LOLC General Insurance | News

NEWS & HIGHLIGHTS

You are here:   Home > News & Highlights

Stay up-to-date on the events and happenings at LOLC by accessing the very latest news and highlights. Read more about the group's latest financial ventures, corporate achievements and special events, as well as to avail yourself of information relevant to any new products and services offered by LOLC.

31 May 2021, Colombo: Sri Lanka's most valuable and globally diversified financial conglomerate, the LOLC Group, posted a record-breaking performance for the financial year ending 31st March 2021, achieving unprecedented bottom line results of Rs. 57Bn in Profit Before Tax (PBT), and a Profit After Tax (PAT) of Rs. 53Bn - a first for any corporate in the country. By achieving profits on this massive scale in the history of Sri Lanka's corporate world, the Group once again consolidated its position as the top most profitable diversified corporate in the country, three years in a row - establishing LOLC as one of the largest Micro and Small & Medium Enterprises (MSME) platforms in the world.

This stunning performance by LOLC resulted in a Rs. 28Bn being recorded as Profits Attributable to the Equity Holders of the Parent company. The Group results denote an impressive Earnings Per Share of Rs. 59.01 compared with Rs. 22.93 recorded in the previous year. Whereas, the total comprehensive income was Rs. 81Bn out of which Rs. 37Bn is attributable to the Equity Holders of the Parent company. Furthermore, the total attributable comprehensive income per share was Rs. 77.84. The resultant Net Assets Value per Share as at the year-end was Rs. 286.23 compared to Rs. 194.72 reported last year, demonstrates the exceptional value creation by the Group during the concluded financial year.

The story of LOLC's rise into an elite blue-chip within a span of 40 years is nothing short of awe-inspiring, surpassing competitors who have been in existence for over a century. A pioneering leasing company established in the year 1980, in collaboration with ORIX Corporation of Japan and International Finance Corporation (IFC), LOLC, revolutionized the future of MSMEs in Sri Lanka and rose in stature as Sri Lanka's largest Non-Banking Financial Institution (NBFI). Having established a high performance microfinance business model, LOLC rapidly exported its expertise to global markets such as Cambodia, Myanmar, Indonesia, Philippines, and Pakistan in Asia; as well as Zambia and Nigeria in East and West Africa, bringing prosperity to people at the bottom of the pyramid. In addition, the Group has established its footprint in the Maldives and Sierra Leone in the arena of Non-Financial Services.

In Sri Lanka, the LOLC Group diversified into agriculture and plantations, leisure, renewable energy, construction, manufacturing and trading, information services, as well as research and innovation over and above its flagship financial services. All of these businesses recorded an upward trend in profitability in 2020/21, despite the adverse effects of COVID-19 being felt by Sri Lanka's economy through 2020, coupled with weak GDP growth in the preceding year. Despite the global economic downturn experienced during the period, a strong pipeline of multilateral and bilateral funding has been available to LOLC and its operating companies both locally and globally - a testimonial to the confidence these institutions have placed in the LOLC Group due to its strong and unblemished track record and the potential for growth even during turbulent times.

Performance of Financial Services Companies

LOLC's financial services have brought about life-changing financial inclusion in MSMEs in Sri Lanka, empowering frequently marginalized communities to build a better future for their families - driving women's empowerment and financial independence by encouraging their entrepreneurial ambitions. Overall, the LOLC Group's Financial Services achieved a Rs. 17.3Bn as bottom line despite allowing for a strong level of risk mitigating provisions amounting to Rs. 30Bn for bad and doubtful debts on a very conservative basis against Rs. 17Bn last year. Livelihoods of people in all sectors have been badly affected by the COVID 19 pandemic and at the request of the regulators of each country, the Group's Financial Services Companies have extended moratoriums to affected customers - extending a safety-net to those in need.

LOLC's finance companies in Sri Lanka experienced a strong level of deposit inflows despite the all-time low interest rates. The flagship finance company - LOLC Finance PLC (LOFC) - with a Total Assets base of Rs. 170Bn, recorded PAT of Rs. 4.4Bn. Commercial Leasing & Finance PLC (CLC) with a Total Assets Base of Rs. 77Bn also recorded strong performance, posting a PAT of Rs. 2.2Bn in 2020/21. Meanwhile, with a Total Assets Base of Rs. 19Bn, LOLC Development Finance (LODF) PLC recorded a PAT of Rs. 155Mn.

Seylan Bank succeeded in delivering a steady PAT of Rs. 3Bn for FY2020. Deposits increased by 9.9% and advances increased by 4%, whereas the CASA Ratio stood at 33%.

LOLC's global success took seed in 2007, when it invested in PRASAC - a Cambodian microfinance organisation - and grew it into a billion-dollar organization in less than 12 years. A 70% stake was recently acquired by the Republic of Korea's largest commercial bank, Kookmin Bank, for US$ 603 Mn - thereby contributing to overall Group profitability and strengthening its balance sheet with a put option to divest the remaining stake in December 2021.

LOLC's overseas financial services entities made strong contributions to the profitability of the Group in 2020/21 - with LOLC Cambodia leading the way with a US$ 45 Mn in PAT with the Total Assets base exceeding over US$ 1 Bn. In Cambodia, LOLC continues to hold a 97% stake in LOLC Cambodia - the fourth-largest microfinance company in terms of market position, and the second most profitable microfinance institution in Cambodia after PRASAC.

Venturing into Myanmar in 2013 as a greenfield operation, LOLC Myanmar Microfinance Company Limited has now become the fourth-largest among the 176 MFIs, with an asset base of US$ 175 Mn, a portfolio of US$ 126 Mn and a growing deposit book of US$ 20 Mn. LOLC Myanmar has seen exceptional performance in FY2020/21 by posting a profit of US$ 3 Mn as PAT, and envisages strong growth prospects amidst the atmosphere of a large unbanked population.

In 2017, LOLC ventured into Pakistan by investing in Pak Oman Microfinance Bank (POMB), a joint venture with the Islamic republic of Pakistan and the Sultanate of Oman, which is now poised for rapid growth in a country with a population of over 200 million - offering attractive industry fundamentals. POMB operates through 66 branches, extending its services to over 50,000 clients. The Group ventured into Indonesia in 2018, acquiring the controlling interest in PT Sarana Sumut Ventura (SSV), further expanding its global footprint. SSV is now well-positioned to capture the industry potential in a country with a population of 270 million with over a 100 million bottom of the pyramid population. SSV operates through 28 branches, extending its services to over 60,000 clients.

Tapping into other neighbouring emerging markets, LOLC invested in the Philippines - a country with a population of 110 million - through LOLC ASKI Finance and LOLC Bank Philippines - a thrift bank in 2019. LOLC ASKI operates through 15 branches, extending its services to over 3,000 clients, while LOLC Bank operates through 10 branches, extending its services to over 8,000 clients.

In the year under review, the Group made its first finance sector investment in the African region by acquiring a controlling stake of FinaTrust Microfinance Bank in Nigeria - a west African nation with the largest population in the continent of 206 million. FinaTrust will provide support to MSME entrepreneurs for significant financial inclusion in the country - operating through 8 branches and extending its services to over 3,000 clients. The Group commenced operations in Zambia by incorporating LOLC Finance Zambia as a greenfield operation - which currently operates through 6 branches.

The global expansion strategy for the financial services sector remains a key focus, with plans being made for expanding into more markets in both Africa and Asia.

LOLC's two insurance companies: LOLC General Insurance Ltd. and LOLC Life Assurance Ltd. demonstrated strong resilience against the unprecedented impacts of the pandemic and other socio-economic adversities. LOLC Life Assurance registered a GWP of Rs 3.2 Bn - the first Life Company in the industry to achieve this milestone in less than 10 years - and posted a growth of 21% in GWP, backed by a robust growth of 59% in first year premiums: the highest new business growth in the insurance industry. Meanwhile, LOLC General Insurance achieved Rs. 6Bn in Gross Written Premium in 2020 in less than 10 years - a first for Sri Lanka.

After success in the overseas MSME sector, the company is leveraging on its vast international customer base and technical synergies to enter the micro insurance arena, already securing licenses in Cambodia and a representative office in Myanmar - thereby offering end-to-end financial security for the MSME sectors in these markets. One of the key factors for LOLC's success in overseas sectors will be that it is penetrating markets with large populations, in order to serve the MSME segments in those countries and help them scale up the value chain.

LOLC Securities (LOSEC) Private Limited, a leading stock broker with strong retail and local and foreign institutional client base, expanded its market share from 7% to 9.5% in FY 2020/21. The company is ranked 2nd among peers in terms of Total Market Turnover during the year under review. Improved brokerage earnings, ongoing expense management policies, and positive stock market sentiment helped the company to record impressive performance.

LOLC's expertise in financial services has been further underscored by the launch of iPay, a unique payment aggregator which has garnered close to 90,000 subscribers and enables a wide range of financial transactions through the app. It has been successfully launched in Sri Lanka and Cambodia, along with implementation plans already in place for Myanmar, Pakistan and Indonesia. iPay became the market leader in Sri Lanka in terms of customer acquisition and transaction volumes on its launch. As a tech-savvy global player, LOLC is continuously investing in technology and technology-enabled services, bringing in technology to its business to automate processes - thereby becoming a predominantly 'phygital' financial service provider. LOLC has standardized its local and global operations on an Oracle based common core banking platform built by LOLC Technologies named Fusion X for greater operational efficiencies.

