LOLC Al-Falaah secures top-spots at IFN Best Banks Global Awards 2018

LOLC Al-Falaah was adjudged the ‘Best Islamic Leasing Provider’ in the Global category and the ‘Best Islamic Bank in Sri Lanka’ at the 14th Annual IFN Best Banks Poll 2018. 

LOLC Al-Falaah was also nominated for three other categories; Most Innovative Islamic Bank 2018 (Global), Best Islamic Private Bank 2018 (Global) and Best Overall Islamic Bank 2018 (Global). The award ceremony will be held in Dubai on 10 March, this year, where the ‘Best Overall Islamic Bank for 2018’ will be announced. 

IFN Best Bank Poll recognises the leading industry stalwarts across 38 sectors and countries. According to IFN, this year, the league of winners welcomed familiar faces, but the landscape also went through a shake-up as most categories were won by new names and demonstrating the ever competitive climate of the global Islamic banking industry. 

“LOLC Al-Falaah has always maintained consistency in its compliance and innovation. This year, we have done exceptionally well at the IFN Best Banks Poll. In the category of the Best Islamic Leasing Provider, we have moved up from the previous Runner-up position, whilst in the Best Islamic Bank of Sri Lanka category, we have retained our position as the winner once more. It is a testament of acceptance by our valued customers establishing LOLC Al-Falaah’s continued excellence and effective reach to the community with uncompromised service standards,” said LOLC Al-Falaah Deputy General Manager Shiraz Refai. 

Expressing his thoughts about LOLC Al-Falaah’s achievements at the IFN 2018, LOLC Finance PLC Executive Deputy Chairman Ravi Tissera said, “Al-Falaah has clearly outperformed its competition. They have done this by adapting to the rapidly evolving conditions in the industry. Today, the company has established itself as a dominant player in the Islamic Financial industry. Innovation and unmatched customer service has been its fundamental cornerstones since inception.”

Over the past 10 years of operations, LOLC Al-Falaah has become the most popular and one of the most respected brands in Sri Lanka in Islamic financing, said LOLC Group Head of Islamic Finance Krishan Thilakaratne. 

Thilakaratne added: “Our track record of winning many prestigious local and international awards year after year demonstrates our passion, relentless effort and the global standards that we continue to uphold. LOLC Al-Falaah has made significant contributions towards strengthening the Islamic financial landscape in Sri Lanka and these are the impressive results of the hard work of our team of professionals, making us the most awarded Islamic financial entity in the country.”

LOLC Al-Falaah, which just passed a decade in operation, 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. (an associate of Moody’s Investors Service).