Global Recognition for LOLC Al-Falaah
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Krishan Thilakaratne, Group Head of Islamic Finance, LOLC and Shiraz Refai, Deputy General Manager, Al-Falaah, Islamic Business Unit of LOLC Finance PLC together with Andrew Morgan, Managing Director and Publisher of REDmoney Sdn Bhd.
Al-Falaah, the Islamic Business Unit of LOLC Finance PLC, has been recognised globally on multiple occasions for the financial year 2016/17 by winning several awards at globally recognised award presentations.
Al-Falaah secured the “IFN Deal of the Year for Sukuk (Alternate option for Securitisation)” at the “IFN Deals of the Year for 2016” awards ceremony held on February 28, 2017 at the Ritz Carlton, DIFC Dubai. This was the first year that Al-Falaah was eligible to compete for the subject category, as it developed a signature financial instrument that can be offered as an alternate format for the conventional securitisation product.
It is the first-time a Sri Lankan entity has won an award in the global-category having qualified for an entry competed by global banking and financial institution giants. The adjudication and evaluation was done by an independent panel appointed by IFN/Redmoney with weightages given in recognition of the specific underlying transactions which created history in specific markets as first time transactions or ground-breaking transactions, the company said in a media release.
Further, LOLC Al-Falaah, was also recognised at the Islamic Finance News, Global Poll, IFN-Best Banks Awards 2016 for the fourth consecutive year.
Commenting on these prestigious wins, Krishan Thilakaratne, LOLC Group Head of Islamic Finance said, “We are excited to accept these accolades which adds to our list of global recognitions in the Islamic finance space locally as well as internationally. This is a true demonstration of our robust and innovative approach as an industry trendsetter, focussed on developing financial tools that cater to the growing needs of the industry”.