Al-Falaah, the Islamic Business Unit (IBU) of Lanka ORIX Finance Company PLC (LOFC) was honoured with a bronze award for their 2009/10 Annual Report at the League of American Communications Professionals (LACP) Vision Awards 2010. The winning Annual Report titled, “Spreading the Wings of Islamic Finance” was honoured with this award in the Diversified Financial Services category for the second consecutive year.
At a felicitation ceremony organized by Smart Media – the Annual Report Company – Mr. Krishan Thilakaratne, Chief Executive Officer of Al-Falaah accepted the bronze award from the honourable Chief Guest, Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka (CBSL).
Al-Falaah Annual Report depicts the exemplary growth of Islamic Finance in the country through the Company’s highly successful portfolio of Shari’ah compliant financial services.
Commenting on this significant achievement, Mr. Krishan Thilakaratne, CEO of Al-Falaah said, “This win is a further validation of the growing faith that our customers have in Shari’ah compliant Islamic Financial products and services. There is significant growth potential for Shari’ah compliant financing in the country and LOFC’s Al-Falaah will be at the forefront of this expansion process.”
Al-Falaah is a dedicated Islamic Business Unit providing Shari’ah compliant financial services, with a special approval to function within the framework of LOFC – a Registered Finance Company under the Monetary Board of the Central Bank of Sri Lanka (CBSL). All Islamic financial activities of Al-Falaah are supervised by a dedicated Shari’ah Supervisory Board (SSB) chaired by industry leading local and international Shari’ah scholars.
At present, Al-Falaah offers product concepts such as Mudharabah (Profit –Sharing Investments and Savings), Ijarah (Leasing), Murabaha (Trade Financing), Diminishing Musharakah (Property/Project Financing). The Mudharabah savings account is Sri Lanka’s first fully integrated Shari’ah compliant and regulated savings account accessible through more than 45 service centers and over 400 local ATM machines island wide, and has enabled global accessibility to the accounts through the Maestro network.