LOLC Al-Falaah, the Alternate Financial Services Unit of LOLC Finance PLC, Sri Lanka’s largest Non-Banking Financial Institution (NBFI), took home 3 accolades at the recently concluded 5th Islamic Finance Forum South Asia (IFFSA) Awards 2019/20. LOLC Al-Falaah emerged as the ‘Leasing Company of the Year’ winning the South Asian Gold award and the Silver award for the ‘IFFSA Quiz Competition’. Further, LOLC Al-Falaah also won the Bronze Award under the ‘Window of the year category’ competing with its South Asian regional counterparts.
The IFFSA awards is a much looked-forward annual event by the Islamic Banking & Finance (IBF) fraternity in South Asia. The event is multiple of activities starting with its annual Quiz competition, followed by a 2-day Conference participated by regional educators, industry experts & practitioners ending with a glamorous Awards ceremony where high achievers in the South Asian region are recognized for their contributions and efforts to the industry. The 2019/20 awards encompassed a new element which was the IFFSA Quiz and LOLC Al-Falaah was able to take home the Runner-up Award. IFFSA is organised by UTO EduConsult and all award applications are stringently adjudicated by KPMG. While IFFSA has become an integral part of the South Asian IBF calendar, for the first time IFFSA Awards was organised on a virtual platform due to the COVID 19 pandemic safety precautions.
Expressing his views on the achievements at the 5th IFFSA, Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said,” We have been recognized and awarded as the Best Leasing provider in Sri Lanka at the IFN-Best Banks Poll, Best in South Asia at the IFFSA Awards and Best in the World yet again by IFN-NBFI Poll for the financial year 2019/20. I believe this triple-crown is a direct result of the dedication to offer superior service by our team of committed staff members across the LOLC branch-network and also the true confidence & trust of our most valued customers and all stakeholders who have placed in the brand LOLC Al-Falaah.
Mr. Krishan Thilakaratne, LOLC Group Head of Alternate Financial Services said, “This is another proud moment for LOLC Al-Falaah, completing the financial year on a high note. This further affirms that our dynamism and our leading position in the Islamic Banking & Finance industry is not limited to Sri Lanka as our significance is also emphasized in the South Asian IBF industry. It is also a springboard for us to enter and compete in the growing global Islamic finance market. With the aptitude, talent and stability that we have, I am confident that we are well on our way to achieve this goal”.
LOLC Al-Falaah, with over a decade of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). 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.