LOLC Al-Falaah walks away with top accolades at inaugural IFFSA Awards 2016

LOLC Finance Al-Falaah Islamic Business Unit Assistant General Manager Shiraz Refai receiving the Silver Award for the ‘Islamic Finance Entity of the Year, Sri Lanka’

Nadheer Siddeeq of Al-Falaah Takaful of LOLC General Insurance was bestowed with the Gold Award for the ‘Rising Islamic Finance Personality of the Year’  

LOLC Finance Al-Falaah Islamic Business Unit Assistant General Manager Shiraz Refai receiving the Gold Award for the ‘Social Upliftment Award’

A jubilant Al-Falaah team at the 1st IFFSA Awards night

Al-Falaah, the Islamic Financial Services arm, brought glory and honour to LOLC Group by winning two Gold awards and one Silver at the 1st Islamic Finance Forum of South Asia (IFFSA) Awards 2016 which was organised by UTO EduConsult and adjudicated by KPMG Sri Lanka.  

In the country category, Al-Falaah, Islamic Business Unit of LOLC Finance won the Silver Award for the Islamic Finance Entity of the Year, Sri Lanka and a Gold for the Social Upliftment Award. Meanwhile, Nadheer Siddeeq of Al-Falaah Takaful of LOLC General Insurance Ltd., garnered the honours by winning the Gold Award for the ‘Rising Islamic Finance Personality of the Year’.

The 1st Annual IFFSA Awards ceremony recognised industry players from countries across the South Asian region including India, Pakistan, Bangladesh, the Maldives and Sri Lanka. The awards were evaluated and assessed by a panel of independent judges of repute and were presented country wise with a few awards bestowed on intra-regional basis. Islamic Finance industry players were recognised against their peers in their respective countries, with some selected awards also being presented to players whose services span across the region.

The inaugural IFFSA Awards 2016 was held alongside the first Islamic Finance Forum of South Asia which encompassed the entire South Asian region. The forum discussed the key challenges and the potential for Islamic Finance in the South Asian region as a bloc that comprises a large concentration of Muslims in the world. 

Commenting on Al-Falaah’s win, LOLC Finance Al-Falaah Islamic Business Unit General Manager Krishan Thilakaratne said, “We are truly pleased to see our efforts in making a meaningful and broader impact on the Islamic Finance industry of Sri Lanka, being recognised in this manner.  It is also heartening to see how the industry players in the entire South Asian region have come together to encourage and support each other whilst exploring new avenues for future growth.”

Also sharing his views, LOLC Finance Al-Falaah Islamic Business Unit Assistant General Manager Shiraz Refai said, “The concluded IFFSA conference and Awards featured some of the most prominent opinion leaders and industry contributors and players from the region. We take humble pride in being recognised as a key player and a socially responsible financier in the region and strive to add more value for all industry stakeholders both locally as well as regionally, going forward.”

Speaking about the Gold award won by Nadheer Siddeeq of Al-Falaah Takaful of LOLC General Insurance Ltd., Nilanga Wickramasinghe Chief Operating Officer of LOLC General Insurance Ltd. and LOLC Life Assurance Ltd. said, “We are truly delighted and beyond proud of Siddeeq for being adjudged the Rising Islamic Finance Personality of the Year. This achievement has fully manifested the continuous effort and commitment of our staff and their focus on building long-term relationships with clients.” 

Al-Falaah, the Islamic Business Unit of LOLC Finance established in 2007, functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank 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. 

Al-Falaah Takaful, the Takaful Business Unit was established in August 2014 and is operating directly under the patronage of LOLC General Insurance Ltd., which is one of Sri Lanka’s fastest growing insurance companies. LOLC General Insurance Ltd. is regulated by the Insurance Board of Sri Lanka (IBSL) and within a short span of five years has risen to be amongst the top leagues of the insurance industry.