Al-Falaah crowned Sri Lanka’s best Islamic Finance Entity of the Year

Al-Falaah, the Islamic Business Unit of Lanka ORIX Finance PLC (LOFC), clinched the top Gold award for being adjudged the ‘Islamic Finance Entity of the Year 2014’ at the recently concluded 4th Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards night. 

Al-Falaah also emerged at the top for the ‘Social Upliftment Award (CSR)’ category by winning Gold. A further recognition with a Silver award in the category for the ‘Rising Islamic Personality of the Year 2014’ was awarded to Ilsam Awfer, a member of the Al-Falaah team. LOFC’s Islamic Business Unit was honoured with these prestigious awards following a stringent assessment process, judged by a panel of independent industry experts and adjudicated by KPMG Sri Lanka. 

The SLIBFI Awards is Sri Lanka’s only annual award scheme that recognises institutions and individuals who have excelled in the country’s Islamic banking and finance industry. The award ceremony, organised by Uto Edu Consult, is closely contested by Sri Lanka’s leading Islamic banking and finance organisations. This year’s awards night was graced by Minister of Industry and Commerce Rishad Bathiudeen. 

The ‘Islamic Finance Entity of the Year’ Gold award was received by Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit of LOFC. Speaking at the awards ceremony, Thilakaratne said, “Over the years, Al-Falaah has been working tirelessly to become the most trusted and reliable Islamic financial service provider in Sri Lanka, offering a superior range of Shari’ah compliant financial solutions. We have been knocking on the door for some time; today we have achieved that top slot, and there is no better timing than this.”

Thilakaratne also thanked the Shari’ah Supervisory Board and LOLC’s Board of Directors for their steadfast trust and commitment. 

Receiving the Social Upliftment Gold Award, Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOFC said, “This award is a reminder for us of the blessings bestowed by the Almighty and also will be a constant reminder to continue with the little we have been privileged enough to do, to extend a helping hand to the needy, poverty alleviation, assisting people to do business by giving them a startup and contributing for education and health related needs of under-privileged individuals of all communities. We hope to continue in our efforts, to make a change in the society we live in, not limiting to a specific community but serve the nation at large.”

The Al-Falaah team was also represented by Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC and Ashan Nissanka, Chief Executive of LOLC Branch Network. 

Al-Falaah, established in 2007 functions directly under the auspices of Lanka ORIX Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOFC which is a regulated Finance Company of the Central Bank is rated [SL] A- with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody’s Investors Service. 

Al-Falaah is closely monitored and guided by an in-house Shari’ah Supervisory Board to ensure that the IBU is at all times and in every way compliant with the rules, principals and values of Islamic financing. Al-Falaah is also the Islamic business unit of the LOLC Group, which is renowned today as one of Sri Lanka’s largest conglomerates that also look into potential Islamic business opportunities within the synergies of the group.  

Al-Falaah, was recognised on a global platform when it recently won 02 top awards at the Redmoney’s Annual Global Awards – Islamic Finance News (IFN) Best Banks Poll 2014. Al-Falaah was adjudged Runners-Up in the category of ‘Best Islamic Bank by Country – Indian Sub-Continent – Sri Lanka’ and was also ranked third place in the ‘Best Islamic Leasing Provider’ category, becoming the only Sri Lankan financial institution to win a metal in the Best Islamic Leasing provider category for the region.