LOLC Al-Falaah ranked No. 1 in Sri Lanka

Tuesday, 6 February 2018 00:00 - - {{hitsCtrl.values.hits}}

LOLC Al-Falaah was awarded the Winner of the ‘Best Islamic Bank’ category for Sri Lanka in the ‘IFN Best Banks Poll 2017’ according to the results published by IFN recently. The glamorous awards ceremony participated by the world’s best in the Islamic Finance industry will be held in March this year at the Ritz Carlton DIFC in Dubai.

“LOLC Al-Falaah is truly honoured and humbled to have been voted as the Best Islamic Bank in Sri Lanka. Having completed 10 years of business in Islamic Financing, Al-Falaah is now the most popular brand in Sri Lanka,” said LOLC Group Head of Islamic Finance Krishan Thilakaratne. He added, “The award signifies that LOLC Al-Falaah is ahead of the curve in terms of market leadership, innovation and compliance. Being crowned the Best Islamic Bank in Sri Lanka will undoubtedly encourage us to double our efforts.” Also commenting, LOLC Al-Falaah Deputy General Manager Shiraz Refai said, “At Al-Falaah, we always put the interests of our clients first and this is reflected clearly in any product or service that we introduce. Our commitment to ensuring the prosperity of our customers has earned us this recognition and as a result we are truly honoured to be named Sri Lanka’s Best Islamic Bank this year.” In addition to the IFN Best Banks Poll 2017 award, in the ‘IFN Deals of the Year 2017’ category, where the nominations of global transactions are reviewed and selected by an independent panel of industry experts, LOLC Al-Falaah’s successful securing of a $ 10 million funding line from the Islamic Corporation for the Development of the Private Sector (ICD) headquartered in Jeddah and arranged by Adl Capital, Sri Lanka was made reference to as the single largest bilateral transaction between an Islamic financial institution based overseas and an Islamic finance unit in the non-banking sector in Sri Lanka. Based on a global poll and conducted by the Malaysia-based RedMoney Group, the IFN Best Banks Poll honours the leading players across 36 categories and countries, representing the very best of global Shariah compliant performance. The IFN Awards poll which is now in its 13th year, recognises the best providers of Islamic financial services across the global markets which also include the World’s Best Islamic Bank, the Best Islamic Bank by Country, the Best Central Bank and the Best Islamic Banking Deals for the Year.

The IFN Best Islamic Bank 2017 award is a continuation of a series of local and global accolades won by LOLC Al-Falaah over the past years.

LOLC Al-Falaah, which is in its 10th year in operation, functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions (NBFIs). 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 Ltd., a wholly owned subsidiary of ICRA Ltd. (an associate of Moody’s Investors Service).