LOLC Al-Falaah continues its legacy at SLIBFI awards 2024

LOLC Al-Falaah, Sri Lanka's premier Alternate Financial Services brand, has once again demonstrated its leadership in the Islamic Banking and Finance sector by securing multiple accolades at the 13th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards.

The event, held on August 8, 2024, at Shangri-La Hotel, Colombo, celebrated the outstanding contributions of LOLC Al-Falaah within the country’s Islamic financial services landscape, the company said in a media release.

LOLC Al-Falaah was honoured with four significant awards. The brand earned the Silver award for Islamic Finance Non-Banking Financial Institution (NBFI) Entity of the Year, maintaining its prominent position in the sector. Additionally, LOLC Al-Falaah also secured Silver awards in the categories of Islamic Window/Unit of the Year and Islamic Finance Entity of the Year, further solidifying its reputation as a leader in alternate financial services.

A particularly noteworthy achievement this year was LOLC Al-Falaah's recognition with the Social Upliftment Award (Merit), a category where it was the only entity to receive a nomination. This award underscores LOLC Al-Falaah's commitment to social responsibility and its ongoing efforts to positively impact communities through ethical and inclusive financial practices.

Commenting on this year’s achievements, Shiraz Refai, Head of the Alternate Financial Services Unit at LOLC Finance PLC, said, “The accolades we have garnered at the 13th SLIBFI Awards reflect our pledge to fineness, ethical practices, and innovation in the financial sector. Our success is underpinned by a resilient business model, a broad spectrum of forward-thinking products, and the strong brand presence of LOLC. We are spearheading digital transformation, leveraging cutting-edge fintech solutions to elevate customer experiences and streamline our operations.”

LOLC Al-Falaah continues to lead the way in Sri Lanka's non-interest-based financial services sector. As the first licensed NBFI to offer a comprehensive 360-degree Islamic Finance product portfolio, the brand has pioneered the Alternative Financial Services landscape in the country. With 213 branches strategically located nationwide, LOLC Al-Falaah ensures accessibility for its customers, who can also manage their investments and savings accounts through LOLC Real-Time Internet Banking and the innovative Digital Banking App, iPay.

From left: Hikam Hussain – Manager, Channel Marketing Al-Falaah, Alternate Financial Services Unit; Imran Zarook – Senior Manager, Recovery Supervision Al-Falaah, Alternate Financial Services Unit; Shafin Iqbal – Manager, Institutional Marketing Al-Falaah, Alternate Financial Services Unit; Shiraz Refai – Head of Al-Falaah, Alternate Financial Services Unit; Ramshad Mohamed – Chief Manager Al-Falaah, Alternate Financial Services Unit; and Ilham Mufaris – Executive, Business Operations Al-Falaah, Alternate Financial Services Unit.