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 1st 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’sIjarah 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”.
Shiraz Refai, Deputy General Manager of LOLC Al-Falaah stated that “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, Krishan Thilakaratne, LOLC Group Head of Alternate Finance said, “It’s a very proud moment for all of us at LOLC Al-Falaah as this award reinstate sthe company’s commitment towards providing some of the industry’s finest financial solutions. We will continue to be guided by the principles we uphold, and look forward to achieving many more milestones in the future.”
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