Performance of Non-Financial Sector Companies

Brown & Company PLC with a history of 146 years, together with its investments arm, Browns Investments PLC (BI), under which LOLC's non-financial services businesses are structured, recorded resilient performance during the year under review. Despite the challenges encountered in the macroeconomic environment and in the intensity of the competitive landscape, Browns' trading business recorded one of its highest revenues with an increase of 45% with a gross profits increase of 47% for the FY 2020/21, while posting a PAT of Rs. 1.8Bn.

Browns and BI, has energized many vital sectors of the Sri Lankan economy, including trading and manufacturing, precision engineering, mechanization of agriculture, automotive, power storage, renewable energy, leisure & hospitality, plantations, construction, marine and veterinary pharmaceuticals.

Browns is the most trusted, reliable and preferred partner for many leading global brands, introduced the world-renowned Massey Ferguson tractors back in 1952, becoming the first distributor in the whole of South and South East Asia. Further, the company harnessed its superior enterprise capabilities to make TAFE the highest selling tractor brand in Sri Lanka. Today, TAFE and Massey Ferguson enjoys a 50% market share. Yanmar Combined Harvester, the most preferred brand in the Japanese segment holds over 60% market share while SUMO, its Chinese counterpart, holds over 50% market share in that particular segment.

The Auto Power Market, with its distinctive competitiveness in technology, innovation, is well ahead of its competition with a 75% market share combined with the superior Exide, Lucas and Dagenite range. Further, RADCO, the number one brand of radiators in Sri Lanka is the market leader holding over 50% market share.

Browns also partners with leading global veterinary brands such as Zagro, MSD and Eukanuba.

In collaboration with the world's leading brands, the company provides an unmatched range of heavy machinery - Hitachi and Sakai, and tools - Makita and Tailin, reputed for trusted technology, advance functionality and energy efficiency. In the Electric Energy Solutions, Browns has a partnership with F G Wilson. The success of FG Wilson in Sri Lanka demonstrates the technical marketing proficiency of the company. It also markets Yanmar & Hyundai and PARSUN, the world's most reliable and durable Marine engines.

The Group's local plantations sector operates through Maturata Plantations and Gal Oya plantations, two businesses that recorded strong performance in the year under review.

Maturata's business focus lies in the management of the company's tea plantations profitably while the future strategies are aligned to create long term value from cinnamon, with the company having the largest cinnamon plantation in the country. The BI Group acquired a 67% stake in Tropical Island Commodities Pvt Ltd., a cinnamon exporter in the country with a focus of developing value-added cinnamon products to attract global markets with strong demand for Sri Lankan cinnamon. During the year, Maturata recorded a historic performance with an excellent profit contribution to the Group, a PAT of Rs. 382Mn.

Gal Oya Plantations continued to enhance its sugar cane growing and production capacity with Hingurana Sugar Factory being expanded to meet local demand, which will also help the Government to reduce expenditure on sugar imports. Gal Oya also produces the highest grade ethanol in Sri Lanka.

BI Group, invested in Sunbird Bioenergy (SBSL) Limited in 2019, an agro-based company incorporated in Sierra Leone, the largest land extent allocated for sugar cane plantation in the region with 23,791Ha with the ability to increase up to 50,000Ha, produces Extra Neutral Alcohol (ENA) as per the global industrial standards. The company achieved its plantation target of increasing the sugar cane extent up to 6,500Ha from 900Ha in 2019, a remarkable achievement for the Group and produced an ENA of 14.3Mn liters. SBSL also generates and exports power to the national grid with a power generation capacity of 32MWh.

In the renewable energy sector, Sagasolar Power (Pvt) Limited, the first utility scale solar plant in the country, has been in operation for over 4 years since its commissioning in 2016 and generates steady profit contributions to the BI Group.

Browns Engineering, the Construction and Engineering arm of BI, aims to improve its market share in the telecommunication industry in Sri Lanka to be the turnkey solutions provider for telco operators. The company has performed extremely well with Rs. 1.6 Bn revenue along with Rs. 361 Mn in PAT. Further, Browns Engineering plans to expand its operations in infrastructure development projects in roads and bridges, water and sewerage, and electrical and piling work in Sri Lanka and the Maldives.

Complementing the construction business of BI, Ajax Engineers (Pvt) Ltd., (Ajax), with its strong track record in the aluminium fabricating business, became the No. 1 player in the Aluminium facade industry in Sri Lanka with large development projects being awarded to the company for end-to-end aluminium solutions. Gurind Accor Private Limited, the renowned Glass Processing company with the brand Gurind Tough is the no. 1 local glass processor, the pioneer toughened glass supplier in the country holding a dominant market share together with General Accessories & Coating Pvt Ltd. recording strong financial performance despite COVID-19 challenges directly impacting the country's construction industry. Creation Wooden Fabricators (Pvt) Ltd, engaged in custom build furniture solutions too reported commendable financial performance during the year.

Excel World is being upgraded to become the premier food & beverage and MICE destination in Colombo City. Meanwhile, Excel Restaurants Pvt Ltd. was granted franchise rights of 7 leading restaurant brands in Colombo.

Browns Hotels & Resorts, a subsidiary of BI continued to enjoy a strong presence in the leisure sector with Eden Resort & Spa in Beruwala with 158 keys, The Paradise in Dambulla with 67 keys, Dickwella Resort & Spa with 76 keys and The Calm Resort & Spa in Pasikudah with 70 keys. With the assistance of Sri Lanka Tourism Development Authority (SLTDA), the government has formulated short-term and long-term plans to rebuild the tourism industry impacted by the pandemic. The Group's timely conversion of these properties into repatriation hotels helped the operating hotels to enjoy a steady stream of revenues generating operating profits. Sheraton Kosgoda Turtle Beach Hotel with 172 keys, a five-star property managed by Sheraton was commissioned during the year. The Group recommenced the construction activities of Riverina Resorts Beruwala, another 365 key five-star property.

Anticipating strong growth in the leisure business in the medium to long term, BI leisure subsidiary, Eden Hotels Lanka PLC acquired the controlling stake of Serendib Hotels PLC. This acquisition adds the Dolphin Hotel in Waikkal with 154 keys, Avani Bentota with 75 keys, Hotel Sigiriya with 79 keys, and the Reveal Collection of Villa properties under Frontier Capital Pvt Ltd with 28 keys into the Group's leisure footprint. Dolphin Hotel, Avani Bentota and Hotel Sigiriya are currently operating as Quarantine properties.

The Group's leisure footprint expanded to the global arena with a significant investment in Maldives in the last few years. Nasandhura Maldives, a luxury city hotel with 136 rooms, 118 apartments and a sophisticated retail mall, is nearing completion. This is a flagship property and will be an iconic development in the Male city. Another project in progress on the island of Bodhufarufinolhu with 100 keys, in the Ari Atoll, Maldives is to be completed in December.

The Group signed a shareholder agreement with the Barcelo Hotel Group to develop a three-hotel complex in North Male' Atoll, Maldives, Bodufaru Beach Resorts Lts, which consists of 470 keys. The total value of the development which is estimated at US$ 150 Mn with Barcelo investing US$ 30 Mn for a stake of 33.33%. Apart from this shareholder agreement, Barcelo Hotel Group entered into a management agreement to manage 5 leisure properties in Sri Lanka and Maldives.

Having grown its leisure footprint significantly and with the expansion planned for the medium term, the Group will hold 2,000 plus keys in Sri Lanka and overseas leisure properties to be positioned as a significant leisure operator.

Browns Investments PLC entered into a landmark agreement to partner with China Harbour Engineering Company Limited (CHEC) to commence the Colombo International Finance Centre (CIFC) Mixed Development Project, which has strategic development project status, in Colombo Port City (CPC). This project comprises of a land area under development of 6.8 Hectares with an investment value totaling US$ 1 Bn. The total investment in Phase One amounts to US$ 450 Mn with a buildable land area spanning 3.06 hectares, which is leased from CHEC Port City Colombo (Private) Limited to the new SPV that will be jointly managed by Browns and CHEC. This will be a significant undertaking involving the construction of two residential apartment towers, one serviced apartment tower, one office tower and a retail podium on the ground floor.

The LOLC Group is also exploring Technology and Innovation aligned to His Excellency the President of Sri Lanka's vision and to infuse local value addition. LOLC Advanced Technologies has built capacity to convert graphite to graphene and in partnership with SLINTEC, in which it has invested, is also conducting value additions such as fortifying rice with nutraceuticals; and researching organic fertilisers to cater to the current demand. LOLC's thirst for new knowledge and scientific innovation remains insatiable. More importantly, the Group provides opportunities for local scientists to work on exciting projects and encourages a spirit of discovery and innovation not abundantly available in Sri Lanka.

Recording the highest profitability by a corporate in Sri Lanka in just a span of 40 years, LOLC Group proves that a local Company with a big heart and bigger ambitions with strong leadership, drive and agility can create a global footprint and achieve market leadership in the new territories, creating brand equity for the island-nation. The profitability levels achieved by LOLC in 2020/21 could be the historical pivot point for a new dawn in corporate sector performance for Sri Lanka. Amidst a global trend of economic uncertainty, the Group's strategic investments and robust financial performance have infused formidable stability and resilience to Sri Lanka's economy.


Mr. Ishara Nanayakkara, Deputy Chairman of LOLC Group with Group Managing Director/CEO of LOLC Group, Mr. Kapila Jayawardena

Sri Lanka’s fastest growing Insurance companies, LOLC General Insurance and LOLC Life Assurance that operate under the wing of Sri Lanka’s iconic diversified financial conglomerate – LOLC, recently expanded its operations to Wellawaya, Higurakgoda and Horana. This is in line with the expansion drive that the two companies commenced last year in order to reach out to more customers and to offer superior personalised service.

