LOLC Al-Falaah continues winning streak at IFN Best Banks Global Awards

Thursday, 13 February 2020 01:36 - - {{hitsCtrl.values.hits}}

At the 2019 IFN Best Banks Global Awards, LOLC Al-Falaah proved its prowess yet again as one of the global leaders in Islamic financing. LOLC Al-Falaah secured Best Islamic Leasing Provider in the International category and Best Islamic Bank in Sri Lanka for the second successive year, competing against global industry giants. Now in its 15th year and covering 41 categories and 32 countries, the awards represent some of the most prestigious accolades in the Islamic finance industry, acting as a unique barometer for industry performance. A glittering award ceremony is scheduled to be held at the Ritz Carlton DIFC, Dubai, United Arab Emirates on 8 March, where the ‘Best Overall Islamic Bank for 2019 will also be announced.

According to IFN, Islamic banks across the world operated within an increasingly competitive business environment during 2019 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.

Expressing his views about LOLC Al-Falaah’s achievements at the IFN 2019 awards, LOLC Al-Falaah Deputy General Manager Shiraz Refai affirmed that the company has continued to maintain consistency in its compliance. Innovation has been one of our key 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.”

Speaking about the victory at the 15th IFN Best Banks Global Awards, LOLC Group Head of Islamic Finance Krishan Thilakaratne said, “Over the past 12 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 10 years 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.