Business
LOLC Al-Falaah secures ‘Best Islamic Leasing Provider – Global’ for the third consecutive year at IFN Awards 2022\
Reaffirming its status as the most adorned Alternate Financial services brand in Sri Lanka, LOLC Al-Falaah emerged as the Best Islamic Leasing Provider, once again, in the annual Islamic Finance News-Non Banking Financial Institution (IFN-NBFI) Global Polls for 2022. LOLC Al-Falaah has brought glory to the organization by retaining this prestigious IFN-NBFI award for the 3rd consecutive year.
Maintaining consistency in its compliance, innovation and demand-based product offerings, has placed the brand on the spotlight over the years. Global winners of various categories listed in the IFN-NBFI Global Poll were announced on the 5th of December 2022. The prestigious awarding ceremony will take place in Dubai, United Arab Emirates in mid-January 2023.
The annual IFN Best NBFI Poll recognizes the industry leading providers of Islamic financial services across global markets and varied sectors, where votes are casted by readers of IFN, Islamic finance investors, issuers, banking & non-banking financial intermediaries with majority representation from Asia, the Middle East, Africa, Europe and North American regions. This annual global poll is known for their impartiality, independence and inclusiveness in honouring the most outstanding leaders in the global Islamic finance industry.
Speaking about this prestigious win, Head of Alternate Financial Services of LOLC Finance PLC, Shiraz Refai said, “LOLC Al-Falaah has re-established its brand strength yet again with another global level recognition. These constant achievements signify the success in our applications and practices beyond the shores of Sri Lanka in establishing the confidence of our overseas investors and customers. Our record of accomplishments, year after year, demonstrate our passion, persistent efforts and the global standards that we continue to uphold. We are extremely pleased with the results and take humble pride in representing Sri Lanka in a global platform.”
Also sharing his views, Ilsam Awfer, Chief Manager Alternate Financial Services of LOLC Finance said, “This is the third consecutive year that Al-Falaah was recognized at the top-tier ranks at the IFN-NBFI Global Poll. This achievement resembles our commitment towards developing Islamic Finance within Sri Lanka and adopting best practises to serve our valuable stakeholders. I would like to appreciate my team for their tireless efforts and contribution; further would like to thank the top management, members of the Scholarly Supervisory Board and our valued customers for their assistance and patronage. As a result, we have been able to pull through and record these impressive results, year-on-year, and this is a testament to that effort”.
LOLC AL-Falaah is the alternate financial services brand of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate with operations in 22 countries in Asia and Africa. LOLC Al-Falaah functions directly under the auspices of LOLC Finance PLC, with a total network of 210 branches, and an active customer base of over 600,000, a total lending portfolio amounting to over Rs. 200 Bn, coupled with a deposit base of over Rs. 180 Bn. LOLC Finance which is a Regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A STABLE by ICRA Lanka Limited.
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
Business
International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw
ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.
This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.
“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL
Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.
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