LOLC Al-Falaah has yet again secured 3 top awards at the recently concluded 10th SLIBFI (Sri Lanka Islamic Banking & Finance Institutions) Awards 2020/21. The entity bagged the Gold Award for the Leasing Company of the year for the 2nd consecutive year and also the Gold Award for Window Unit of the year which is one notch up than last year’s Silver award. Further, LOLC Al-Falaah also won the Silver Award for the Entity of the year amidst intense competition – an award which is vied by all banks.
The SLIBFI Awards organised by UTO EduConsult (Pvt) Ltd. celebrated 10 years of honouring the Islamic Finance (IF) institutions in Sri Lanka together with their knowledge partner, KPMG Sri Lanka as the adjudicators. The award program which is keenly contested by the industry players in both Non-Bank Financial Institutions as well as Banking Institutions are given the opportunity to be recognised for their performances especially given the very trying circumstances of the past few years. SLIBFI Awards is the only awarding body in Sri Lanka that recognises the players specific to the IF industry locally.
Speaking about the triple win, Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “We are truly honoured and humbled by the recognition we received at the SLIBFI Awards, this year as well. Being a recipient of multiple awards for consecutive years, only encourage us to offer innovative and competitive financial services to all our valued stakeholders. These continuous accolades affirm our commitment towards uplifting and enriching the lives of our most valued clientele despite the challenges we have had to face with the global pandemic. I wish to dedicate these awards to all our LOLC Finance staff for making Al-Falaah the most trusted household brand for Alternate Financial Services in Sri Lanka and for our valued customers and stakeholders for the trust and confidence they have placed in us over the years, continuously”.
Krishan Thilakaratne, LOLC Group Head of Alternate Finance, commenting about the win said, “The honours presented to LOLC Al-Falaah demonstrates the efforts and the pivotal role we play in the Islamic Finance industry of Sri Lanka. The success of LOLC Al-Falaah is the result of our fully compliant business model, our comprehensive Islamic Finance product portfolio and LOLC’s brand strength. In addition to this, the efficient processes driven by the advanced technological platform has made Al-Falaah an unparalleled player in the industry”.
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.
LOLC Finance PLC Incorporated on the 13th of December 2001, is rated [SL] A (Stable) by ICRA Lanka Limited and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011. Eligible deposit liabilities are insured with the Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board for compensation up to a maximum of Rs. 1,100,000 per depositor.