The new LOLC General and LOLC Life branches were ceremonially inaugurated at No. 191, Tissa Road, Wellawaya, No. 8, Airport Road, Hingurakgoda and No. 540, Panadura Road, Horana. Speaking about the latest expansions, Mr. Kithsiri Gunawardena, Chief Executive Officer of LOLC General Insurance said, “We are extremely excited for the opportunity to grow and serve in the fast emerging cities of Wellawaya, Higurakgoda and Horana. We look forward to serve these communities to our fullest potential. These new locations are conveniently situated and is staffed by a team of experienced insurance professionals”.

LOLC General and LOLC Life Insurance envisage to aggressively expand its nationwide reach by establishing approximately 70 dedicated service points, penetrating into new regions during the 2021 financial year. During the 3rd quarter of 2020, LOLC Insurance opened over 15 new branches. The two Insurance Companies look forward to spreading their wings to strategically selected overseas markets as well in the year ahead. Both entities have already acquired the license to operate in Cambodia and the operations are scheduled to commence in 2021.

LOLC General Insurance and LOLC Life Assurance are fully owned subsidiaries of the LOLC Group - one of the largest and most diversified financial conglomerates in Sri Lanka with international presence.


LOLC General Insurance, a fully-owned subsidiary of the LOLC Group recently became Sri Lanka’s first General Insurance company to achieve Rs. 6 Billion Gross Written Premium (GWP) in less than 10 years. The company reached the Rs. 6 Billion mark in December 2020, becoming the fastest General Insurance company to achieve this milestone in the industry. LOLC General Insurance CEO, Mr. Kithsiri Gunawardena talks of the many key attributes that helped reach this achievement.

What were the main factors that helped LOLC General Insurance reach the 6 Billion GWP mark in less than 10 years?
LOLC General Insurance is a young company compared to the rest in the industry. During the last few years we continuously streamlined the processes and achieved greater coordination between different units of the company. The entire staff was motivated to work as one team and embark on a customer centric approach. A scheme was introduced whereby a pre-designated percentage of the company profits are shared with our staff thereby elevating them to become true stakeholders of our business. We also critically analysed our expenses and introduced mechanisms to achieve greater efficiency and productivity. The combination of these measures and our aggressive sales model supported by the commitment of our team resulted in the company being able to secure a substantial volume of new business outside of the group reflecting that we are well aligned to the needs of the market. With a service first mind-set and the strong backing of the LOLC Group, LOLC General Insurance became the fastest growing Insurer in the industry with the highest growth in Motor as well as Non-Motor portfolios. This achievement was also made possible by the trust and confidence placed in us by our customers throughout the country as well as the indispensable contribution made by our staff. The aggressive approach in sales, flexibility in policy options and a customer centric product portfolio has enabled this growth over the years. The company hopes to maintain the same focus, approach and excellence in the years ahead to sustain this growth momentum.

How did the company manage to progress despite the pandemic in 2020?
Year 2020 was probably the most challenging year for most businesses in the country and the insurance industry recorded a negative growth. Interestingly, LOLC General Insurance managed to record its best performance during this year. Although external operating conditions remained challenging, the General Insurance business performed steadily. Most disruptions create opportunities and we capitalised on becoming even more aggressive when most others opted to be cautious. By December 2020, we were able to reach the Rs. 6 Bn mark mainly because of the commitment of our team who were always geared and motivated to offer uninterrupted services to the customers even during the pandemic.

What makes LOLC General Insurance different from the rest in the industry?
The aggressive business model, highly motivated and loyal staff, passionate leadership, unstinted reputation within the market on service quality and last but not least the strong backing of the LOLC Group is what makes us stand apart.

How do you view the opportunity and potential in the local market for General Insurance?
The opportunities are immense in the market. With a saturated Motor market and the challenge of limited new registrations for the foreseeable future, the price and service will be key in this sphere. The Non-Motor market is noticeably underpenetrated and this gives LOLC General Insurance opportunities to grow with our unique products and services to customers.

What are your future expansion plans?
2021 will see innovations in terms of customer engagement with respect to digital transformation as well as unique product ranges and service standards being introduced. By locating branches strategically, the company is enhancing customer convenience. Our focus on accomplishing full automation remains strong with the entire process automated end-to-end, from meeting the customer to the point of delivery while policy servicing is achieved via technology platforms. The country-wide reach will be enhanced with the formation of new regions/branches and close to 70 dedicated service points being established.

Any plans to venture into international markets?
With LOLC expanding into many markets in Asia and Africa, we too hope to expand the insurance services and products to several selected and potential international markets in the near future. LOLC Group has a very strong and highly respected brand presence in all the markets we operate. In some of these markets, the Insurance industry is in the early stages of development. Thus, the regulators are keen on the introduction of micro insurance products to support small and medium scale businesses for systemic stability.

LOLC Life Assurance Limited, one of Sri Lanka's fastest-growing insurance companies which is a subsidiary of the LOLC Group, recently announced the appointment of Mrs. Nadika Opatha as its Chief Executive Officer. Mrs. Opatha is a highly experienced and accomplished strategic leader in the field of Sales and Marketing, counting over 24 years of experience in the Financial Services Industry, both locally as well as internationally. She is an MDRT qualified Insurance professional with expertise in Sales, Channel Development and management, setting up business partnerships and performance management. Out of the many accolades she has been bestowed with throughout her career, winning the Best National Sales Head Sri Lanka award at the 2018 SLIM NASCO was her most recent achievement.

Nadika Opatha commenced her career at John Keells Holdings Limited in 1995. In 1997, she joined LOLC's Factoring arm and in 2002 she left LOLC and joined her family in Canada. She joined RBC (Royal Bank) Insurance Company in Canada as a Financial Services Advisor attached to the Bank. She worked from 2003 to 2011 at RBC where she garnered much of her international experience and exposure in Bancassurance and senior insurance positions.

In 2012, after a successful career at the Royal Bank of Canada, Mrs. Opatha returned to LOLC as the Head of Corporate Sales of LOLC Life Assurance Limited. She was successful in pioneering Bancassurance at LOLC Life entering into exclusive partnerships and establishing LOLC Life as one of the market leaders in Bancassurance. Over the years, she progressed in her career at LOLC Life to its Head of Sales and Chief Operating Officer. Her leadership and strategic planning helped the company to have all key performance indicators perform beyond expectations during the last 12 months. LOLC Life recorded the highest growth in new Life Business among similar sized Insurance companies at the end of the 2nd quarter of 2020 with an overall double-digit growth in GWP while most Insurance companies showed a negative growth in the industry.

Mrs. Opatha holds a Bachelor of Science (BSc) 1st class honours degree and a Master of Business Administration Degree from the University of Colombo. She also holds a Diploma from the Institute of Canadian Bankers Association.

LOLC Life Assurance believes that her appointment comes at an opportune time considering the growth LOLC Life has been experiencing over the recent past.

LOLC Insurance sponsors the 141st Battle of the Blues

LOLC Insurance sponsors the 141st Battle of the Blues







LOLC General Insurance Limited signed up as the official Insurance Partner for the upcoming 27th Fox Hill Supercross 2019 for the second consecutive year. The cheque was presented by Mrs.Nadika Opatha - Head of Sales to Mr. S.K. Eshwaran, Brigadier, Commandant, Sri Lanka Military Academy and Chairman of the Organising Committee at the Marco Polo Hall at the Hilton, Colombo



LOLC General Insurance Opens Second Regional Office at Matara CLC Building



LOLC General Insurance Limited recently inaugurated its new Regional Office in the heart of Kurunegala. The new office is located at the CLC Building, No. 35, Mihindu Mawatha, Kurunegala. Mrs. Nadika Opatha Head of Sales graced the opening ceremony as the Chief Guest amidst a gathering of Senior Management of LOLC Group and the company staff.

Addressing the gathering at the opening of the new LOLC General Insurance Regional Office in Kurunegala, Mrs. Opatha said, "LOLC Insurance is always committed to explore the possibilities of creating utmost convenience to its customers. Through the new Regional Office in Kurunegala, the company hopes to reach closer to its customers and offer them a personalised service. This is the first Regional Office of LOLC General Insurance Limited and the team is truly excited to embark on this journey to create value to its customers through unparalleled expertise in the Insurance industry". LOLC General Insurance Limited is a fully-owned subsidiary of one of Sri Lanka's largest diversified conglomerates - he LOLC Group. LOLC General Insurance is currently one of the fastest growing Insurance Companies in Sri Lanka. The company offers a comprehensive range of insurance solutions to both individuals and businesses with products such as Motor Insurance, Fire Insurance Including Home (Sureki Piyasa), Personal Accident Insurance, Engineering Insurance, Marine & Travel Insurance, Title Insurance and Shop Insurance.

LOLC General Insurance leverages on LOLC's strong distribution channel of 142 outlets to expand its market share. Since its inception in 2011, the company has been experiencing rapid and sustainable growth. The company boasts of a professional General Insurance sales force that is poised to further penetrate the segment in the year ahead through all channels.

Mrs. Nadika Opatha, Head of Sales of LOLC Life Assurance, ceremonially opening the new Regional Office



The Memorandum of Understanding was signed by LOLC Life Assurance Head of Sales, Mrs. Nadika Opatha and Regional Development Bank, General Manager / CEO, Mr. T. A. Ariyapala at the Head Office premises of the Regional Development Bank in the presence of the senior management members of both organisations.



A Memorandum of Understanding between LOLC General Insurance & Mydeal.lk was signed at the LOLC General Insurance head office in the presence of Ms. Dharini Fernando - Chief Operating Officer, LOLC General Insurance and Mr. Riyaz Ismail, General Manager- Mydeal.lk along with the Senior Management members of both organisations.



