Caption from Left: ASH-SHAIKH UMAR ANAS, In-House Scholar Advisor – Al-Falaah, Alternate Financial Services Unit, ASH-SHAIKH FAZIL MOHIDEEN, Associate Manager, Business Operations – Al-Falaah, Alternate Financial Services Unit, SHIRAZ REFAI, Head of Al-Falaah, Alternate Financial Services Unit, ILSAM AWFER, Chief Manager – Al-Falaah, Alternate Financial Services Unit & Nadeer Siddeeq, Chief Manager – Al-Falaah Takaful Insurance
LOLC Al-Falaah, Sri Lanka’s most awarded Alternate Financial Services brand, has once again proven its dominance in the Islamic Banking and Finance sector by winning four prestigious awards at the 12th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards. The awarding ceremony, held on July 20, 2023, at Shangri-La Hotel, Colombo, recognized the outstanding contributions of LOLC Al-Falaah within the Islamic financial services sector of the country.
At the significant event, Al-Falaah achieved a remarkable feat by receiving multiple accolades. The brand was honoured with the Gold award for Islamic Finance Non-Banking Financial Institute (NBFI) Entity of the Year, where in previous years the category availability for NBFI was the recognition for the ‘Islamic Leasing Company of the Year’ award. Impressively, this marks the fourth consecutive year that Al-Falaah has secured this esteemed title in the NBFI category.
Additionally, it also secured the Silver award for Islamic Finance Window/Unit of the Year, and the Bronze award for Islamic Finance Entity of the Year. In a notable addition to its already impressive list of achievements, LOLC Al-Falaah’s very own Ash-Shaikh Fazil Mohamed was honoured this year with the highly esteemed ‘Rising Personality of the Year’ award.
The SLIBFI awards, initiated by UTO EduConsult (UTO), aim to recognize the remarkable efforts made by the Islamic Banking and Financial sector in Sri Lanka. A panel of reputed judges evaluates the initial screening of the applications and profiles, in a three-tier process, based on audited financial data from the year under consideration and forward to the independent adjudicators KPMG, Sri Lanka to review the submissions and determine the final winners.
LOLC Al-Falaah has been a trendsetter in Sri Lanka’s non-interest based financial services landscape. It stands as the first licensed NBFI to offer a comprehensive 360-degree Islamic Finance product portfolio since its inception, making it a pioneer in the country’s Alternative Financial Services sector. LOLC Al-Falaah operates under the umbrella of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate, with a presence in 25 countries across Asia and Africa. As a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), the brand dominates the alternate financial services segment in Sri Lanka.
Commenting on the achievement, Mr. Shiraz Refai, Head of Alternate Financial Services at LOLC Finance, highlighted the key factors contributing to the success of LOLC Al-Falaah. He said, “Our achievements stem from a robust and compliant business model, an extensive range of products, and the strong brand presence of LOLC. Leveraging advanced technological platforms has been instrumental in revolutionizing LOLC Al-Falaah and gaining consistent recognition and accolades, both within Sri Lanka and on the global stage. The recognition received at the 12th SLIBFI Awards reaffirms LOLC Al-Falaah’s position as a leading force in the Alternate Finance services sector, and it is undoubtedly an inspiration to the entire industry.”
Mr. Ilsam Awfer, Chief Manager of Alternate Financial Services at LOLC Finance PLC, expressed his sincere gratitude to the brand’s esteemed customers and stakeholders, stating, “We are humbled and grateful for the trust and support our valued customers and stakeholders have shown us during our 15-year journey. I would like to commend the dedication shown by our committed staff members. At LOLC Al-Falaah, our unwavering commitment has been on providing services that meet our customers’ essential business needs while offering them a sense of spiritual comfort.”
LOLC Al-Falaah has demonstrated exceptional performance in the past financial year, with significant growth in various key metrics. Total assets experienced a remarkable 29% increase, customer deposits grew by an impressive 83%, revenue surged by an outstanding 97%, and profit before tax rose by a notable 33% when compared to the previous financial year. Operating through 200 branches strategically located across the country, LOLC Al-Falaah ensures accessibility for its customers. The brand also offers the convenience of reaching investments and savings accounts through LOLC Real-Time Internet Banking and its Digital Banking App, iPay.