Left to right: Hikam Hussain – Manager, Channel Marketing Al-Falaah, Alternate Financial Services Unit, Imran Zarook – Senior Manager, Recovery Supervision Al-Falaah, Alternate Financial Services Unit, Shafin Iqbal – Manager, Institutional Marketing Al-Falaah, Alternate Financial Services Unit, Shiraz Refai – Head of Al-Falaah, Alternate Financial Services Unit, Ramshad Mohamed – Chief Manager Al-Falaah, Alternate Financial Services Unit and Ilham Mufaris – Executive, Business Operations Al-Falaah, Alternate Financial Services Unit.

LOLC Al-Falaah, Sri Lanka’s premier Alternate Financial Services brand, has once again demonstrated its leadership in the Islamic Banking and Finance sector by securing multiple accolades at the 13th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards. The prestigious event, held on August 8, 2024, at Shangri-La Hotel, Colombo, celebrated the outstanding contributions of LOLC Al-Falaah within the country’s Islamic financial services landscape.

In a remarkable display of consistency and excellence, LOLC Al-Falaah was honored with four significant awards. The brand earned the Silver award for Islamic Finance Non-Banking Financial Institution (NBFI) Entity of the Year, maintaining its prominent position in the sector. Additionally, LOLC Al-Falaah also secured Silver awards in the categories of Islamic Window/Unit of the Year and Islamic Finance Entity of the Year, further solidifying its reputation as a leader in alternate financial services.

A particularly noteworthy achievement this year was LOLC Al-Falaah’s recognition with the Social Upliftment Award (Merit), a category where it was the only entity to receive a nomination. This award underscores LOLC Al-Falaah’s commitment to social responsibility and its ongoing efforts to positively impact communities through ethical and inclusive financial practices.

The SLIBFI Awards, organized by UTO EduConsult (UTO), are renowned for recognizing exceptional contributions within the Islamic Banking and Finance sector in Sri Lanka. The awards process involves rigorous evaluation, with applications and profiles undergoing a three-tier screening by a panel of esteemed judges, followed by a thorough review by independent adjudicators at KPMG, Sri Lanka, to determine the final winners.

Commenting on this year’s achievements, Mr. Shiraz Refai, Head of the Alternate Financial Services Unit at LOLC Finance PLC, shared his pride and appreciation, saying, “The accolades we have garnered at the 13th SLIBFI Awards reflect our pledge to fineness, ethical practices, and innovation in the financial sector. Our success is underpinned by a resilient business model, a broad spectrum of forward-thinking products, and the strong brand presence of LOLC. As we navigate the evolving landscape of finance, we remain dedicated to enhancing financial literacy and inclusivity, ensuring that our services cater to diverse needs. We are also spearheading digital transformation, leveraging cutting-edge fintech solutions to elevate customer experiences and streamline our operations. Our focus on sustainability integrates seamlessly into our practices, aligning with our core values while addressing global challenges. Maintaining rigorous compliance and governance frameworks is central to our operations, reinforcing our integrity and adherence to industry regulations. These recognitions inspire us to persist in our journey of excellence, both within Sri Lanka and on the international stage.”

Reflecting on the brand’s ongoing success, Mr. Refai added, “We are deeply humbled and grateful for the continued trust and support from our valued customers and stakeholders. Over the years, LOLC Al-Falaah has been committed to delivering financial services that meet the essential needs of our customers while offering them a sense of spiritual comfort. Our achievements are a reflection of the dedication and hard work of our team, and we remain focused on providing innovative and inclusive financial solutions that uplift our communities.”

LOLC Al-Falaah continues to lead the way in Sri Lanka’s non-interest-based financial services sector. As the first licensed NBFI to offer a comprehensive 360-degree Islamic Finance product portfolio, the brand has pioneered the Alternative Financial Services landscape in the country. With 213 branches strategically located nationwide, LOLC Al-Falaah ensures accessibility for its customers, who can also manage their investments and savings accounts through LOLC Real-Time Internet Banking and the innovative Digital Banking App, iPay.

LOLC Finance PLC Incorporated on the 13th of December 2001, is rated [SL] A (Stable) by Lanka Rating agency and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011. Eligible deposit liabilities are insured with the Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board for compensation up to a maximum of Rs. 1,100,000 per depositor.