LB Finance PLC, which is one of the early pioneers of Islamic Financing in the Sri Lankan Non-Banking Financial sector, was recognized with multiple awards at the recently concluded third Islamic Finance Forum for South Asia (IFFSA) awards 2018 in Colombo.
The competitive IFFSA Awards, evaluated and assessed by a panel of independent judges of repute recognizes the contributions made by individuals and institutions to the Islamic Banking and Finance (IBF) industry in the South Asian region was held at the conclusion of the IFFSA conference with the participation of delegates from five countries. LB Finance Al-Salamah Islamic Finance Unit was recognized among the top three Leasing companies of the year, and window/unit of the year, continuously proving its strong stability and the success journey through the years.
LB Finance PLC became one of the pioneers in Islamic Financing in the Non-Banking Financial sector when they established Al-Salamah Islamic Finance Unit in 2010 offering financial services conforming to all the guidelines and requirements stipulated by the Islamic law. LB Al-Salamah went on to be awarded as the best emerging Islamic Finance Entity of the year in 2012 at the first SLIBFI awards. Further in 2017 the company was recognized with the bronze award in the category, “Entity of the year” for the overall performance unveiled and Silver for “Social Upliftment” for the year 2017 for the continuous social responsible activities rendered to the society. Adding up to the “Bridging the Gap” program conducted from 2013 to uplift the standard of educational knowledge among rural GCE Ordinary Level students in remote underprivileged schools LB Finance recently developed 150 under privileged pre schools to lend a helping hand to develop the primary education in the island.
LB Finance Islamic Finance Unit offers a wide range of personalized products and services including Mudarabah fixed and savings deposits, Wakala term investments, Ijarah leasing facilities and Murabaha trade financing.,Today LB Al-Salamah is considered to be one of the leading Islamic Finance Windows in the Sri Lankan Non-banking Financial sector.
Despite operating in an almost generic product feature driven market, LB Finance Al-Salamah has successfully differentiated to become a leading player in the Islamic Finance industry with enhanced and superior operational effeciencies in terms of unmatched fast delivery and convenience through their strong branch network scattered around the island. Their unmatched superior distribution reach is further enhanced with the setting up of exclusive stand-alone units and the establishment of special appointees totally devoted for Islamic Financial services in the high Muslim density areas in the country. In the near future the Islamic Finance Central Administration unit of LB Finance will expand to Maradana to provide a convenient and customized service for the customers island wide and in the area. In addition to being monitored by a well qualified and experienced Sharia Supervisory Board, all LB Al-Salamah products are governed by the Central Bank’s regulatory framework for lending and deposits.
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