Business
Global recognition for Sri Lanka’s LOLC Al-Falaah
Reaffirming yet again its status as the most decorated Alternate Financial services brand in Sri Lanka, LOLC Al-Falaah bagged multiple accolades once again in the global arena, namely the 6th Islamic Finance Forum South Asia (IFFSA) Awards 2020/21 and the Islamic Finance News Best Non-Bank Financial Institutes (IFN-NBFI) Global Poll Awards 2021.
At the IFFSA awards, the much-awaited annual event by the Islamic Banking & Finance (IBF) fraternity in the South Asian region, LOLC Al-Falaah was crowned the IBF Leasing Company of the year and the IBF Window of the Year for the financial year ended 2019/2020. The company also won the Silver award for IBF Entity of the Year for the financial year ended 2019/20. The annual IFFSA Awards recognise high achievers particularly in the South Asian region for their contributions and efforts to the industry. It is organised by UTO EduConsult and all award applications are stringently adjudicated by KPMG.
Meanwhile, competing against some of the global industry giants at the IFN-NBFI Global Poll Awards 2021, LOLC Al-Falaah emerged as the Best Islamic Leasing Provider, bringing glory and honour to Sri Lanka, once again. This is the 3rd consecutive year that LOLC Al-Falaah has secured this top-position. IFN readers and market players from Asia, the Middle East, Africa, Europe and North America participated in the poll which is part of the prestigious IFN Awards which is known for their impartiality, independence and inclusiveness in honouring the most outstanding leaders in the global Islamic finance industry.
Expressing his views on the multiple achievements at both awards, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Concentration on constant innovation, providing tailor-made financial solutions, commitment to develop the IBF industry and our stability built on prudent best-practices has developed a strong trust in us by our stakeholders over the years. As a result, these awards and recognitions compliment the dedication and commitment of our staff towards offering international service standards to our valued Customers”.
Speaking of these international accolades, Conrad Dias, Director/CEO of LOLC Finance PLC said, “I am extremely pleased because LOLC Al-Falaah has been consistent with its growth and performance even during the pandemic. Even during these trying times our staff has worked tirelessly and they have continued to achieve the company objectives whilst offering service excellence to our customers who are based across the nation. LOLC Al-Falaah is committed to progress further with this drive and passion for growth”.
LOLC Al-Falaah posted a Profit before Tax of Rs. 413.92 Mn from Rs. 318.45 Mn in the previous year, which marks a colossal 30% growth – an outstanding achievement recorded during a disruptive year. The company maintained a Non-performing loan (NPL) level of 3.9% against an industry average amongst finance companies which was of over 15%. Furthermore, LOLC Al-Falaah continues to leverage on the technological expertise of the parent company LOLC Finance PLC to provide uninterrupted services to its customer base.
LOLC Al-Falaah, with over 14 years of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd.
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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