Triple crown for LOLC Al-Falaah in 2020

DGM – Alternate Financial Services Shiraz Refai

LOLC Al-Falaah sealed a triple-win by securing the ‘Best Leasing Provider Award’ in three of the most coveted awards held to recognise the institutions that have made significant contributions to the Islamic Finance industry during the 2019/20 financial year. 

The triple-crown includes the ‘Gold’ award for ‘Leasing Company of the year’ for financial year 2019/20 at the 9th Sri Lanka Islamic Banking and Finance Industry (SLIBFI) awards, the ‘Gold’ award for ‘Leasing Company of the Year’ at the 5th Islamic Finance Forum South Asia (IFFSA) Awards for the financial year 2019/20 and the ‘Winner’ for ‘Best Islamic Leasing Provider of the Year’ by Islamic Finance News’ (IFN)’s 1st Global Non-Banking Financial Services (NBFI) Polls for 2020. 

Each accolade has its independent recognition in the respective banking and finance fraternity where the industry’s top players compete. The highlight and unique significance of Al-Falaah’s achievement is being awarded as the ‘Best in the Industry’ in all three categories in Local (Sri Lanka award), Regional (South Asia award) and at Global level (IFN award). This is the first time a Sri Lankan entity was able to secure an achievement of this magnitude.    

SLIBFI awards and IFFSA awards are permanent annual fixtures in both Sri Lankan and South Asian Islamic Banking and Finance (IBF) fraternity. Both events are organised by UTO EduConsult to recognise the performances of licensed commercial banks, finance institutions, insurance providers, capital market funds and education institutes. An independent panel of judges of repute is appointed to select the applications in consultation with KPMG, whose key role is to ensure an impartial evaluation and adjudication process. 

Recognising the contribution to the global Islamic finance industry, IFN Readers Poll takes the No. 1 slot in global industry awards. LOLC Al-Falaah was a consecutive triple-winner for 2017, 2018 and 2019 of the IFN Global Best Banks Poll’s ‘Best Bank in Sri Lanka’ and a consecutive double-winner for 2018 and 2019 of ‘Best Leasing Provider – Global’. In 2020, the poll’s criteria were changed and IFN Global NBFI Polls were launched in 2020 splitting the Banks and NBFI’s. LOLC Al-Falaah emerged the 1st ‘Best Leasing Provider – Global’ by the largest margin across all categories, acquiring a notable 60% of the global votes in the inaugural event. 

In a statement, IFN emphasised, “LOLC Al-Falaah’s Ijarah leasing portfolio is one of its best-performing asset classes, supporting the Islamic finance unit position as one of the top-performing divisions of LOLC Finance in terms of non-performing financing performance, profitability and return on equity. Competitive rentals and diversity in types of leasable assets as well as solid branding equity anchored LOLC Finance’s position in the space of Islamic leasing.” 

DGM Alternate Financial Services Unit Shiraz Refai commenting about the triple-win said, “Being able to secure the Best Leasing Company awards in all three top awards for the Islamic Finance industry held on both local and global platforms cements the stability and the unique expertise we have in the leasing frontier. It also reflects how well we have been able to increase the consistency of our brand and build and maintain the trust of our customers despite the challenges we faced in both 2019 and 2020. As a team, we appreciate the continued patronage and confidence our most valued customers and stakeholders have placed with us. As a result, we have been able to pull through and record these impressive results, and they are a testament to that effort.” 

LOLC Al-Falaah, with over a decade 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.