Al-Falaah, the Islamic business unit of LOLC Finance PLC, brought honour to Sri Lanka and the LOLC Group, when it received recognition on one of the top award categories at Redmoney’s Annual Global Awards - Islamic Finance News (IFN) Best Banks Poll 2015. Al-Falaah was adjudged Runners-Up in the category of “Best Islamic Leasing Provider (Overall) 2015”, whilst the Gulf International Bank of Bahrain clinched the top spot. The awards-giveaway ceremonies took place in February this year with the Asian awards ceremony scheduled and the Middle-East awards being held in Kuala Lumpur and Dubai respectively.
The annual Islamic Finance news Best Banks Poll recognizes the industry leading providers of Islamic financial services across global markets and varied sectors, where votes casted by readers of Islamic Finance News, Islamic finance investors, issuers, banking & non-banking financial intermediaries as well as regulatory and government bodies being invited to participate in the process. Voting takes place during December each year and the results are announced by the first week of January. This year’s poll has attracted a record number of over 30,000 votes exceeding the 10,000 votes received last year. Financial institutions representing Europe, The Americas, Africa, South East Asia, Asia Pacific and the Indian Sub-Continent as well as the Middle East were featured in this global annual poll.
Speaking about this prestigious win, Mr. Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “Al-Falaah has re-established its brand strength yet again as the most trusted and reliable non-bank Islamic financial service provider in Sri Lanka. To be recognized at global level is indicative of its appeal beyond the shores of Sri Lanka and the confidence our overseas investors and customers have of Al-Falaah. We are indeed proud of this recognition.”
Also sharing his views, Mr. Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “We have been featured at IFN-Awards on multiple occasions over the past years. This is due to the acceptance of our commitment to offer reliable and innovative Islamic Finance Solutions by our valued customers. Their confidence placed with us from inception establishes the reliability and superior service levels that we continuously strive to offer our valued customers. We are extremely pleased with the results and take humble pride in representing Sri Lanka in a global platform. This is the fourth consecutive year that Al-Falaah was recognized at the top-tier ranks at the IFN Best Banks Poll. I thank our loyal customers, stakeholders and employees of Al-Falaah and LOLC for their steadfast trust and commitment to our products, services and values. I also commend the efforts taken by industry peers in continuously upholding the standards of Islamic Finance.”
On home soil, Al-Falaah, clinched the top Gold award for being adjudged the ‘Islamic Finance Entity of the Year 2014’ at the 4th Sri Lanka Islamic Banking & Finance Industry (SLIBFI) Awards and the top award for the ‘Social Upliftment Award (CSR)’ category.
Al-Falaah, 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 Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody’s Investors Service.