Continuing with its winning streak, LOLC Al-Falaah, the Alternate Finance arm of LOLC Finance, Sri Lanka’s largest Non-Banking Financial Institution (NBFI) was crowned the Best Islamic Leasing Provider of the year by IFN’s first Non-Banking Financial Services Polls for 2020. Al-Falaah emerged the winner by the largest margin across all categories, acquiring a notable 60% of the global votes.
For the first time, IFN is awarding NBFIs for their exceptional performance and contribution to the global Islamic finance industry. In its latest update, IFN quotes, NBFIs play a crucial role in fulfilling the financing demand that cannot be met by banking institutions. For their indispensable contribution to the global Islamic finance industry, IFN is honoured to be recognizing the top Islamic NBFIs through the inaugural IFN Non-Banking Financial Institutions Poll 2020 as voted by the readers of IFN.
In a statement announcing the list of winners, IFN asserts that the diversified conglomerate with an impressive international footprint including across South Asia, Southeast Asia and Africa built over 34 years, ventured into alternate financial services under the brand Al-Falaah in 2007, offering a wide range of products from savings, investments, leasing and business financing. IFN adds, “LOLC Al-Falaah’s Ijarah 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.” LOLC Al-Falaah Deputy General Manager Shiraz Refai stated, “I wish to thank our valued customers and stakeholders for the confidence placed with us and voted us to be the best in the specified NBFI award category. We will continue to strive to offer our valued clientele the most convenient, competitive and tailor-made financial solutions that best fit the current times.”
Speaking about the achievement, LOLC Group Head of Alternate Finance Krishan Thilakaratne said, “It’s a very proud moment for all of us at LOLC Al-Falaah as this award reinstates the company’s commitment towards providing some of the industry’s finest financial solutions. I would like to thank each member of our staff for their relentless contribution and dedication towards this remarkable achievement. We will continue to be guided by the principles we uphold, and look forward to achieving many more milestones in the future.”
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.
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