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
UN Global Compact Network Sri Lanka mobilizes business to lead with purpose
As businesses navigate an increasingly complex operating environment shaped by workforce transformation, evolving stakeholder expectations, technological disruption and shifting market demands, strengthening performance requires more than new strategies. It requires new ways of thinking, leading, and collaborating.
It was against this backdrop that UN Global Compact Network Sri Lanka convened CATALYZE 2026: Social, bringing together business leaders, sustainability practitioners, policymakers, development partners and industry experts to mobilize collective action and equip businesses with the knowledge, partnerships and practical approaches needed to strengthen performance through responsible business.
More than a forum for dialogue, CATALYZE 2026 was designed to help businesses think differently about performance. It reinforced that long-term success is increasingly shaped by how organizations lead, uphold human rights, foster inclusive workplaces, strengthen ethical governance, and build cultures that enable innovation, resilience and trust. Responsible business is no longer separate from business performance — it is fundamental to it.
Aligned with the UN Global Compact’s 2026–2030 Global Strategy, the Forum reflected its three strategic pillars — Equip, Catalyze and Advance — by strengthening business capability, fostering collaboration and mobilizing leadership to accelerate progress on social sustainability.
UN Global Compact Network Sri Lanka’s approach to social sustainability centres on driving this change — recognizing that meaningful progress comes not only through policies and commitments, but through the everyday decisions, leadership behaviours and organizational cultures that shape how businesses operate. CATALYZE 2026: Social encouraged participants to move beyond intention towards implementation, embedding responsible business practices into strategy, governance and organizational culture.
Opening the CATALYZE 2026: Social, Rathika de Silva, Executive Director of UN Global Compact Network Sri Lanka, spoke to the role of responsible business leadership in strengthening Sri Lanka’s global competitiveness:
“Sri Lanka has the workforce, resilience, and opportunity to compete not by being the cheapest producer, but by becoming the most trusted. As global expectations evolve, compliance is no longer simply a cost of doing business — it is the foundation of market access, and the decisions we make today will determine how strongly we compete in the markets of the future.”
The Forum featured keynote addresses, leadership dialogues and technical sessions on the issues shaping the future of business, including business integrity and anti-corruption, human rights, neurodiversity and inclusive workplaces, artificial intelligence and the future of jobs, the Women’s Empowerment Principles (WEPs), responsible sustainability communications, and workforce resilience. Together, these discussions highlighted how responsible leadership, inclusive practices, and strong governance contribute to organizational resilience, innovation, and long-term performance.
Business
A regional conversation on the future of English language teaching
Free British Council online conference brings together leading educators from across South Asia to explore how creativity, inclusion and technology can help prepare learners for a rapidly changing world
The British Council has announced the South Asia TeachingEnglish Online Conference 2026, a free three-day event that will convene educators, researchers and teacher educators from across the region to examine one of the most pressing questions facing education today: how can schools equip learners with the creativity, adaptability and communication skills needed to thrive in an increasingly complex world?
Taking place from 23–25 July 2026, the online conference comes at a time when education systems across South Asia are grappling with the challenge of balancing curriculum demands, assessment pressures and evolving learner needs. While English remains a critical gateway to academic and professional opportunities, educators are increasingly seeking approaches that move beyond language acquisition alone to foster critical thinking, collaboration, learner agency and participation.
Business
The Ceylon Chamber convenes dialogue on energy security and standards for Sri Lanka’s energy transition
The Ceylon Chamber of Commerce recently hosted a discussion titled “Energy Transition in Sri Lanka: Strategic Insights from Global Markets”, bringing together representatives from the public and private sectors, industry experts, academics, and other stakeholders to examine the opportunities and challenges associated with Sri Lanka’s evolving energy landscape.
Held at a time when countries around the world are accelerating their transition towards cleaner, more resilient, and technology-driven energy systems, the event provided a timely platform to examine renewable energy not only as an environmental priority but as a strategic pillar of national energy security, with implications for economic growth and long-term competitiveness. The discussion also considered the increasing importance of reliable energy infrastructure in meeting the growing demands of digital transformation, including emerging technologies such as artificial intelligence, electric mobility, and data centres.
The programme covered a wide range of topics relevant to Sri Lanka’s energy future, including renewable energy development, energy security, regulatory and policy frameworks, electricity sector reforms, energy storage systems, grid modernization, investment and financing considerations, and international experiences in energy transition. Particular attention was given to the need for creating an enabling environment that supports innovation, attracts investment, including the technical and safety standards required to protect consumers and businesses as storage and solar adoption scales nationally.
-
News5 days agoLAWASIA warns against ad hoc initiative to increase judges’ retirement ages
-
News4 days agoChamuditha to seek removal of injunction on Youtube programme
-
News7 days agoAnother 1,132 Sri Lankan Personnel to be deployed for United Nations Peacekeeping Missions
-
Features4 days agoClimate action to bring South Asia together
-
Features6 days agoPeople’s Bank expands digital banking network with 125th cheque deposit kiosk
-
News1 day agoSLAF conducts successful rescue mission under UN command in Central African Republic
-
News4 days agoCPRP alleges another death in custody, seeks protection for witness
-
Midweek Review3 days agoH’tota port’s strategic status remains focal point of geopolitical scrutiny