LOLC emerged as one of the biggest winners at this year's National Sales Congress Awards (NASCO) by securing two prestigious accolades including the Gold Award in the National Sales Manager Category.

The SLIM NASCO is organised by the Sri Lanka Institute of Marketing (SLIM) & held for the 18th consecutive year. This year, NASCO Introduced three different categories of which the National Sales Manager category was the looked forward to title. LOLC Life Assurance Ltd Mrs. Nadika Opatha, secured the overall Gold of this category which was selected irrespective of the industry they represent. The trophy was presented by the Minister of Housing and Construction, Hon. Sajith Premadasa.

Commenting about her victory, Mrs. Nadika Opatha said, "At LOLC we are nurtured and encouraged to think outside the box, with a continuous focus on a forward thinking attitude and excellence to all that we do. This support and encouragement of the LOLC Group and its management lead me to this victory in addition to my commitment and passion for my role at LOLC Life Assurance. It is hugely satisfying to be recognised for my achievement".

Mr. Lalindra Rupasinghe, Senior Executive, Business Development (Broker and Partnerships) of LOLC General Insurance too claimed a top accolade during the glittering awards ceremony Mr. Rupasinghe clinched the Silver award for Front Liner, General Insurance. He added, "It is an honour to be recognised at such a prestigious event. I would like to share this moment with the entire sales and marketing force of LOLC General, who truly helped to reach my full potential,".

Over the last 17 years, SLIM NASCO has risen to become the pre-eminent awards, which recognises and rewards the sales forces of companies and industries, across Sri Lanka. As a national level event organised annually, SLIM NASCO creates motivation, training and learning opportunity and self-development for sales personnel as a core element of its Awards. This year about 900 professionals from the sales and marketing fraternity, representing various corporates participated at the awards presentation night.

Chief Operating Officer of LOLC Insurance, Mr. Nilanga Wickramasinghe said, "I am truly pleased and honoured that two top performances of LOLC Insurance have been recognised in this manner. And I am delighted that as the Insurance arm of the dominant LOLC Group, we have been able to achieve this feat within just a few years of operations. This reflects the dedication, competitive spirit and the fortitude of our team. Both, LOLC General Insurance and LOLC Life Assurance follow a customer focussed strategy, backed by the strength and stability of the LOLC Group. Our people are the backbone of the company and together we continue to forge ahead with a vision to become the most innovative, customer focussed insurance service provider of Sri Lanka. These accolades will undoubtedly motivate our entire staff further and to fulfil their potential,".

LOLC which began as a non-bank financial institution has rapidly yet sustainably evolved to become one of the largest and most diversified conglomerates in Sri Lanka. LOLC Group’s meteoric rise to become one of the nation's most profitable entities is a result of the talents, commitment and dynamism of its people. LOLC believes that its people have been the key differentiator in achieving sustained growth over the years. Therefore, the Group continues to foster and focus on its people, their service orientation, integrity and loyalty which are the hallmarks of its culture.

Mrs. Nadika Opatha, Head of Sales of LOLC Life Assurance receiving the National Sales Manager Award from the Minister of Housing and Construction, Hon. Sajith Premadasa.



Mr. Lalindra Rupasinghe, Senior Executive, Business Development (Broker and Partnerships) of LOLC General Insurance receiving the Silver Award for Front Liner, General Insurance.



LOLC General Insurance joined hands with Ikman Compare by entering into a Memorandum of Understanding to offer Motor Insurance solutions to customers of ikman who are in pursuit of a quick and easy way to get value for money for their vehicle insurance policy.



The Memorandum of Understanding between the two organisations were signed at the head office premises of Commercial Bank in Colombo in the presence of LOLC Group Managing Director/CEO Kapila Jayawardena, LOLC Group Executive Director Kalsha Amarasinghe and Commercial Bank CEO Jegan Durairatnam. Other senior management members of both organisations were also present.



The sponsorship cheque was handed over by Mr. Sujeewa Vidanapathirana, Deputy General Manager - Business Development of LOLC General Insurance to the Commandant of the Electrical and Mechanical Engineers Regiment, Brigadier Duminda Sirinaga of the Sri Lanka Arm



LOLC General Insurance Limited signed up as the official Insurance Partner for the upcoming 26th Fox Hill Supercross 2018. The sponsorship cheque was officially handed over recently at the "Jubilee Ballroom" Galle Face Hotel, Colombo.

The cheque was presented by Mr. Nilanga Wickramasinghe - Chief Operating Officer - LOLC - Insurance to the Brigadier H.H.S.P.K. Senarathna RWP Commandant of Sri Lanka Military Academy, Diyathalawa.



Sponsors the 3rd SAMN Biennial Conference held in Sri Lanka for the first time

The South Asia Micro-Entrepreneurs Network (SAMN), represented by Afghanistan, Bangladesh, India, Nepal, Pakistan and Sri Lanka will hold its 3rd SAMN Biennial Conference in Colombo, Sri Lanka for the first time, on the 6th and 7th of March 2018, at Cinnamon Lakeside. SAMN, established in 2008 as a pan regional forum where South Asian pioneers learn from one another to move in a direction to strengthen regional collaboration and interaction, is identified as the thought leadership on financial inclusion in South Asia.

The LOLC Group, renowned for it's distinctive and globally accepted Microfinance model has come onboard as Gold Sponsor of the 3rd SAMN Biennial Conference that probes the progress and explores the possibilities for accelerating financial inclusion, under the theme of 'Deepening Financial Inclusion in South Asia'. The two-day programme will bring together leading Microfinance practitioners, donors, investors, research organisations and private sector players devoted to promoting inclusive finance, from the South Asian Region with a view to exchange knowledge and stimulate debate. This exclusive gathering of financial inclusion stakeholders is envisaged to bring together more than 300 domestic and international speakers and delegates under one roof.

The SAMN Conference in Colombo will be hosted by the Lanka Microfinance Practitioners Association (LMFPA), the apex umbrella oragnisation of Sri Lankan microfinance institutions. The previous SAMN Conferences were successfully held in Islamabad in 2014 and in Delhi in 2016.

LOLC's uniquely effective microfinance business model and its success stories in countries such as Sri Lanka, Myanmar, Cambodia and Pakistan continues to transform and enable Micro businesses to become Small and Medium level enterprises through sustainable industrialization. Commenting on the participation as sponsors for the conference, LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena stated, "We are truly delighted to have come forward to become a part of the SAMN Biennial Conference 2018 as Gold Sponsors and we look forward to an enlightening experience through unique networking opportunities and thought provoking discussions. The conference will provide a great platform for intellects and experts to share their experiences and strategies, and I hope that this programme will inspire future directions in financial inclusion which is a key enabler for alleviating poverty".

LOLC which began as a non-bank financial institution has rapidly yet sustainably evolved to become one of the largest and most diversified conglomerates in Sri Lanka. The portfolio of the LOLC Group encompasses a wide spectrum, from financial services to leisure, plantations, trading and manufacturing, renewable energy and other strategic investments. Today, LOLC is well positioned to remain on a high-paced growth trajectory, mainly by expanding the positive impact on the lives of thousands of people through its multi-geographic footprint in microfinance.

LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena presenting the cheque of the gold sponsorship to Mr. Imran Nafeer, Honorary President, Lanka Microfinance Practitioners Association and Mr. Yasitha Munasinghe, Manager, Lanka Microfinance Practitioners Association.



Renowned for delivering innovative and real-world financial solutions, LOLC Finance PLC, Sri Lanka's Non-Banking Financial Institution (NBFI) giant, has unveiled yet another cutting-edge financial service that provides a high degree of convenience and security to its customers. The 'LOLC Finance Savings Cash Collection' service offers the unparalleled convenience of depositing cash to the customer's savings account without having to visit the branch. The LOLC Finance officer will visit the client at his/her doorstep to accept the cash and it will be credited instantly to the customer's savings account through a POS (point-of-sale) machine. The accountholder will receive an instant SMS alert confirming the fund transfer. The customer can also check the Real Time fund transfer through the Real Time App.

Aimed at promoting a savings culture, the 'LOLC Finance Savings Cash Collection' service is a convenient option that reduces the risk of carrying and keeping cash as well as not having to go through the hassle of travelling to a branch. The service is offered free of charge and is supported by a 24-hour call centre. Friendly and professional cash collection officers have been deployed to execute the service in an efficient manner.

The 'LOLC Finance Savings Cash Collection' service will immensely benefit both the individual savings accountholder as well as business owners said, Director/CEO of LOLC Finance, Mr. Ashan Nissanka, elaborating on the new solution. "It will save their time spent on travelling to and from the branch. Our island-wide network of 141 locations will facilitate the Savings Cash Collection service which has been designed to nurture the habit of savings amongst our customers. LOLC Finance has always been at the forefront in offering innovative, customer friendly products and services, and I am confident that this service too will deliver optimum convenience and security to our customers".

LOLC Finance PLC is the largest Non-Banking Financial institute with the largest Fixed Deposit and Savings Deposit base among the Registered Finance Companies. It is the flagship finance company of the LOLC Group, that offers carefully tailored financial solutions to a diverse customer base ranging from grass root level entrepreneurs to multinational organisations. The portfolio of products and services of LOLC Finance includes the maintenance of Savings and Term Deposit Accounts in Sri Lankan Rupees and Foreign Currency, Inward Worker Remittance, Money Changing, Issue of Visa Debit Card, Islamic Financing, Auto and SME Finance, Working Capital and Foreign Currency business. LOLC Finance is rated (SL) A (Stable) by ICRA Lanka Limited and is licensed by the Monetary Board of the Central Bank of Sri Lanka.

