LOLC Al-Falaah wins multiple Golds at SLIBFI Awards 2022

LOLC Finance Head of Alternate Financial Services Shiraz Refai

LOLC Finance Executive Director/Chief Executive Officer Krishan Thilakaratne

LOLC Al-Falaah was felicitated with two prominent awards within the Islamic Banking and Finance services sector in Sri Lanka, at the 11th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Institution) Awards.

Securing the Gold award for ‘Leasing Company of the Year’ and Gold award for ‘Window of the Year’ were significant, as LOLC Al-Falaah has won these awards consecutively over the years. Whilst receiving the Bronze award for ‘Entity of the Year’, an innovative product option ‘Wakalah Speed-Draft’ launched earlier in the year secured the Bronze award for ‘Product of the Year’. With the newest additions, Al-Falaah reaffirms the trust placed in them persistently, as the ‘Most awarded Alternate Financial services provider’ in Sri Lanka.

LOLC AL-Falaah is the alternate financial services brand of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate with operations in 22 countries in Asia and Africa. The brand dominates the alternate financial services segment in Sri Lanka, as a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), Sri Lanka’s largest Non-Banking Financial Institution (NBFI). LOLC Al-Falaah, has a strong brand identity and brand acceptance with a history of over 15 years within the industry.

Al-Falaah performed strongly in 2021/22 to record an impressive Finance portfolio growth of over 51% reaching Rs. 23.44 billion from its previous year’s book of Rs. 15.47 billion while sustaining a Deposits portfolio of Rs. 12.52 billion. Committed to safeguarding investors, LOLC Al-Falaah has distributed Profits to Depositors amounting to Rs. 735 million, and secured a 36% increase in Profit before Tax, demonstrating a strong stature despite the volatile economic conditions during the year.

Commenting on the remarkable achievement LOLC Finance PLC Director/Chief Executive Officer Krishan Thilakaratne said, “These constant awards we receive reinstates that LOLC Al-Falaah is ahead of the curve in terms of market leadership, innovation and trust, under the umbrella of the largest NBFI in the country, LOLC Finance. We compete even with other banks because of its sound portfolio quality which is 100% asset backed. Our non-performing loans too are the lowest in the industry which reflects the credit quality and professional management of our finances.”

Also commenting, LOLC Finance Head of Alternate Financial Services Shiraz Refai said, “Our commitment to ensuring our customers’ financial needs are tailor-made to modern-day complex requirements, together with emphasis on determination and attention-to-detail, customer care service offered by LOLC Finance staff are the key reasons that we were honoured by these multiple awards. On behalf of the team, we’re honoured to receive ‘Leasing Company of the Year – Gold’ and ‘Window of the Year – Gold’ for the third and second consecutive years respectively and recognition for both ‘Entity of the Year’ and ‘Product of the Year’. I believe that our performance and recognition roots from the trust and confidence that our customers have placed in us, together with the untiring efforts of our professional staff members.”

The awarding ceremony was concluded on 14 October at Ramada Hotel, Colombo. The awarding body, UTO EduConsult (UTO), an organisation with a long-reputed history, has initiated this awarding event to acknowledge and to recognise the efforts made by the Islamic Banking and Financial sector in Sri Lanka. In awarding the titles, the applicants profiles have been reviewed and accessed based on their audited financial data pertaining to the year under consideration, by a reputed panel of judges.