Al-Falaah, recently moved to its very own Corporate Office premises. Strategically located at No. 481, T.B. Jayah Mawatha (Darley Road), Colombo 10, Al-Falaah is now better equipped than ever before to offer its clientele a wide range of competitive and innovative Islamic Financial Solutions.
LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena declared open the new Al-Falaah Corporate Office in Darley Road. General Manager of Al-Falaah Islamic Business Unit Mr. Krishan Thilakaratne, Director/CEO of LOLC Finance PLC, Mr. Ashan Nissanka, Assistant General Manager of Al-Falaah Islamic Business Unit, Mr. Shiraz Refai and members of the senior management of the LOLC Group were amongst the distinguished guests gathered at the opening ceremony.
Addressing the gathering, LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena said, “It gives me great pleasure to witness Al-Falaah expanding its footprint further by moving into its very own premises. Looking back at Al-Falaah’s vibrant track record and its rising influence as one of the leading Islamic Finance entities of the country, I am confident that the company will use this as an impetus to become even stronger.”
Speaking at this momentous event, General Manager of Al-Falaah Islamic Business Unit, Mr. Krishan Thilakaratne said, “Financial services offered by Al-Falaah are geared towards providing our customers better returns on their investments and more flexibility backed by stringent compliance with Islamic Finance principles. With the opening of this modern and dedicated Al-Falaah Corporate Office in Darley Road, our customers will get the opportunity to experience better and more personalised Islamic Financial services, as well as to invest further in their business aspirations.”
Mr. Shiraz Refai, Assistant General Manager of Al-Falaah made mention that Al-Falaah is closely monitored and guided by an in-house Shari’ah Supervisory Board (SSB) to ensure that it is at all times and in every way compliant with the rules, principles and values of Islamic Financing. Explaining further, he said that Al-Falaah also plays a pivotal role in the subsidiaries of the LOLC Group, which is renowned today as one of Sri Lanka’s largest conglomerates that also look into potential Islamic business opportunities within the synergies of the group. The key differentiator of Al-Falaah is its innovative and customised product portfolios which addresses both business and socio-economic requirements of the diverse market segments, whilst meeting the specialized needs of individuals. Al-Falaah’s product portfolio offers a superior range of Islamic Financial Solutions in areas of Profit Sharing investment & Savings Accounts, Leasing, Trade Financing, Import Financing, Property & Project Financing and Working Capital financing. Customers can conveniently access these products and services via dedicated windows within LOFC’s extensive network of over 100 branches & service centres island wide, including 5 stand-alone Al-Falaah centres across the country. All financial activities of Al-Falaah are supervised by a dedicated, Independent SSB chaired by a mix of industry leading local and international scholars.
Al-Falaah, established in 2007 functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd – an associate of Moodyâ€™s Investors Service.
Al-Falaah, was recognised on a global platform when it won 02 top awards at the Redmoney’s Annual Global Awards – Islamic Finance News (IFN) Best Banks Poll 2014. Al-Falaah was adjudged Runners-Up in the category of “Best Islamic Bank by Country – Indian Sub-Continent – Sri Lanka” and was also ranked 3rd place in the “Best Islamic Leasing Provider” category,becoming the only Sri Lankan financial institution to win a metal in the Best Islamic Leasing provider category for the region.
On home soil, Al-Falaah, clinched the top Gold award for being adjudged the “Islamic Finance Entity of the Year 2014” at the 4th Sri Lanka Islamic Banking & Finance Industry (SLIBFI) Awards night. The entity also emerged at the top for the “Social Upliftment Award (CSR)” category by winning Gold and a further recognition with a Silver award in the category for the “Rising Islamic Personality of the Year 2014”.