Reaffirming its status as Sri Lanka’s most awarded Alternate Financial services brand, LOLC Al-Falaah won multiple awards at the 9th Sri Lanka Islamic Banking & Finance Industry (SLIBFI) awards which was held virtually for the first time.
LOLC Al-Falaah won the ‘Gold’ award for ‘Leasing Company of the year’ with a ‘Silver’ award for ‘Window of the year’ and a ‘Bronze’ award for ‘Entity of the year’ for the financial year 2019/20. Furthermore, the company’s ‘Mudharabah super saver’ account introduced earlier in the year won a ‘Merit’ award for the category of ‘Product of the year for 2019/20’. Another key accolade under the category ‘Rising Islamic Finance Personality of the year for financial year 2019/20 was awarded to LOLC Al-Falaah’s In-house Scholar Advisor, Ash-Shaikh Ubaidullah Iqbal.
Held for the ninth consecutive year, the SLIBFI awards are the most prestigious awards organised within the Alternate Financial services industry of Sri Lanka to recognise individuals and institutions that made significant contributions to the industry during the 2019/20 financial year. UTO EduConsult organises the SLIBFI Awards in conjunction with KPMG, whose key role is to ensure an impartial evaluation process. An independent panel of judges of repute, under the guidance of KPMG, also assists in the final adjudications. The SLIBFI Awards take into consideration the performances of licensed commercial banks, finance institutions, insurance providers, capital market funds, and education institutes.
Commenting on the achievements, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “We are truly pleased with these multiple wins, this year too. This could not have been possible without the continued patronage and support of our valued customers, all stakeholders and the dedication of our talented staff across the LOLC Finance branch network for their untiring dedication and effort which has propelled LOLC Al-Falaah to become the most trusted brand in Sri Lanka for Alternate Financial services. Our commitment is emphasised further, as the SLIBFI recognition for ‘Upcoming Young Industry Talent’ was secured by one of our very own”.
Krishan Thilakaratne, LOLC Group Head of Alternate Finance said, “I believe that LOLC AL-Falaah’s winning streak is purely due to the trust and confidence that our customers have placed in us. Added with our talent pool to build strengthened relationships with all stakeholders, LOLC Al-Falaah will continue to be a household name as always”.
LOLC Al-Falaah, with over a decade 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.
HNB promotes cashless transactions; joins CBSL’s ‘Rata Purama LANKAQR’ campaign
Chief Guest for the event Money and Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal, CBSL Deputy Governor and National Payments Council chairperson Yvette Fernando, and CBSL Payments and Settlements Director D. Kumaratunge with HNB Executive Director and Chief Operating Officer Dilshan Rodrigo as he completes a transaction via HNB SOLO at a merchant stall
HNB PLC, partnered with the Central Bank of Sri Lanka to promote the Colombo-leg of ‘Rata Purama LANKA QR’ campaign at Diyatha Uyana, to raise awareness and encourage the public towards cashless payments.
Having already linked LANKA QR to its digital payment app HNB SOLO, the bank was among other financial institutions and telecommunication partners in joining efforts to make cashless QR-code based payments the standard for mobile phones and digital payments countrywide, in moving towards a cashless and digitally-savvy Sri Lanka.
“We are entering a new era of financial technology, where almost all of our daily transactions will require no physical banknotes, but just a smartphone and internet connection with our bank account integrated to a digital payment app.
The Central Bank’s national directive for banks and financial institutions to adopt and integrate LANKA QR into their existing digital payment solutions has prompted an aggressive onboarding of merchants to the new payment solution across the country. With our extensive customer base, SOLO is no doubt a significant contributor to this innovative initiative,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.
The Colombo-leg of the ‘Rata Purama LANKA QR’ campaign raised awareness regarding SOLO’s many facilities, including zero human interaction, efficiency, and eliminated risks that influenced many vendors to come on board.
Sri Lanka Insurance posts a staggering revenue of Rs. 55.2 billion during 2020
Amidst the turbulent and challenging year Sri Lanka Insurance has closed year 2020 on a positive note recording phenomenal revenue growth with exceptional service innovations.
Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2020 to record Rs. 55.2 billion revenue for the year, a marked improvement on the Rs.48.6 billion in the year 2019, a press release said.
It adds – In the year of 2020 Sri Lanka Insurance reported 30 % growth in life insurance premium increasing to Rs.19.2 billion whilst general insurance reported 7% growth in premium grew to Rs. 20.1 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 17 % during the year. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.
‘In continuing with its tradition of leadership, Sri Lanka Insurance in 2020 surpassed its own record to declare a sum of Rs.8.2 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.54 billion making the SLIC bonus payout unmatchable.
‘As the national insurer we have witnessed yet another challenging year and the consequences brought out by pandemic outbreak urged us to conduct our business operations in a more empathetic manner. SLIC has always taken the lead to protect the nation and during this difficult time Sri Lanka Insurance launched many initiatives to sustain country’s health defenses while ensuring our customers receive uninterrupted insurance service.
‘As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans under the ‘Insurance for All” concept. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities.’ noted .Jagath Wellawatta, chairman of SLIC.
Bank of Ceylon empowering nation with Lanka Q
The Bank of Ceylon in its mission to assist the government initiative to empower Sri Lanka through digital technology is joining the customer awareness campaign of Central Bank of Sri Lanka’s Lanka QR digital platform.
Bank of Ceylon had its most recent major awareness programs in Borella and Maharagama along with the other branches in Colombo District in line with the Central Bank’s main program held in “Diyatha Uyana” with the participation of all Lanka QR certified banks on the same day.
Central Bank of Sri Lanka (CBSL) has organized a series of awareness and promotion campaigns for popularizing Lanka QR with the participation of all Lanka QR certified financial institutions throughout the country with the aim of speeding up the customer adaptation process towards digital banking.
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