Multiple awards for LB Finance at SLIBF Awards Night 2018

Deputy General Manager Ainsley Motha, Manager Zakir Saly, Assistant Manager Jumel Mohamed, Head of Channel Development Sulfikhan Zeinul Ameen and Manager Abdul Sanas

Al-Salamah Islamic Finance Unit of LB Finance PLC which is one of the early pioneers of Islamic financing in the Sri Lankan non-banking financial sector, was bestowed with multiple awards at the recently-concluded 7th SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards night 2018 in Colombo. 

The competitive SLIBFI Awards, evaluated and assessed by a panel of independent judges recognises the contributions made by individuals and institutions to the Islamic Business and Finance (IBF) industry in the island.

This time the SLIBFI awards was under nine categories. LB Finance PLC was proud to clinch the Bronze in the key award for the night ‘Entity of the Year’ for the overall performance unveiled. LB Finance was also awarded Silver for ‘Social Upliftment’ for the year 2017 for the continuous social responsible activities it has rendered to society. 

Adding up to the ‘Bridging the Gap’ program conducted in 2013 to uplift the standard of educational knowledge among rural GCE Ordinary Level students in remote underprivileged schools, LB Finance recently developed 150 under privileged preschools to lend a helping hand to develop the primary education in the island.

LB Finance became one of the pioneers in Islamic financing in the non-banking financial sector when it established Al-Salamah Islamic Finance Unit in 2010 offering financial services conforming to all the guidelines and requirements stipulated by Islamic law. 

LB Al-Salamah, which went on to be awarded as the best Emerging Islamic Finance Window of the year in 2012 at the first SLIBFI Awards, offers a wide range of personalised products and services including Mudarabah fixed and savings investments, Wakala term investments, Ijarah leasing facilities and Murabaha trade financing. 

Today LB Al-Salamah is considered to be one of the leading Islamic finance windows in the Sri Lankan non-banking financial sector. In recent years LB Finance Islamic Finance unit has showcased a rapid market growth and expanded excessively in the north and east.

Despite operating in an almost generic product feature driven market, LB Finance Al-Salamah has successfully differentiated to become a leading player in the Islamic finance industry with enhanced and superior operational efficiency in terms of unmatched fast service delivery and convenience through its strong branch network scattered around the island. Its unmatched superior distribution reach is further enhanced with the setting up of exclusive stand-alone units and the establishment of special appointees totally devoted to Islamic financial services in the high Muslim density areas in the country. In addition to being monitored by a well-qualified and experienced Sharia Supervisory Board, all LB Al-Salamah products are governed by the Central Bank’s regulatory framework for lending and deposits.