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.
Business
Cabinet approves submission of the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament
The Cabinet of Ministers has approved the proposal forwarded by the President in his office as the Minister of Finance, Planning and Economic Development to submit the Report on the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament.
As per section 80 (3) of the Central Bank of Sri Lanka Act No. 16 of 2023, the Minister in – charge of the subject of Finance shall submit a report on the economic situation which prevailed within the particular financial year, within four months after completion of each financial year. Accordingly, the report in relation to the financial review of the Central Bank of Sri Lanka for the year 2024 has been submitted to the President. The report has envisaged macro economic trends of Sri Lanka, situation of the financial system, as well as the major developments and a review of the policies of Central Bank of Sri Lanka.
[DGI]
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
Maintaining public trust is a fundamental responsibility of the Police Department – President
Submission of gazette notifications for the concurrence of the Parliament.
Cabinet approval to prepare new Act for securing the rights of plant species
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