LOLC Al-Falaah, the alternate Financial Services Unit of LOLC Finance PLC, which is renowned for introducing many ground-breaking financial services, has unveiled yet another innovative product option branded ‘Wakalah Speed Draft’.
This latest product addition is an alternate financial solution that compliments the most popular conventional ‘LOLC Speed-Draft’ or permanent and temporary overdraft facilities offered by commercial banks. As the name denotes, LOLC Al-Falaah customers can now obtain a speedy cash-advance conveniently with the ‘Wakalah Speed Draft’ service from any of the LOLC Finance branches located countrywide, it said in a media release.
LOLC Al-Falaah ‘Wakalah Speed Draft’ is formed within the precepts of the Wakalah-bil-isthismar concept. The customer is appointed as an agent of LOLC Al-Falaah, with an undertaking that the funds advanced are utilised for the purposes of trading transactions and working capital requirements for businesses. The customer is provided with short to mid-term finance to which repayment methods are flexible and are based on a methodology of profits share.
LOLC Al-Falaah ‘Wakalah Speed Draft’ is most suitable for businesses that are engaged in trading and manufacturing that requires short to mid-term working capital. It is a flexible option that caters to a multitude of financing needs such as asset purchases, trading stock and raw-material replenishments, factory renovations and expansions as part of business growth. One of its main features is its ability to draw-down funds in flexible quantums based on the customer’s cash-need and repayment capabilities. ‘Wakalah Speed Draft’ helps increase the liquidity of the business and facilitate a greater level of business activity allowing greater flexibility of usage and repayment as and when the customer requires it. It is also structured to be less costly and more feasible for business purposes as profit-mark-up will be accrued purely based on usage or draw-down on funds.
Speaking about LOLC Al-Falaah’s latest product addition, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Wakalah Speed Draft is an extremely flexible financial solution, and it is ideal for the corporate and SME sector businesses that are in need of short to mid-term working capital solutions to meet dynamic requirements. It is a very useful and a versatile product, especially considering the competitive business climate as more and more businesses require pre-approved financial services that can be drawn-down easily on a need-basis and settled based on existing cash-flows, instead of long term commitments. We saw a gap in the market, and decided to step in with a solution, in keeping up with LOLC Al-Falaah’s reputation for introducing financial solutions that are innovative as well as in line with the needs of the modern customer. The product is also coupled with the most advanced technology to ensure that the customer experiences greater convenience, speed and security”.
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