Al-Falaah, the Islamic Business Unit of LOLC Finance PLC has been recognized globally on multiple occasions for the financial year 2016/17 by winning several awards at globally recognised award presentations.
Al-Falaah secured the IFN Deal of the Year for Sukuk (Alternate option for Securitization) at the IFN Deals of the Year for 2016 awards ceremony held on the 28th of February 2017 at the Ritz Carlton, DIFC Dubai U.A.E. This was the first year that Al-Falaah was eligible to compete for the subject category, as it developed a signature financial instrument that can be offered as an alternate format for the conventional securitization product.
This award is significant not only by its own right; it signifies innovation, industry value addition, raising local standards and international benchmarking. It is the first-time a Sri Lankan entity won an award in the global-category having qualified for an entry competed by global banking & financial institution giants. The adjudication and evaluation was done by an independent panel appointed by IFN/Redmoney with weightages given in recognition of the specific underlying transactions which created history in specific markets as first time transactions or ground-breaking transactions.
Further, LOLC Al-Falaah, was also recognized at the Islamic Finance News, Global Poll, IFN-Best Banks Awards 2016 for the fourth consecutive year. With over 26,000 overall votes for all categories, the global Islamic finance fraternity has voted Al-Falaah, Islamic Business Unit of LOLC Finance PLC to be amongst the top of global industry giants. The recognitions received of the two nominated categories are Best Islamic Leasing Provider, Runner Up where LOLC Al-Falaah has moved up from 3rd Place in 2015 and maintained the position of Best Islamic Bank Sri Lanka, Runner Up for 2016 as well.
Commenting on these prestigious wins, Mr. Krishan Thilakaratne, LOLC Group Head of Islamic Finance said, We are excited to accept these accolades which adds to our list of global recognitions in the Islamic Finance space locally as well as internationally. This is a true demonstration of our robust and innovative approach as an industry trendsetter, focussed on developing financial tools that cater to the growing needs of the industry.
Also sharing his thoughts, Mr. Shiraz Refai, Deputy General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, Securing the IFN Deal of the Year 2016 is both a first for us as well as the Islamic Finance industry in Sri Lanka. Being recognized under the IFN Global Best Banks Polls is always phenomenal to Team Al-Falaah. It is a significant milestone and accomplishment for the financial year 2016/17 and we are elated that LOLC Al-Falaahs deliberations to the industry is accepted by our stakeholders and also clearly signifies our continued commitment for innovation, compliance and customized financial solutions on offer.
Adding to its bucket list of Global recognitions, LOLC Al-Falaah also secured two prestigious awards at the Global Banking & Finance Review (GBFR) Awards 2016 – United Kingdom, by being crowned the Best Islamic SME Leasing and Finance Company and the Most Innovative Islamic Investment Product (Wakala) in Sri Lanka for 2016. This is Al-Falaahs first win at the GBFR which is created to recognize companies of all sizes that are prominent in particular areas of expertise and procure excellence within the global financial community.
LOLC Al-Falaah, which is in its 10th year in operation, functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lankas largest non-banking financial institutions (NBFIs). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd. (an associate of Moodys Investors Service).