IFFSA recognises LB Finance educational CSR as one of the best in South Asia

‘Bridging the Gap’, the educational CSR project of Al-Salamah Islamic Finance Unit of LB Finance PLC, one of the early pioneers of Islamic financing in the Sri Lankan non-banking financial sector, was recognised as one of the top 3 CSR projects in the entire South Asia region at the recently concluded 2nd Islamic Finance Forum for South Asia Awards (IFFSA) 2017 in Colombo. The competitive IFFSA Awards, evaluated and assessed by a panel of independent judges of repute, recognises the contributions made by individuals and institutions to the Islamic Business & Finance (IBF) industry in the South Asian region, and was held at the conclusion of the IFFSA conference with the participation of delegates from 5 countries.

Considered to be as one of the flagship educational CSR initiatives of LB Finance, ‘Bridging the Gap’ is an ambitious program funded from the Charity Fund of the Islamic Financing Unit, focusing on uplifting the standard of educational knowledge amongst rural GCE Ordinary Level students in remote underprivileged schools, plagued by sheer lack of basic educational facilities. The program, which won the Bronze award in the ‘Best CSR Project’ category, since 2013 annually conducts a series of seminars for the Grade 11 students, to better equip and prepare them to successfully face the GCE Ordinary Level Examination. These seminars, which have benefited over 3,000 students so far, are conducted in carefully selected remote rural areas, which lack even the basic required number of school teachers to disseminate knowledge, a prerequisite in acquiring and gaining knowledge.

LB Finance Managing Director Sumith Adihetty said: “We are extremely pleased with this international Islamic Finance award received in recognition of our steadfast commitment to alleviate the inequality of educational facilities that exist between rural, remote schools and urban, semi-urban schools. Lack of teachers deprive the right to equal opportunity to learn and create a significant knowledge gap between students of same age in different parts of the country, which becomes critical at the GCE OL examination- the stepping stone to pursue a student’s higher educational goals in life.” 

LB Finance became one of the pioneers in Islamic financing in the non-banking financial sector, when they established Al-Salamah Islamic Finance Unit in 2010, offering financial services conforming to all the guidelines and requirements stipulated by the Islamic law. LB Al-Salamah went on to be awarded as the Best Emerging Islamic Finance Window Of The Year in 2012 at the first SLIBFI Awards, and offers a wide range of personalised products and services, including Mudarabah fixed and savings deposits, 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.

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 & superior operational efficiencies in terms of unmatched fast service delivery & convenience, through their 150 strong branch network scattered around the island. Their unmatched superior distribution reach is further enhanced with the setting up of exclusive stand-alone units, and the establishment of special appointees totally devoted for 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.