LOLC Al-Falaah wins Gold at SLIBFI Awards four years in a row

From left: Al-Falaah Alternate Financial Services Unit In-House Scholar Advisor Ash-Shaikh Umar Anas, Alternate Financial Services Unit Business Operations Associate Manager Ash-Shaikh Fazil Mohideen, Alternate Financial Services Unit Head Shiraz Refai, Alternate Financial Services Unit Chief Manager Ilsam Awfer, and Al-Falaah Takaful Insurance Chief Manager Nadeer Siddeeq

LOLC Al-Falaah, Sri Lanka’s most awarded Alternate Financial Services brand, has once again proven its dominance in the Islamic Banking and Finance sector by winning four prestigious awards at the 12th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards. 

At the significant event, Al-Falaah achieved a remarkable feat by receiving multiple accolades. The brand was honoured with the Gold award for Islamic Finance Non-Banking Financial Institute (NBFI) Entity of the Year, where in previous years the category availability for NBFI was the recognition for the ‘Islamic Leasing Company of the Year’ award. Impressively, this marks the fourth consecutive year that Al-Falaah has secured this esteemed title in the NBFI category. 

Additionally, it also secured the Silver award for Islamic Finance Window/Unit of the Year, and the Bronze award for Islamic Finance Entity of the Year. In a notable addition to its already impressive list of achievements, LOLC Al-Falaah’s very own Ash-Shaikh Fazil Mohamed was honoured this year with the highly esteemed ‘Rising Personality of the Year’ award. 

The SLIBFI awards, initiated by UTO EduConsult (UTO), aim to recognise the remarkable efforts made by the Islamic Banking and Financial sector in Sri Lanka. A panel of reputed judges evaluates the initial screening of the applications and profiles, in a three-tier process, based on audited financial data from the year under consideration and forward to the independent adjudicators KPMG, Sri Lanka to review the submissions and determine the final winners.

LOLC Al-Falaah has been a trendsetter in Sri Lanka’s non-interest based financial services landscape. It stands as the first licensed NBFI to offer a comprehensive 360-degree Islamic Finance product portfolio since its inception, making it a pioneer in the country’s Alternative Financial Services sector. LOLC Al-Falaah operates under the umbrella of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate, with a presence in 25 countries across Asia and Africa. As a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), the brand dominates the alternate financial services segment in Sri Lanka.

LOLC Finance Alternate Financial Services Head Shiraz Refai, highlighted the key factors contributing to the success of LOLC Al-Falaah. “Our achievements stem from a robust and compliant business model, an extensive range of products, and the strong brand presence of LOLC. Leveraging advanced technological platforms has been instrumental in revolutionising LOLC Al-Falaah and gaining consistent recognition and accolades, both within Sri Lanka and on the global stage. The recognition received at the 12th SLIBFI Awards reaffirms LOLC Al-Falaah’s position as a leading force in the Alternate Finance services sector, and it is undoubtedly an inspiration to the entire industry,” Refai said.

LOLC Finance Alternate Financial Services Chief Manager Ilsam Awfer said: “We are humbled and grateful for the trust and support our valued customers and stakeholders have shown us during our 15-year journey. I would like to commend the dedication shown by our committed staff members. At LOLC Al-Falaah, our unwavering commitment has been on providing services that meet our customers’ essential business needs while offering them a sense of spiritual comfort.”