An LOLC Finance officer accepting cash from a customer and depositing it instantly through a POS machine



LOLC General Insurance Limited signed up as the Co-sponsor for the upcoming Ananda vs Nalanda Cricket encounter 2018. The sponsorship cheque was officially handed over yesterday evening at the Ananda College

The cheque was handed over by Mr. Sujeewa Vidanapathirana, Deputy General Manager, Business Development of LOLC General Insurance to the Principals of Ananda & Nalanda.



The Insurance arm of the LOLC Group is actively promoting health and wellness amongst its staff as well as amongst the general public. Both LOLC Life Assurance and LOLC General Insurance joined hands to organise, "Walk for health 2018" which commenced from the LOLC Insurance head office premises located at No. 481, T.B. Jaya Mawatha (Darley Road), Colombo 10. The walk proceeded towards the Nelum Pokuna Theatre and concluded by returning to the Head Office. The two entities stepped into the New Year with the "Walk for Health" campaign, and throughout the walk displayed key health tips to encourage and promote healthy living.

"Healthy living is not just about losing weight. It's a combination of good nutrition, regular exercise and having a positive mental attitude. As a responsible corporate citizen, we at LOLC Insurance felt the need to encourage our staff as well as the public to lead healthy lifestyles" said, Mr. Nilanga Wickramasinghe, COO of LOLC Insurance. Wickramasinghe added, "Today, physical inactivity has been identified as the fourth leading risk factor for global mortality, causing an estimated 3.2 million deaths globally. Sitting for long periods at work can cause numerous health implications such as increased risk for cardiovascular diseases, diabetes and even cancer. This is why we have come to the forefront to promote healthy lifestyles, because it ensures a healthy workforce, a healthy workplace and ultimately a healthy society".

"LOLC Insurance Walk for Health 2018" concluded with a "Health Camp" for staff, offering free eye check-ups conducted by Vision Care and health check-ups by Browns Hospitals. Free of charge instructions on different types of workouts as well as introduction to Yoga and Zumba were also provided at the Health Camp. Furthermore, staff members were given the opportunity to discover and experience a range of spa treatments by expert therapists at the Siddhalepa SPA. The Health Camp also consisted of various healthy food stalls to encourage and educate staff on consuming healthy food.

A fully owned subsidiary of the LOLC Group, LOLC General Insurance Limited is currently one of the fastest growing insurance companies in Sri Lanka offering a comprehensive range of bespoke insurance solutions to both individuals and businesses with products such as Motor insurance, "Sureki Piyasa" Home Insurance, Engineering Insurance, Travel Insurance, Title Insurance, Shop Insurance, and much more. Renowned as one of Sri Lanka s fast-growing Life Insurance companies, LOLC Life Assurance too is a fully owned subsidiary of the LOLC Group. The company offers tailor-made Life Insurance Solutions ranging from "Sureki Daru" Child Insurance, Life Protect, Life Protect Plus, Reality Plan, "Piyawara" Pension Plan and Home Loan Protections. Both LOLC Life Assurance and LOLC General Insurance leverages on the Group's strong distribution channel of 173 outlets to expand its market share. LOLC Life and LOLC General were established in 2011 and since then both entities have been experiencing rapid and sustainable growth and have strategically expanded their product portfolios.













The Eden Resort & Spa has done it again by winning another Gold Award at the National Business Excellence Awards (NBEA) 2017, making it three years in a row as the best in the Hospitality and Tourism Sector category. The Eden Resort & Spa competed with its industry peers to emerge the most outstanding in the Hospitality sector, once again.

The National Business Excellence Awards are held each year to award and recognise the best business entities across 29 sectors. Over 100 awards are presented under Extra-large, Large, Medium, Small and Micro and diversified industry sector categories, and over the past 14 years, the NBEA has gained tremendous prestige.

The Eden Resort & Spa which is the flagship resort of Browns Hotels & Resorts is picturesquely located on the iconic 'Golden Mile', a pristine stretch of beach in Beruwela. Since the Resort's refurbishment in 2013, it has seen a rapid increase in occupancy levels. Over the recent years, the hotel has been recognised locally as well as globally for its outstanding service standards. The 2015 Booking.com award, the Trip Advisor Certificate of Excellence 2015, Holiday Check 2016, as well as the Gold Excellence, Gold, Silver and Bronze awards won at the Chef's Guild, are some of the recent accolades and honours received by the hotel.

Speaking about the recent win at the NBEA 2017, Mr. Eksath Wijeratne, Group General Manager of Browns Hotels & Resorts said, "The Eden has steadily grown over the years to become one of the most sought after luxury hotels in Sri Lanka. Today, the hotel enjoys a very high occupancy rate throughout the year. We attribute this success to Eden's ability in adapting to the needs of the various types of travellers who visit us from across the globe. Winning the Gold award for three years in a row at the NBEA is an exceptional acknowledgement of our superior service standards, world class facilities and above all, the warm hospitality for which 'The Eden' is famed for."

The Eden Resort & Spa which operates under Browns Hotels & Resorts offers 158 elegantly furnished rooms, suites and penthouses, and an exclusive spa, the hotel was awarded with the prestigious ISO 22000:2005 certification in November 2015 for food safety and food quality standards. Backed by these phenomenal credentials, the Eden Resort & Spa continues with its commitment to providing world class hospitality by exceeding the expectations of its guests, and continually upgrading its range of offerings.

Browns Hotels & Resorts is a subsidiary of the Browns Group which is one of the largest conglomerates in Sri Lanka. The Company has exciting plans to launch many new properties in Sri Lanka including the Turtle Beach Resort in Kosgoda and the Riverina Resort in Beruwela along with many expansions in the Maldives.

(From Left - Right) Mr. Deepthi Lamahewa, Deputy Programs Director, World University Service of Canada and Mr. Deepal Nelson, Secretary, The National Chamber of Commerce, presenting the Award to Mr. Eksath Wijeratne, Group General Manager of Browns Hotels & Resorts. Also in the picture are Mr. Nilusha Fernando, Chief Accountant, The Eden Resort & Spa, Mr. Jeewantha Perera, Finance Manager, Browns Hotels & Resorts and Mr. Prasanna De Alwis, Resident Manager, The Eden Resort & Spa.



A bird s-eye-view of the Eden Resort & Spa, Beruwela



Plan your festive season early this year with Browns Hotels & Resorts and ensure a relaxing and unforgettable stay with your loved ones. Indulge and celebrate the holiday season at any of the four spectacular properties of Browns Hotels & Resorts which comprises of The Eden Resort & Spa in Beruwela, Dickwella Resort & Spa in Dickwella, The Calm Resort & Spa in Passikudah and The Paradise Resort & Spa in Dambulla. These properties which have been tastefully transformed into alluring festive destinations offer the best of Sri Lankan authenticity with scenery and serenity.

All four properties of Browns Hotels & Resorts have lined up exciting programmes this season ranging from Christmas eve gala lunch and dinner buffets, fireworks, music, raffle draws and amazing giveaways, Christmas carols, fun-packed games, new year s eve lunch and dinner and many more sensational surprises. The beautifully lit up atmosphere of each property of Browns Hotels & Resorts located in four distinctive locations in the island will add to the festive cheer. All this is complemented with the wide assortment of food and drinks prepared by the world class chefs of each resort.

Located along the pristine and world renowned golden mile beach, The Eden Resort & Spa in Beruwela offers the most extravagant 5 star comforts that satisfy every discerning desire. Surrounded by the charm of a tiny fishing village, The Eden provides plenty to see and do in the vicinity. The stunning long coastline and delightful comforts of Dickwella Resort & Spa in Dickwella is hard to beat. The resort is ideal for a family vacation and a memorable Christmas break as it boasts of world class spa facilities, pizzeria, kiddies play area and infinity terrace.

The calm waters of The Calm Resort & Spa in Passikudah is the perfect destination to unwind in sophisticated charm. Guests at The Calm Resort can take a stroll on one of the world s longest stretches of shallow coastline, and take part in thrilling water sports activities or visit a range of local attractions located mere hours away from the property. The Paradise Resort & Spa in Dambulla is a lavish fusion of local heritage as it is enchantingly positioned deep inside the nation s cultural triangle. This year, The Paradise Resort & Spa too is beautifully decked, adding much magic and splendour to the festive season ahead.

As the most anticipated holiday season of the year approaches, visit any of the Browns Hotels & Resorts properties and experience a truly magical and memorable holiday season with your loved ones. Whatever your age, whatever your taste or desire, you will find it all at the Browns Hotels & Resorts that will assure you, a Christmas to remember.
Browns Hotels & Resorts is a subsidiary of the Browns Group which is one of the largest conglomerates in Sri Lanka. The Company has exciting new plans on the horizon, to launch many new properties including the Turtle Beach Resort in Kosgoda with many expansions in the Maldives.

The Eden Resort & Spa



The Eden Resort & Spa



The Eden Resort & Spa



Dickwella Resort & Spa



Dickwella Resort & Spa



Dickwella Resort & Spa



The Calm Resort & Spa



The Calm Resort & Spa



The Calm Resort & Spa



The Paradise Resorts and Spa



The Paradise Resorts and Spa



The Paradise Resorts and Spa



Al-Falaah, the Islamic business unit of LOLC Finance PLC took top honours at the 2nd consecutive Islamic Finance Forum of South Asia (IFFSA) Awards 2017, held in Colombo Sri Lanka. The event was organised by UTO EduConsult in conjunction with KPMG adjudication. LOLC Al-Falaah took home the night s top accolades including the Silver award for the Entity of the year, where the Gold was clinched by Meezan Bank of Pakistan and Bronze by Dubai Islamic Bank of Pakistan. Further, LOLC Al-Falaah won metals in the categories of Window/Unit of the year and CSR Project of the year for which it won Gold and Silver awards respectively.

