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LOLC Al-Falaah Shines as South Asia’s Brand of The Year


LOLC Al-Falaah, the pioneering alternate financial services arm of LOLC Finance PLC, proudly announces its outstanding achievements in the realm of Islamic finance, clinching two distinguished Gold awards and two Silver awards at the Islamic Finance Forum for South Asia (IFFSA) Awards 2023. The pinnacle of the accolades is the "South Asia’s Brand of the Year" Gold award, followed by the "South Asia’s Islamic NBFI of the Year," which has been secured for the third consecutive year. The Silverware was awarded for "Islamic Entity of the Year" and "Islamic Banking Window/Unit of the Year."

The evaluation criteria were centred around LOLC Al-Falaah's financial performance for the 2022/23 fiscal year, serving as compelling evidence of the business unit’s exceptional performance and customer satisfaction in the field of alternate financial services.

LOLC Al-Falaah, has been recognized as an industry "trend-setter" since 2007. The business unit currently maintains a robust presence with over 210 LOLC Finance branches across the country, complemented by dedicated Al-Falaah service centres strategically located for enhanced accessibility. Additionally, customers can easily manage their investments and savings through ‘LOLC Real-Time’ Internet Banking and Sri Lanka’s fastest-growing lifestyle mobile banking application, ‘i-Pay’. The provision of hassle-free virtual registration further empowers account holders, affording them the convenience of international account access for seamless transactions.

Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, expressed his delight at the recognition, saying, "We are genuinely honoured to be the recipients of these esteemed awards repetitively from IFFSA over the years. These accomplishments serve as a resounding endorsement by our valued customers of our solid commitment to delivering innovative and tailor-made alternate financial solutions. These awards inspire us to continually push the boundaries. Moreover, it is a tribute to the tireless dedication of our exceptional team in upholding the highest standards of service excellence at LOLC Al-Falaah.

Ilsam Awfer, Chief Manager, Alternate Financial Services, expressed his perspective, stating, "Our success in receiving these accolades underscores our steadfast commitment to providing top-tier financial services that are firmly rooted in Islamic principles. It reflects our ongoing dedication to surpassing customer expectations and maintaining our reputation as a trustworthy and innovative alternate financial service provider. I would like to take this opportunity to thank our valued customers and stakeholders who are behind this success."

The IFFSA, established in 2015, has played a pivotal role in expanding the Sri Lankan Islamic Banking and Finance (IBF) industry network throughout the South Asian region. The IFFSA Awards 2023 grand awarding ceremony took place on the 19th of October 2023 at Shangri-La Hotel in Colombo. The adjudication of the applications involved stringent appraisals by KPMG, and the awarding body, UTO EduConsult Pvt Ltd., has a strong track record of hosting events both in Sri Lanka and overseas, promoting excellence and knowledge-sharing in various domains, including finance, education, technology, travel, and tourism.