Islamic Finance Forum of South Asia celebrates decade of excellence

The Islamic Finance Forum of South Asia (IFFSA) marked a landmark celebration this year, bringing together industry leaders, policymakers, and practitioners for its 10th edition at Shangri-La Colombo. The evening was a triple celebration, featuring the ‘Annual IFFSA Awards’ Ceremony, the ‘Decade of Excellence’ Awards honouring ten years of consistent achievement, and the commemoration of ‘20 years of UTO’, to which UTO EduConsult, the company behind the initiative, belongs.

The event was graced by KPMG Sri Lanka and Maldives former Managing Partner Reyaz Mihular, who delivered the Keynote address and Maldives Monetary Authority Deputy Governor Aishath Asna Hamdhi

In the first segment of the evening, the Annual IFFSA Awards were presented, recognising 20 institutions across 30 categories for their achievements and contributions to Islamic Finance in the region. This year’s winners were selected through a rigorous evaluation process overseen by an independent panel of judges, including leading academics, industry experts, and financial professionals from across South Asia.

The awards spanned a wide range of categories, from awards for the best performing banks and takaful institutions, to recognitions for product innovation, social impact, and leadership in the Islamic Finance sector.

Marking its 10th year, this year’s IFFSA Awards introduced a special set of Entity of the Decade Awards, recognising institutions that have demonstrated consistent excellence in their respective categories throughout the past decade. These honours included distinctions such as Bank and IBU, Insurance (Takaful) Company and Unit, NBFI, Asset Management company, CSR Project, Service Provider, Microfinance Entity, of the Decade, culminating in the pinnacle recognition, the ‘Entity of the Decade’ Award.

The celebrations also coincided with 20 years of the UTO Group of companies, with UTO EduConsult, the driving force behind IFFSA and other pioneering initiatives in the region, at its fore. In recognition of its 20-year journey, UTO presented Special Appreciation Awards to twenty institutions that have been longstanding partners in its initiatives.

The evening’s celebrations highlighted not only milestones of the past, but also a shared vision for the future of Islamic Finance in South Asia. It was an evening that underscored the strength of collaboration and the growing role of South Asia in shaping the global Islamic Finance landscape.

10th Islamic Finance Forum of South Asia award winners

Entity of the Year

• Gold – Maldives Islamic Bank, Maldives
• Silver– Amana Takaful, Sri Lanka
• Silver– LOLC Al-Falaah Alternate
• Financial Services Unit, Sri Lanka
• Bronze – Amana Bank, Sri Lanka

Bank of the Year

• Gold – Maldives Islamic Bank, Maldives
• Silver – Amana Bank PLC, Sri Lanka

Deal of the Year

• Gold – NDB Shareek (Offshore Export Financing Scheme, Sri Lanka)
• Silver – Seylan Bank (10MW Solar Project, Sri Lanka)
• Silver – NDB Investment Bank and Vidullanka PLC (First Listed Sukuk, Sri Lanka)

Spirit of Islamic Finance award

• Maldives Retirement Pension Fund, Maldives

Takaful Institution of the Year

• Gold – Amana Takaful, Sri Lanka

Banking Window/Unit of the Year

• Gold – Bank of Maldives Islamic, Maldives
• Silver – Standard Chartered Saadiq, Bangladesh
• Silver – LOLC Al-Falaah, Sri Lanka
• Bronze – People’s Leasing & Finance Al-Safa, Sri Lanka

NBFI Window/Unit of the Year

• Gold – LOLC Al-Falaah, Sri Lanka
• Silver – People’s Leasing & Finance Al-Safa, Sri Lanka
• Bronze – LOLC Life Assurance Al-Falaah Takaful, Sri Lanka
• Merit – LOLC General Insurance Al-Falaah Takaful, Sri Lanka
• Merit – Janashakthi Finance Alternative Finance, Sri Lanka

Service Provider of the Year

• Gold – Millennium Information Solutions, Bangladesh

Asset Management Company of the Year

• Gold – Al Meezan Investment Management, Pakistan
• Gold – Faysal Asset Management, Pakistan

Takaful Window/Unit of the Year

• Gold – Allied Takaful, Maldives
• Silver – LOLC Life Assurance, Sri Lanka
• Bronze – LOLC General Insurance, Sri Lanka

Breakthrough Performance award

• NDB Shareek, Sri Lanka

Social Upliftment Award

• Gold – Amana Bank PLC, Sri Lanka
• Silver – LOLC Al-Falaah, Sri Lanka

SDG Award for Clients of IFIs

• Gold - ExPack Corrugated Cartons PLC, Sri Lanka

ESG Award of IFIs

• LB Finance Al Salamah (Sri Lanka)
• Amana Bank (Sri Lanka)

Emerging Entity of the Year

• Lucky Investments, Pakistan

Product of the Year

• Gold – Bank of Maldives Islamic (Islamic Credit Card)
• Gold – NDB Investment Bank and Vidullanka PLC (First Listed Sukuk, Sri Lanka)
• Silver – LOLC Al-Falaah (Wakala Future Cash Plan, Sri Lanka)

Best Digital Product/Fintech Offering of the Year

• Gold – Bank of Maldives Islamic (Instant Approval, Maldives)
• Silver – LB Finance Al-Salamah (CIM Digital Wallet, Sri Lanka)
• Bronze – LOLC Al-Falaah (iPay, Sri Lanka)

Digital Marketing Campaign of the Year

• Gold – People’s Leasing & Finance Al-Safa, Sri Lanka

Marketing Campaign of the Year

• Gold – Amana Takaful Insurance, Sri Lanka

Best IBF Branch of the Year

• Gold – People’s Leasing & Finance (Puttalam Branch, Sri Lanka)
• Gold – Bank of Maldives (Male Branch, Maldives)

Women in Islamic Finance Award

• Gold – Rifka Ziyard (KPMG, Sri Lanka)

Best in-house Shari’ah Scholar

• Gold – Ash Sheikh Nazhan Naurooz (Amana Bank, Sri Lanka)
• Gold – Fisol Bin Amri (Maldives Islamic Bank, Maldives)

Rising Personality of the Year (Female)

• Gold – Dushyanthi Kahatapitiya (NDBIB, Sri Lanka)

Rising Personality of the Year (Male)

• Gold – Ahsan Munaf (LB Finance Al Salamah, Sri Lanka)

Banker/Employee of the Year

• Gold – Muhammed Badurdeen Muhammed Nawaz (Amana Takaful, Sri Lanka)
• Silver – Safra Firdhouse (Peoples Leasing Al Safa, Sri Lanka)
• Bronze – Nadeera Pathirage (Seylan Bank, Sri Lanka)

Branch Executive of the Year

• Gold – Ahamed Fahmy Mohamed Faiz (Peoples Leasing Al Safa, Sri Lanka)