The second edition of this regional awards presentation, recognised industry players from countries across the South Asian region including India, Pakistan, Bangladesh, the Maldives and Sri Lanka. The IFFSA awards were evaluated and assessed by a panel of independent judges of repute and were presented country-wise with a few awards bestowed on intra-regional basis. This year s awards ceremony was held under the theme, "Cooperation, Consolidation and Concentration".

Mr. Krishan Thilakaratne, LOLC Group Head of Islamic Finance, commenting about the win said, "the IFFSA Awards is a competitive process where awards are given to entities servicing the South Asian Islamic Banking and Finance market (IBF), and the honours bestowed upon LOLC Al-Falaah demonstrates the efforts and the pivotal role we play in the Islamic Finance (IF) industry of Sri Lanka. Today, LOLC Al-Falaah plays the lead role in Islamic SME and Microfinance business and we have taken significant measures to take the IF concept to the rural areas. The success of LOLC Al-Falaah is the result of our fully compliant business model, our comprehensive Islamic Finance product portfolio and LOLC s brand strength. In addition to this, the efficient processes driven by the advanced technological platform has made Al-Falaah an unparalleled player in the industry".

Mr. Shiraz Refai, Deputy General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, "the recognition we received at the 2nd IFFSA awards pay tribute to the commitment and dedication of our staff. The awards bestowed upon LOLC Al-Falaah at a time when it is celebrating the 10th anniversary will certainly motivate the team to further push the boundaries of excellence".

Al-Falaah, established in 2007 functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody s Investors Service.

LOLC Group Head of Islamic Finance - Krishan Thilekaratne receiving the "Gold award for the Window/Unit of the year" from Group MD/CEO, Adl Capital - Ishrath Rauff.



The Silver award for the CSR Project of the year award received by Senior Executive - Channel Marketing - Rishard Muhammad from Founder & Chairman, The Citizens Foundation (TCF) Pakistan - Mushtaq Chhapra.



Shafin Iqbal - Senior Executive - Institutional Marketing, Imran Zarook - Senior Executive - Recoveries Supervision, Ramzi Majeed - Senior Executive - Operations and Rishard Muhammad - Senior Executive Channel Marketing of Al-Falaah Islamic Business Unit with the LOLC Group Head of Islamic Finance - Krishan Thilekaratne.



As the season to be jolly makes headway, the Eden Resort & Spa in Beruwela took the lead in preparing for the festive season with its annual cake mixing ceremony. The traditional mixing of the Christmas cake is one of the most looked forward to events at the Eden Resort & Spa and this year too, the ceremony was held with much enthusiasm and excitement with the participation of an expert culinary crew as well as the management team of the hotel.
A large gathering of in-house guests, invitees and the staff of the Eden Resort & Spa adorned in chef hats, took part in the fun-filled cake mixing ceremony. Distinguished in-house guests, Mr. Michael and Mrs. Susan Richards, Mr. Nicholas and Mrs. Kathryn Burrows, Mr. Alan and Mrs. Wendy Griffin from the United Kingdom, Mr. Zehnder Kurt, a longstanding repeat visitor from Switzerland, Ms. Maryam from Iran and the Balan family from Ukraine were among the guests who took part in the celebrations. Group General Manager of Browns Hotels & Resorts, Eksath Wijeratne, Corporate Chef, Deepal De Alwis, and the Resident Manager of the hotel, Prasanna de Alwis were also present.
Beautifully positioned on the pristine coastline of Beruwela, The Eden Resort & Spa is an ultimate beach paradise that provides an out of the world experience to its customers to unwind in the southern coast of Sri Lanka. Eden operates under Browns Hotels and Resorts which boasts a rich history of over 20 years in the hospitality industry of Sri Lanka. Recognised as a TripAdvisor Certificate of Excellence Hall of Fame winner, Eden Resort & Spa offers 158 elegantly furnished luxury rooms, suites and penthouses and an exclusive spa. This has earned the hotel the prestige of being the first 5-star hotel in Sri Lanka to offer spa facilities. The hotel was also awarded with the prestigious ISO 22000:2005 certification in relation to food safety and food quality standards.

In-house guests, invitees and the staff of Eden Resort & Spa taking part in the annual cake mixing ceremony 2017.









The Global Banking & Finance Review Award for the Best Brokerage Research House in Sri Lanka 2017 was awarded to LOLC Securities Limited (LOSEC), the stock broking company of the LOLC Group. With this latest accolade, LOSEC becomes one of the most awarded research team in the broking industry of Sri Lanka, over the last few years. It is noteworthy that LOSEC clinched the "Best Brokerage Research House, Sri Lanka award" - a category which was introduced for the first time in the country by the Global Banking & Finance Review.
Established in 2011, and now a fully owned subsidiary of the LOLC Group, LOLC Securities has been built for excellence in all its dimensions, keeping in mind the assurance sought by discerning investors. The company has devised a new operational model centered on the investors portfolio management strategy to ensure that LOSECs investment advice is backed strongly by an in-house advanced research team of highly qualified analysts. The market reports compiled by LOLC Securities are detailed and analytical and offer valuable insights into market and economic trends and statistics. LOSECs subsidiary company, LOLC Capital One established about a year ago, is a boutique investment bank which provides advisory services for mergers and acquisitions, debt capital markets and alternative investments. Sharing his thoughts about the achievement, Sriyan Gurusinghe- CEO/Managing Director of LOSEC said, "Being recognized as the top brokerage research house in the country is a great accomplishment achieved by LOLC Securities Research Division. I am extremely pleased and take humble pride of our experienced research team and expect they will continue to provide research with valuable investment insights to our clients to grow their wealth while helping to move the company towards the pinnacle of success."
Shehan Bartholomeuz, the Research Head of LOSEC added, "LOLC Securities has over the years set the benchmark in equity research in Sri Lanka with unwavering focus in catering to the research needs of a wide range of clients from retail, institutional to foreign. The innovative culture we have inculcated in our team since the inception, has resulted in driving our analysts to continuously improve and innovate, creating unique research products to capture vagaries in a frontier market like Sri Lanka. It is very humbling to see the prestigious global financial magazine "Global Banking and Finance Review Magazine" recognizing us, cementing LOLC Securities place as an industry leader in equity research."
Commenting, Senior Research Analyst of LOSEC, Gayan Rajakaruna said, "As an analyst at LOLC Securities, I am delighted and encouraged by being recognised by the "Global Banking and Finance Review Magazine" as the top brokerage research house in the country. Our strong team effort and the drive for producing high quality investment research were perhaps the key factors of paving the way to such accolade. We will continue to provide unbiased and investor-oriented research opinions through more in-depth and timely research to address a larger range of client needs". The Global Banking & Finance Review is among the world s leading online and print magazines, which has evolved from the growing need to have a more balanced view, for informative and independent news within the financial community.

(L-R) Senior Research Analyst Gayan Rajakaruna, LOSEC Chief Operating Officer Manjula Kumarasinghe, Research Intern Subhanie Tennekoon, LOSEC Chief Executive Officer/Managing Director Sriyan Gurusinghe, Associate Research Analyst Hiruni Perera and Head of Research Shehan Bartholomeuz.



Both LOLC General & LOLC Life are now geared to serve the nation from one location


LOLC General Insurance Limited, one of Sri Lanka s fastest growing insurance companies recently relocated their head office to a modern and spacious premises located at No. 481, T. B. Jaya Mawatha (Darley Road), Colombo 10. Strategically situated in a prime, business location in Colombo, LOLC General Insurance relocated to the same premises as LOLC Life Assurance and the two entities are now geared to offer greater convenience to its customers from the new head office complex.
LOLC Group Managing Director/CEO, Kapila Jayawardena graced the inauguration ceremony as the Chief Guest together with Mrs. Kalsha Amarasinghe, Executive Director of LOLC. The new head office complex was declared open amidst a gathering of Directors and Senior Management of LOLC Group, COO of LOLC Insurance - Nilanga Wickramasinghe, company staff and well-wishers.
Addressing the gathering at the opening ceremony, LOLC Group Managing Director/CEO, Kapila Jayawardena said, "In just 6 years of operations, today LOLC General Insurance is moving to its own corporate office; moreover, to the same premises as LOLC Life Assurance. This is a great achievement for LOLC General Insurance as it will open up new avenues of growth, expand its presence in the insurance industry and deliver a superior level of service to its customers." Nilanga Wickramasinghe, COO of LOLC Insurance added, "The relocation to a brand new, modern and spacious working environment will further boost the enthusiasm and efficiency of our staff and with this new move, LOLC Insurance will continue to offer an array of exquisite products and services, all under one roof. We believe in best care for our staff, so that as a result they will always be with an attitude to provide the best services to our customers."
LOLC General Insurance offers a comprehensive range of bespoke insurance solutions to both individuals and businesses with products such as motor insurance, engineering insurance, travel insurance, title insurance, shop insurance, Sureki Piyasa home insurance, and much more. LOLC General Insurance understands the needs of the customers and its experienced and professional sales force is geared to meet the personal and commercial needs of their clients throughout the country whilst offering best of benefits, flexible terms and competitive pricing.
Both LOLC Life and LOLC General leverages on the Group s strong distribution channel of 173 outlets to expand its market share. Since its inception in 2011, the company has been experiencing rapid and sustainable growth and has expanded its product portfolio ever since

LOLC Group Managing Director/CEO, Kapila Jayawardena ceremonially opening the new LOLC General Insurance head office. Also seen in the picture is Kithsiri Gunawardena, COO - LOLC/Chief Legal Officer - LOLC Group.



