in the participants.

By making them aware of their value to the organization, and by giving a true sense of the challenge and opportunity to become valued leaders whose contributions are acknowledged as they progress in their careers, Ogilvy aspires to create a community of talented, like minded individuals in the process.