LOLC Al-Falaah is ‘Best Islamic Leasing Provider - Global’

• Accolade for the third consecutive year at IFN Awards 2022

LOLC Finance Alternate Financial Services Head Shiraz Refai

LOLC Finance Alternate Financial Services Chief Manager Ilsam Awfer

Reaffirming its status as the most adorned Alternate Financial services brand in Sri Lanka, LOLC Al-Falaah emerged as the Best Islamic Leasing Provider, once again, in the annual Islamic Finance News-Non-Banking Financial Institution (IFN-NBFI) Global Polls for 2022.

LOLC Al-Falaah has brought glory to the organisation by retaining this prestigious IFN-NBFI award for the third consecutive year.

Maintaining consistency in its compliance, innovation, and demand-based product offerings, has placed the brand on the spotlight over the years. Global winners of various categories listed in the IFN-NBFI Global Poll were announced on 5 December 2022. The prestigious awarding ceremony will take place in Dubai, United Arab Emirates in mid-January 2023.

The annual IFN Best NBFI Poll recognises the industry leading providers of Islamic financial services across global markets and varied sectors, where votes are casted by readers of IFN, Islamic finance investors, issuers, banking & non-banking financial intermediaries with majority representation from Asia, the Middle East, Africa, Europe, and North American regions. This annual global poll is known for their impartiality, independence, and inclusiveness in honouring the most outstanding leaders in the global Islamic finance industry.

LOLC Finance PLC Head of Alternate Financial Services Shiraz Refai said: “LOLC Al-Falaah has re-established its brand strength yet again with another global level recognition. These constant achievements signify the success in our applications and practices beyond the shores of Sri Lanka in establishing the confidence of our overseas investors and customers. Our record of accomplishments, year after year, demonstrate our passion, persistent efforts, and the global standards that we continue to uphold. We are extremely pleased with the results and take humble pride in representing Sri Lanka in a global platform.”

Alternate Financial Services Chief Manager Ilsam Awfer said: “This is the third consecutive year that Al-Falaah was recognised at the top-tier ranks at the IFN-NBFI Global Poll. This achievement resembles our commitment towards developing Islamic Finance within Sri Lanka and adopting best practises to serve our valuable stakeholders. I would like to appreciate my team for their tireless efforts and contribution; further would like to thank the top management, members of the Scholarly Supervisory Board and our valued customers for their assistance and patronage. As a result, we have been able to pull through and record these impressive results, year-on-year, and this is a testament to that effort.”

LOLC AL-Falaah is the alternate financial services brand of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate with operations in 22 countries in Asia and Africa. LOLC Al-Falaah functions directly under the auspices of LOLC Finance, with a total network of 210 branches, and an active customer base of over 600,000, a total lending portfolio amounting to over Rs. 200 billion, coupled with a deposit base of over Rs. 180 billion. LOLC Finance which is a Regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A STABLE by ICRA Lanka Ltd.