Saturday Sep 21, 2024
Saturday Sep 21, 2024
Tuesday, 5 November 2013 00:13 - - {{hitsCtrl.values.hits}}
Al-Falaah and LOLC Technologies were feted for their exceptional achievements in two significant categories, winning Silver Awards each in ‘Islamic Finance Technology Provider of the Year’ by LOLC Technologies and ‘Social Upliftment Award’ by Al-Falaah.
In addition, marking yet another significant achievement, Al-Falaah General Manager Krishan Thilakaratne was honoured with an accolade for ‘Outstanding Contribution to the Islamic Banking and Finance Industry of Sri Lanka’. He was instrumental in conceptualising and introducing Islamic finance to the LOLC Group in 2007 and is a distinguished professional in both non-bank finance and Islamic finance industries of Sri Lanka.
The awards ceremony was held on 23 October 2013 at Galadari Hotel, Colombo amidst a gathering of distinguished guests. The Chief Guest of the evening was High Commissioner for Malaysia in Sri Lanka Azmi Zanuddin.
FusionIBL
LOLC Technologies, a fully owned subsidiary of the LOLC Group, received the Silver Award for ‘Islamic Finance Technology Provider of the Year’ for its successful implementation of FusionIBL Islamic financial module of the Fusion Financial Solution Suite, uniquely designed to support Shari’ah compliant Islamic financial processes within the LOLC Group. The Gold Award was won by an international technology solutions company, placing this locally designed product in par with international standards.
Similarly, the charity fund of Al-Falaah, the Islamic business unit of Lanka ORIX Finance PLC, was honoured with Silver in the ‘Social Upliftment Award’ category, for their unpublicised charity and social services activities carried out in the areas of health, education, poverty alleviation and social upliftment in all communities across Sri Lanka. This was a significant achievement for the company, as Al-Falaah was the only financial institution among peer awards recipients to receive this prestigious accolade.
Commenting on the multiple wins, Thilakaratne said: “We are truly honoured and humbled by this felicitation. Since inception, the Al-Falaah brand has championed values by providing alternative financial solutions in compliance with Shari’ah principles of profit-sharing and ethical financial transactions. We are supported in this endeavour by visionary and committed teams comprising of Board of Directors, management members, independent Shari’ah supervisory board, associate companies and young professionals, all of whom with vast expertise and commitment to empower people across Sri Lanka.”
Rewarding Innovative Spirit
At the awards, LOLC Technologies was lauded for creating the unique FusionIBL solution to meet necessary system processes required in the non-bank finance companies sector.
Explaining, LOLC Technologies Managing Director/CEO and Chief Information Officer of the LOLC Group Conrad Dias said: “FusionIBL is an 
end-to-end Islamic banking and finance module in which all system processes are supported to meet stringent Shari’ah compliant requirements, and the ease and flexibility of structuring tailor-made, advances-repayment options similar to a conventional banking and finance platform.
Adding further he said that at the time of its launch, FusionIBL Savings was the first of its kind to be introduced in Sri Lanka, where online and monthly profit distributions were supported, while providing all facilities and benefits of a standard conventional savings product, such as ATM and debit card facilities with international ATM access.
