LOLC Al-Falaah, the Alternate Financial Services unit of LOLC Finance PLC, was once again in the spotlight at the 10th Islamic Finance Forum of South Asia (IFFSA) Awards, held on 25th of September 2025 at the Shangri-La Hotel, Colombo. The brand emerged as one of the evening’s biggest winners, reaffirming its position as Sri Lanka’s most awarded and trusted Alternate Financial Services provider and also being recognised as a champion of financial inclusivity amongst other NBFIs in the South Asian region.

Among the prestigious accolades received, the most defining was the honorary recognition for ‘NBFI of the Decade Award’, a rare and historic achievement for any Non-Banking Financial Institution in Sri Lanka. This extraordinary honour, awarded amidst fierce competition from across South Asia, cements LOLC Al-Falaah’s reputation as an industry pioneer and leader that continues to set benchmarks in the region.

In addition to this landmark win, LOLC Al-Falaah secured the coveted Gold Award for ‘NBFI of the Year’, recognizing its excellence in operational performance, product innovation, customer-centricity, and its strong contribution to the Islamic finance ecosystem. Further demonstrating its strength and versatility, the company also received multiple accolades across diverse categories, including NBFI of the Year (Gold), Islamic Finance Entity of the Year (Silver), Window Unit of the Year (Silver), Product of the Year (Silver) for its innovative ‘Wakalah Future Cash Today’ (Factoring) solution, Digital Product/Fintech of the Year (Bronze) for iPay, and Social Upliftment Award (Silver) for its impactful community initiatives executed via the company’s charity fund.

Commenting on the significant victory, Mr. Montini Warnakula, Chief Operating Officer of LOLC Finance, stated, “These awards signify much more than industry recognition. They reflect the depth of innovation, collaboration, and resilience embedded within our teams. At LOLC Al-Falaah, we are focused on building solutions that not only meet customer needs but also anticipate the evolving financial landscape of tomorrow. This recognition motivates us to continue shaping a responsible and dynamic alternate financial services sector that delivers long-term value to customers, communities, and the nation at large.”

Adding further perspective onto this exceptional recognition, Mr. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, stated, “Being recognized as the ‘‘NBFI of the Decade’ is not only a milestone for LOLC Al-Falaah, but also a defining moment for Sri Lanka’s entire alternate financial services industry. These accolades are a testament to the unbroken faith and trust our customers have placed in us over the years, and for that we remain deeply grateful. More than awards, these recognitions inspire us to push boundaries, adapt to paradigm shifts, and embrace revolutionary changes that continue to reshape the financial services landscape. As Sri Lanka’s most respected, reliable, and future-ready Alternate Financial Services provider, LOLC Al-Falaah remains committed to delivering innovative, sustainable, and impactful solutions to our valued customers while defending this honour with resilience and passion.”

As the Alternate Financial Services unit of one of Sri Lanka’s largest and most diversified NBFIs, LOLC Al-Falaah continues to shape the future of Islamic finance both locally and regionally