Business
LOLC AL-Falaah wins Gold at slibfi awards four years in a row
LOLC Al-Falaah, Sri Lanka’s most awarded Alternate Financial Services brand, has once again proven its dominance in the Islamic Banking and Finance sector by winning four prestigious awards at the 12th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards. The awarding ceremony, held on July 20, 2023, at Shangri-La Hotel, Colombo, recognized the outstanding contributions of LOLC Al-Falaah within the Islamic financial services sector of the country.
At the significant event, Al-Falaah achieved a remarkable feat by receiving multiple accolades. The brand was honoured with the Gold award for Islamic Finance Non-Banking Financial Institute (NBFI) Entity of the Year, where in previous years the category availability for NBFI was the recognition for the ‘Islamic Leasing Company of the Year’ award. Impressively, this marks the fourth consecutive year that Al-Falaah has secured this esteemed title in the NBFI category.
Additionally, it also secured the Silver award for Islamic Finance Window/Unit of the Year, and the Bronze award for Islamic Finance Entity of the Year. In a notable addition to its already impressive list of achievements, LOLC Al-Falaah’s very own Ash-Shaikh Fazil Mohamed was honoured this year with the highly esteemed ‘Rising Personality of the Year’ award.
The SLIBFI awards, initiated by UTO EduConsult (UTO), aim to recognize the remarkable efforts made by the Islamic Banking and Financial sector in Sri Lanka. A panel of reputed judges evaluates the initial screening of the applications and profiles, in a three-tier process, based on audited financial data from the year under consideration and forward to the independent adjudicators KPMG, Sri Lanka to review the submissions and determine the final winners.
LOLC Al-Falaah has been a trendsetter in Sri Lanka’s non-interest based financial services landscape. It stands as the first licensed NBFI to offer a comprehensive 360-degree Islamic Finance product portfolio since its inception, making it a pioneer in the country’s Alternative Financial Services sector. LOLC Al-Falaah operates under the umbrella of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate, with a presence in 25 countries across Asia and Africa. As a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), the brand dominates the alternate financial services segment in Sri Lanka.
Commenting on the achievement, Shiraz Refai, Head of Alternate Financial Services at LOLC Finance, highlighted the key factors contributing to the success of LOLC Al-Falaah. He said, “Our achievements stem from a robust and compliant business model, an extensive range of products, and the strong brand presence of LOLC. Leveraging advanced technological platforms has been instrumental in revolutionizing LOLC Al-Falaah and gaining consistent recognition and accolades, both within Sri Lanka and on the global stage. The recognition received at the 12th SLIBFI Awards reaffirms LOLC Al-Falaah’s position as a leading force in the Alternate Finance services sector, and it is undoubtedly an inspiration to the entire industry.”
Ilsam Awfer, Chief Manager of Alternate Financial Services at LOLC Finance PLC, expressed his sincere gratitude to the brand’s esteemed customers and stakeholders, stating, “We are humbled and grateful for the trust and support our valued customers and stakeholders have shown us during our 15-year journey. I would like to commend the dedication shown by our committed staff members. At LOLC Al-Falaah, our unwavering commitment has been on providing services that meet our customers’ essential business needs while offering them a sense of spiritual comfort.”
LOLC Al-Falaah has demonstrated exceptional performance in the past financial year, with significant growth in various key metrics. Total assets experienced a remarkable 29% increase, customer deposits grew by an impressive 83%, revenue surged by an outstanding 97%, and profit before tax rose by a notable 33% when compared to the previous financial year. Operating through 200 branches strategically located across the country, LOLC Al-Falaah ensures accessibility for its customers. The brand also offers the convenience of reaching investments and savings accounts through LOLC Real-Time Internet Banking and its Digital Banking App, iPay.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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