The new head office premises of LOLC General Insurance and LOLC Life Assurance located at No. 481, T. B. Jaya Mawatha (Darley Road), Colombo 10.



LOLC Group Managing Director/CEO, Kapila Jayawardena receiving the first set of business proposals from a member of the LOLC General Insurance sales force, at the new LOLC Insurance Head Office premises. Also in the picture are (from left to right) Sujeewa Vidanapathirana, DGM, Business Development - LOLC General Insurance, Dharini Fernando, COO, LOLC General Insurance, Kalsha Amarasinghe, Executive Director of LOLC and Nilanga Wickramasinghe, COO, LOLC Insurance.



LOLC General Insurance sign-up as a corporate sponsor for the YCF Premiership 2017 organized by the Young Constructors Forum



Sri Lanka s Non-Banking Financial Institution (NBFI) giant, LOLC Finance PLC bagged three top awards at the LankaPay Technnovation Awards 2017 held recently for the very first time competing against prestigious Banks and NBFIs to gain these top positions. At the glittering awards ceremony, LOLC Finance was bestowed with the following coveted titles:

1) Financial Institution of the year for Customer Convenience
2) Most Popular Electronic Payment Product
3) Best Mobile Payment Application of the Year

LankaPay Technnovation Awards, an initiative of Lanka Clear, the operator of the national payment network is an effort to enhance the efficiency of the country s national payment infrastructure and promote the use of electronic transactions. The awards recognise member banks and non-banking financial institutions who have excelled in electronic transactions during the financial year starting 1st April 2016 to 31st March 2017. Central Bank of Sri Lanka Governor Dr. Indrajit Coomaraswamy graced the occasion as the Chief Guest.

Commenting about the achievements at the first ever LankaPay Technnovation Awards, Director/CEO of LOLC Finance, Mr. Ashan Nissanka said, "Winning three prestigious awards at the LankaPay Technnovation Awards 2017 clearly demonstrates that our customers have come to embrace our value-added payment process and that it is well accepted in the industry purely due to its hassle-free and user friendly features. This is also an honour bestowed upon us that pays tribute to the expertise and dedication of our team of professionals".

Mr. Nissanka further stated, "Through our sustained focus on innovation, we continue to lead the market with a range of value added services, thereby engaging with our customers more than ever before and offering them the very quintessence of convenience. Our vision is to become a truly customer centric organisation that is on par with any international bank or NBFI, by adopting digitalisation because we believe that digital services have become the preferred means of interaction between customers and their financial institutions. Digitalisation has helped us to know our customers better and to offer them truly personalised products and services. We are ever so vigilant of our customers needs and move with the times to provide them with the latest and best in the industry. At LOLC Finance, our business model is driven by trust and confidence, underpinned by close customer relationships which helps us to forge ahead as a leading Financial Institution in digital transformation". Mr. Conrad Dias, LOLC Group s Chief Information Officer said, "In the 2015/2016 financial year, the total number of instant transactions through LOLC Real Time was 3,257. However, this has surged tremendously in the last financial year to 28, 394 transactions. These statistics as well as the recent wins at the Technnovation Awards prove that LOLC Real Time is now immensely popular amongst customers as it is not only a convenient tool that offers direct and easy access to our customers LOLC Finance accounts but it is also designed on a scalable architecture that complies with the highest levels of information security standard. We also have USSD base option specially catering to our micro financing customers who are not using smart devices. Moving further, we hope to introduce the ability to utilise pre-approved loans online and implement trilingual support for the convenience of customers. We also hope to introduce the low value payment for merchants facilitated through Justpay from Lanka Clear and integrate it to LOLC Real Time".

(Standing from Left to Right) Mr. Channa de Silva, General Manager/CEO, Lanka Clear (Pvt) Ltd, Mr. Anil Amarasuriya, Chairman Lanka Clear (Pvt) Ltd, Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka, Mr. Ashan Nissanka, Director/CEO of LOLC Finance, Mrs. Roshani Weerasekera, Head of Liability Management, LOLC Finance and Mr. Chinthaka Jayasinghe, Head of Business Solutions, Banking - LOLC Technologies.



Mr. Ashan Nissanka, Director/CEO of LOLC Finance receiving the award for the Most Popular Electronic Payment Product from Central Bank Governor, Dr. Indrajit Coomaraswamy.



LOLC Securities Limited (LOSEC), the stockbroking company of the diversified conglomerate - the LOLC Group, recently conducted a workshop on Capital Market and Mobile App Awareness. The workshop was organised in collaboration with the Securities & Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) with the objective of creating awareness on Capital Market and Online Trading through the new Mobile App. The programme was held recently at the Sri Lanka Institute of Information Technology (SLIIT) in Malabe.

About 300 undergraduates took part in the Capital Market and Mobile App Awareness Workshop which was held with the participation of senior officials and representatives from LOLC Securities, the SEC and the CSE. The Workshop covered a range of key topics including the benefits of investing in Capital Market instruments, how to make use of Online Trading facilities in the Capital Market as well as the regulatory aspects relevant to the Capital Market of Sri Lanka.

Commenting about the Workshop, Mr. Sriyan Gurusinghe, Managing Director / Chief Executive Officer of LOLC Securities Limited said, This joint workshop is a timely initiative. In an age when technology is developing rapidly with constant innovation, we need to create awareness that investors can now manage their investments with great ease, anytime and from anywhere. This Mobile Trading App offers live streaming prices, charts, latest news on stock trading and much more.

During the workshop, LOLC Securities donated a real time Market Viewer Monitor Screen to SLIIT in order to facilitate and display live market streaming at the SLIIT University premises. The main objective of this donation is to provide real time updates on the Capital Market as well as expand and broad base exposure for the Capital Market among all stakeholders in order to build a sustainable relationship between both institutions.

This workshop, the first of its kind in Sri Lanka was conducted by a stockbroking firm in collaboration with a Private University with representation from all stakeholders in the Capital Market of Sri Lanka.

Established in 2011, and now a fully owned subsidiary of the LOLC Group, LOLC Securities has been built for excellence in all its dimensions, keeping in mind the assurance sought by discerning investors. LOSECs investment advice is backed strongly by an in-house advanced, award winning research team of highly qualified analysts. The market reports compiled by LOLC Securities are detailed and analytical and offer valuable insights into market and economic trends and statistics.

Mr. Sriyan Gurusinghe, Managing Director / Chief Executive Officer of LOLC Securities presenting the real-time Market Viewer Monitor Screen to Professor Chandana Perera Dean, Business faculty and Head of SLIIT Research Centre.



Resource personnel of the workshop from L-R: Dr. Malitha Wijesundare Dean, Education and Student Experience SLIIT, Professor Chandana Perera Dean, Business faculty and Head of SLIIT Research Centre, Mr. Sriyan Gurusinghe MD and CEO of LOLC Securities Limited, Mr. Niraj Jayamanne - Investment Advisor, LOLC Securities Limited and Mr. Damith Chaminda - Investment Advisor, LOLC Securities Limited.



Colombo, Sri Lanka, 17th March, 2017 - LOLC International Private Limited (a wholly-owned subsidiary of Lanka ORIX Leasing Company Plc (“LOLC”)) and The Bank of East Asia, Limited (“BEA”) announced today that they have acquired a majority interest in PRASAC Microfinance Institution Limited (“PRASAC”) from Belgian Investment Company for Developing Countries SA (“BIO”), Dragon Capital Group Limited (“Dragon Capital”) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”).  Under the new ownership structure, the LOLC Group’s stake in PRASAC increased to 70%, while BEA holds 21% and 9% is held by P S Co., Ltd.

As a Cambodia-incorporated financial institution, PRASAC has evolved significantly since its inception in 1995 as a credit provider involved in financing to rehabilitate the agricultural sector in rural Cambodia. During the last 10 years, PRASAC has grown its asset from US$37 million to US$1.3 billion, and is now the largest micro finance company in Cambodia.

PRASAC’s operations have a far-reaching impact at a national level, providing mainly individual loans through 181 branches in all 25 provinces in Cambodia with more than 6,400 employees and an outreach of 350,000 customers in mostly rural communities. PRASAC also has approximately 530,000 depositors with a deposit base of over US$660 million as of February 2017. PRASAC has plans to diversify its business and transform into a licensed commercial bank in the near future.

Sim Senacheert, CEO of PRASAC, said: “We would like to express our gratitude towards BIO, Dragon Capital and FMO for their strong support over the past 10 years and look forward to a renewed partnership with our existing shareholder LOLC and strategic investor BEA to further contribute to sustainable economic development and financial inclusion in Cambodia.”

Ishara Nanayakkara, Deputy Chairman of the LOLC Group, stated: “We saw great potential in PRASAC from the outset, and it was therefore LOLC Group’s maiden overseas investment. We would like to convey our appreciation to the outgoing shareholders for their contribution and look forward to working closely with BEA and the PRASAC management in fulfilling the shared goal of elevating and empowering micro entrepreneurs to create a sustainable, inclusive economy in Cambodia.”

“We at BEA are pleased to establish a foothold in Cambodia, a core member of the ASEAN Economic Community, with LOLC and PRASAC Management,” said Dr. David K.P. Li, Chairman & Chief Executive of BEA. “Through PRASAC, our Bank will further strengthen its presence in Southeast Asia. This strategic investment will enable us to better capitalise on the opportunities arising from China’s ‘Belt and Road Initiatives’.”

