Global recognition for Sri Lanka’s LOLC Al-Falaah

Reaffirming yet again its status as the most decorated alternate financial services brand in Sri Lanka, LOLC Al-Falaah bagged multiple accolades once again in the global arena, namely the sixth Islamic Finance Forum South Asia (IFFSA) Awards 2020/21 and the Islamic Finance News Best Non-Bank Financial Institutes (IFN-NBFI) Global Poll Awards 2021. 

At the IFFSA awards, the much-awaited annual event by the Islamic Banking & Finance (IBF) fraternity in the South Asian region, LOLC Al-Falaah was crowned the IBF Leasing Company of the year and the IBF Window of the Year for the financial year ended 2019/2020. The company also won the Silver award for IBF Entity of the Year for the financial year ended 2019/20. The annual IFFSA Awards recognise high achievers particularly in the South Asian region for their contributions and efforts to the industry. It is organised by UTO EduConsult and all award applications are stringently adjudicated by KPMG. 

Meanwhile, competing against some of the global industry giants at the IFN-NBFI Global Poll Awards 2021, LOLC Al-Falaah emerged as the Best Islamic Leasing Provider, bringing glory and honour to Sri Lanka, once again. This is the third consecutive year that LOLC Al-Falaah has secured this top-position. IFN readers and market players from Asia, the Middle East, Africa, Europe and North America participated in the poll which is part of the prestigious IFN Awards which is known for their impartiality, independence and inclusiveness in honouring the most outstanding leaders in the global Islamic finance industry. 

Expressing his views on the multiple achievements at both awards, LOLC Al-Falaah Deputy General Manager Shiraz Refai said, “Concentration on constant innovation, providing tailor-made financial solutions, commitment to develop the IBF industry and our stability built on prudent best-practices has developed a strong trust in us by our stakeholders over the years. As a result, these awards and recognitions compliment the dedication and commitment of our staff towards offering international service standards to our valued customers.”

Speaking of these international accolades, LOLC Finance PLC Director/CEO Conrad Dias said, “I am extremely pleased because LOLC Al-Falaah has been consistent with its growth and performance even during the pandemic. Even during these trying times our staff has worked tirelessly and they have continued to achieve the company objectives whilst offering service excellence to our customers who are based across the nation. LOLC Al-Falaah is committed to progress further with this drive and passion for growth.”

LOLC Al-Falaah posted a Profit before Tax of Rs. 413.92 million from Rs. 318.45 million in the previous year, which marks a colossal 30% growth – an outstanding achievement recorded during a disruptive year. The company maintained a Non-performing loan (NPL) level of 3.9% against an industry average amongst finance companies which was of over 15%. Furthermore, LOLC Al-Falaah continues to leverage on the technological expertise of the parent company LOLC Finance PLC to provide uninterrupted services to its customer base. 

LOLC Al-Falaah, with over 14 years of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Ltd., a wholly owned subsidiary of ICRA Ltd.