LOLC Islamic is the newest addition to the Islamic Banking industry in Pakistan which is launched to bring new facets to the industry.
Coming from a global joint LOLC Islamic is powered by the alternate financial services unit of LOLC Holding LPC which consider the largest Islamic Banking service provider in the Sri Lankan non-banking finance industry.
LOLC Islamic is derived from core values such as:
Why Select LOLC Islamic:
Our range of Islamic Banking products which are approved by the State Bank of Pakistan as well as the Shariah Advisor, are carefully designed to match 100% customer requirement while maintaining the Shariah guidelines as complete alternate to conventional banking system.
Murabaha is a kind of sale, Where the transaction is done on “cost plus profit” basis. In Murabaha LOLC- Islamic purchases an asset from a third party (supplier / vendor) as requested by the customer and re-sells it to the customer with profit on deferred payment basis. The Bank may take a collateral of gold, property, vehicle, lien on savings or Term Investment Certificate.
LOLC – Islamic, offers a range of Shariah compliant financial solutions to facilitate Vehicles, Machineries, Equipment, Commodity, etc. Customers have the flexibility to select a convenient term of finance based on their requirement and preferred repayment types.
Diminishing Musharakah (DM) is a widespread Islamic financing product offered by Islamic Banks. LOLC – Islamic offers Diminishing Musharakah for Vehicles, Properties, Machineries and Equipment. This product is compliant with Sharia principles and provides an alternative to conventional mortgage or loan products.
In this product LOLC- Islamic and the customer jointly acquire an asset. Customer while paying the rentals for utilization of Bank Share, also purchases the bank’s share. Hence the Bank’s share reduces (diminish) over the period of time and eventually the customer solely owns the asset.
Ijarah means to “give something on rent”. In Ijarah LOLC – Islamic purchase an asset forms a supplier on customer request and give it on rent to the customer for agreed term of lease and agreed monthly rentals. LOLC – Islamic offers Ijarah leasing for Vehicles.
Mudarabah is a partnership contract where one party provides capital and the other party provides Services/Labor. Investor is called “Rabb-ul-Maal” (which is Depositor) and the working partner is called “Mudarib” (which is Bank).
Following are the types of products offered by LOLC – Islamic;
Profit will be paid on monthly & maturity basis
As Current account operates on the basis of Qard (Loan), therefore the bank guarantees the repayment of the full amount upon demand by the customer.
LOLC – Islamic provides safekeeping and the convenience of managing funds through withdrawals, transfers, and other banking services. Apart from this, the bank is also offering a fully-fledged ATM and a Debit card with multiple value additions.
LOLC – Islamic offers below type of Current accounts for the benefit of our customers;
Our product and services are approved by our Shariah advisor before we offer we offer them to the customer. In addition, all transactions are carefully evaluated and audited by an expert panel consist of professionals who are expert in the subject.
Our team is always at the your service and we look forward to receiving your enquiries. Please feel free to contact us using the details below or send us your email address to receive information about our products and services.
LOLC Microfinance Bank was formerly known as Pak Oman Microfinance Bank Limited (the Bank).The Bank was incorporated on 09 March 2006 as a public limited company under the Companies Ordinance, 1984 (repealed with the enactment of the Companies Act, 2017 on 30 May 2017) and was licensed by the State Bank of Pakistan (SBP) on 12 April 2006.
UAN:
021-111-115-652
Phone:
+92-21-34300381-85
Registered Office address:
Park View Plaza, Bearing 6300-Near Hotel Royal Palace, Jhelum Road, Chaklala Cantt, Rawalpindi.
The proper handling and protection of personal information is an important social responsibility. As a result, LOLC Microfinance goes above and beyond to ensure that clients’ personal information is used appropriately and protected by industry standard security methods.