 

About LOLC

The LOLC Group is one of the leading conglomerates in Sri Lanka with a diversified portfolio in multiple industries. LOLC Group’s unprecedented growth accounts to its core business - financial services, which have a special focus on Micro and SME sectors. LOLC also has a strong microfinance presence in Cambodia, Myanmar and Pakistan. For more information, please visit LOLC’s homepage at www.lolc.com.


About The Bank of East Asia, Limited

Incorporated in 1918, BEA is Hong Kong’s largest independent local bank, with total consolidated assets of HK$765.7 billion (US$98.7 billion) as of 31st December, 2016. Listed on The Stock Exchange of Hong Kong, BEA is a constituent stock of the Hang Seng Index.

BEA offers customers a comprehensive range of corporate banking, personal banking, wealth management, and investment services through an extensive network of more than 220 outlets covering Hong Kong and the rest of Greater China, Southeast Asia, the United Kingdom, and the United States. For more information, please visit any BEA branch or its homepage at www.hkbea.com.



LOLC won the hearts of the people when it was crowned the “Financial Services Provider of the Year 2017” at the SLIM-Nielsen People’s Awards 2017.  LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena received the coveted award during a glittering awards ceremony held at the Water’s Edge, Battaramulla, recently.

Organised for the 11th year, the SLIM-Nielsen People’s Awards is a joint initiative of the Sri Lanka Institute of Marketing (SLIM), the national body for marketing, and Nielsen Sri Lanka, the local arm of the largest information and research company in the world. Known as one of the much awaited events in the corporate calendar, SLIM-Nielsen People’s Awards rewards and recognises brands that have made a powerful impression in the minds of the people. Winners are based on consumer responses or people’s choice rather than on a decision of a panel of judges. 

Speaking about the achievement, LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena said, “This award is a true reflection on how well the LOLC brand is embedded in the minds of the public and how well the brand has given back to society in terms of benefits, value and more importantly uplifting the socio economic status of the community. Unlike any other awards presentation, at the SLIM-Nielsen People’s Awards, it is the people who decide, who walks home a winner. The people have judged us and they have shown how close we are to their hearts and minds. Being adjudged the Financial Services Provider of the Year, reflects our connection, our strong bond with the people of Sri Lanka, and we consider this as the ultimate recognition.”

The LOLC Group is a leading diversified conglomerate present in the foremost economic sectors of the country such as financial services, leisure, plantations, agri-inputs, renewable energy, construction, manufacturing and trading and other strategic investments.  Pursuing new markets and taking Sri Lanka to the world, LOLC has ventured into overseas investments setting up operations in Cambodia, Myanmar and Pakistan with many more plans in the pipeline for regional expansion. 

Seen in the picture is Mr. Kapila Jayawardena, Group Managing Director/CEO of the LOLC Group (right) accepting the prestigious award from Mr. Kumar Samarasinghe, Director - Marketing, Singer (Sri Lanka), the main sponsor of the event. Also seen in the picture is Mr. Susaan Bandara, Chief Officer, Marketing Communications, LOLC Group.



Renowned for delivering real-world financial solutions, LOLC Finance PLC, Sri Lanka’s Non-Banking Financial Institution (NBFI) giant, has unveiled a comprehensive payment platform named, LOLC Real Time. This mobile and internet banking solution enables LOLC Finance customers to send and receive money, instantly via CEFT (Common Electronic Fund Transfer Switch) and SLIPS (Sri Lanka Interbank Payment System). LOLC Real Time which is a fully integrated, online payment platform, offers unparalleled convenience to customers who seek a superior level of speed, ease and security within the financial ecosystem.

With LOLC Real Time, customers can now transfer funds directly and instantly from their LOLC Finance savings account to any bank account of the recipient, using any device. This service is aptly supported by a 24-hour call centre which is equipped to handle customer enquiries on LOLC Real Time as well as ATM registration and other enquiries. Customers can register at any LOLC Finance branch to access the services of LOLC Real Time.

Through LOLC Real Time, customers can make their utility bill payments and schedule payments that can be effected at a future date. It also facilitates LOLC Leasing and Insurance payments. In addition, customers can enjoy attractive interest rates on LOLC Savings accounts, with a zero cost on any transaction of any value. LOLC Real Time enables customers to manage multiple LOLC accounts, anytime from any location with just a click of a button.  It allows customers to be in control of their day to day financial management in real-time, experience paperless transactions and save time.

Since the establishment of LOLC Finance in 2003, the company has been in the vanguard of introducing ground-breaking financial services and products to the domestic financial services sector. LOLC Finance was one of the first NBFI’s that received the mandate to introduce Foreign Currency Savings accounts and the first NBFI to register for SWIFT transactions. The company also pioneered the transferable Fixed Deposit Bond.  In the internet and mobile banking landscape, LOLC Finance became one of the first NBFIs to connect with the CEFTS. Adding to this, the LOLC Real Time mobile app is one of the most advanced and secure Real Time payment gateways launched thus far in the NBFI industry of Sri Lanka.

Elaborating on LOLC Real Time, Director/CEO of LOLC Finance, Mr. Ashan Nissanka said, “Connecting people and businesses with user-friendly solutions has been one of our key priorities. With continuous technological innovation and improvement, we are geared to provide secure, next generation connectivity to our consumers, 24 hours of the day, 7 days of the week. Through the LOLC Real Time payment platform, all fund transfers will occur in real-time, at zero cost.”

Explaining about the technological aspect of LOLC Real Time, Mr. Conrad Dias, LOLC Group’s Chief Information Officer said, “We are delighted to introduce our customers a service beyond traditional banking that enables them to transact, any day anytime via LOLC Real Time. This is just the beginning of the digital journey for our customers that brings convenience to their fingertips with positive customer experience in mind.  LOLC Real Time is designed on a scalable architecture that complies with the highest levels of information security.”

LOLC Finance is the flagship finance company of the LOLC Group, that offers carefully tailored financial solutions to a diverse customer base ranging from grass root level entrepreneurs to multinational organisations. Its portfolio of products and services include the maintenance of Savings and Term Deposit Accounts in Sri Lankan Rupees and Foreign Currency, Inward Worker Remittance, Money Changing, Issue of Visa Debit Card, Islamic Financing, Auto and SME Finance, Working Capital and Foreign Currency business. LOLC Finance is rated (SL) A (Stable) by ICRA Lanka Limited and is licensed by the Monetary Board of the Central Bank of Sri Lanka.

LOLC Real Time, the fully integrated, online payment platform from LOLC Finance PLC



Strengthening its product portfolio, the dynamic Insurance arm of the LOLC Group, LOLC Insurance launched two new products under its two entities, LOLC General Insurance Limited and LOLC Life Assurance Limited.  The two new products namely, LOLC Suraki Piyasa, unveiled under LOLC General Insurance and LOLC Reality launched under the LOLC Life Assurance banner are simple and affordable insurance policies, designed to cater to the needs of a diverse customer base.

LOLC General Insurance has designed a special home insurance policy named LOLC Suraki Piyasa providing customers the chance to obtain a policy for a selected value instead of insuring for the full value of the property. As a result, customers need not pay the premium based on the total value of the asset.  Instead, they could select the insurance cover they need based on values ranging from Rs. 1,000,000 to Rs. 3,000,000 and pay their premiums accordingly.  Though the insured value selected by the customer does not represent the actual value of the property, no deductions will be made at the time of claim. Through LOLC Suraki Piyasa, LOLC General Insurance hopes to encourage customers to insure their homes at affordable premium rates.

LOLC Reality is a distinctive insurance solution launched by LOLC Life Assurance. Through this policy, customers can obtain the highest cover for a minimum premium with flexible term options between 5 and 30 years. With convenient premium payment options, ranging from monthly, quarterly, half-yearly, annually to single premium, the LOLC Reality policy allows the customer to enjoy a range of additional covers.

Both LOLC General Insurance and LOLC Life Assurance follow a customer focussed strategy, backed by the strength and stability of the mother company - the LOLC Group. Both entities have leveraged on the strengths of the Group, particularly its branch network and the broad spectrum of sectors the company is engaged in. With the expertise and support of the LOLC Group, LOLC Life and LOLC General continue to forge ahead with a vision to become the most innovative, customer focussed insurance companies of Sri Lanka. 





Al-Falaah, the Islamic Business Unit of LOLC Finance PLC has been recognized globally on multiple occasions for the financial year 2016/17 by winning several awards at globally recognised award presentations.

Al-Falaah secured the IFN Deal of the Year for Sukuk (Alternate option for Securitization) at the IFN Deals of the Year for 2016 awards ceremony held on the 28th of February 2017 at the Ritz Carlton, DIFC Dubai U.A.E. This was the first year that Al-Falaah was eligible to compete for the subject category, as it developed a signature financial instrument that can be offered as an alternate format for the conventional securitization product.

This award is significant not only by its own right; it signifies innovation, industry value addition, raising local standards and international benchmarking. It is the first-time a Sri Lankan entity won an award in the global-category having qualified for an entry competed by global banking & financial institution giants. The adjudication and evaluation was done by an independent panel appointed by IFN/Redmoney with weightages given in recognition of the specific underlying transactions which created history in specific markets as first time transactions or ground-breaking transactions.

Further, LOLC Al-Falaah, was also recognized at the Islamic Finance News, Global Poll, IFN-Best Banks Awards 2016 for the fourth consecutive year. With over 26,000 overall votes for all categories, the global Islamic finance fraternity has voted Al-Falaah, Islamic Business Unit of LOLC Finance PLC to be amongst the top of global industry giants. The recognitions received of the two nominated categories are Best Islamic Leasing Provider, