LOLC Al-Falaah was awarded yet again for its outstanding service for the Islamic Finance industry of Sri Lanka as well as in the global arena. The company secured the Best Islamic Leasing Provider in the International category for the 2nd consecutive year and Best Islamic Bank in Sri Lanka awards for the 3rd consecutive year at the IFN Best Banks Global Awards 2019.
Competing against some of the global industry giants, LOLC Al-Falaah, which is now in its 14th year is well known in the Sri Lankan industry as a trend-setter and one to look out for by the global finance industry players with a regional focus. The latest IFN awards covered 41 categories and 32 countries, representing some of the most prestigious accolades in the Islamic finance industry, acting as a unique barometer for industry performance. A glittering award ceremony was scheduled to be held at the Ritz Carlton DIFC, Dubai, United Arab Emirates on the 8th of March, this year, where the ‘Best Overall Islamic Bank for 2019 will also be announced; however, due the global pandemic and Covid-19 safety regulations, the ceremony was limited to an online announcement and an individual distribution of awards for all winners.
IFN in a statement said that in 2019, Islamic banks across the world operated within an increasingly competitive business environment and the banks cleverly differentiated themselves by adopting various strategies from digital facilities, block chain innovation, fin-tech investment to sustainable finance. Those companies that leveraged on these opportunities are the ones that have emerged as the best performances this time.
While expressing his views about LOLC Al-Falaah’s achievements at the IFN 2019 awards Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah affirmed that the company has continued to maintain consistency in its compliance. He said that innovation has been one of the company’s main differentiators and topmost priorities. “We have retained our position as the Best Islamic Leasing Provider in the international category which attests that we are on the right track. We have also continued to retain our position as the Best Islamic Bank of Sri Lanka yet again for the second consecutive year, which is a testament of acceptance by our valued customers here in Sri Lanka which has made us one of the most trusted brands in Islamic finance”, he added.
Mr. Krishan Thilakaratne, LOLC Group Head of Alternate Financial Services said, “Over the past 13 years, LOLC Al-Falaah has proven its prowess not just locally but internationally as well. Our expert team, which is led by an experienced management has contributed immensely towards securing these achievements year after year. The achievements at IFN reinforces our global leadership in Islamic financing as well as our unparalleled strength and experience as one of the oldest Islamic financial institutions in Sri Lanka.
LOLC Al-Falaah, with over a decade of experience in the Islamic 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. .