Al-Falaah, the Islamic business unit of LOLC Finance PLC took top honours at the 2nd consecutive Islamic Finance Forum of South Asia (IFFSA) Awards 2017, held in Colombo Sri Lanka. The event was organised by UTO EduConsult in conjunction with KPMG adjudication.
LOLC Al-Falaah took home the night s top accolades including the Silver award for the Entity of the year, where the Gold was clinched by Meezan Bank of Pakistan and Bronze by Dubai Islamic Bank of Pakistan. Further, LOLC Al-Falaah won metals in the categories of Window/Unit of the year and CSR Project of the year for which it won Gold and Silver awards respectively.
The second edition of this regional awards presentation, recognised industry players from countries across the South Asian region including India, Pakistan, Bangladesh, the Maldives and Sri Lanka. The IFFSA awards were evaluated and assessed by a panel of independent judges of repute and were presented country-wise with a few awards bestowed on intra-regional basis. This year s awards ceremony was held under the theme, “Cooperation, Consolidation and Concentration”.
Mr. Krishan Thilakaratne, LOLC Group Head of Islamic Finance, commenting about the win said, “the IFFSA Awards is a competitive process where awards are given to entities servicing the South Asian Islamic Banking and Finance market (IBF), and the honours bestowed upon LOLC Al-Falaah demonstrates the efforts and the pivotal role we play in the Islamic Finance (IF) industry of Sri Lanka. Today, LOLC Al-Falaah plays the lead role in Islamic SME and Microfinance business and we have taken significant measures to take the IF concept to the rural areas. 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”.
Mr. Shiraz Refai, Deputy General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “the recognition we received at the 2nd IFFSA awards pay tribute to the commitment and dedication of our staff. The awards bestowed upon LOLC Al-Falaah at a time when it is celebrating the 10th anniversary will certainly motivate the team to further push the boundaries of excellence”.
Al-Falaah, established in 2007 functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd – an associate of Moody s Investors Service.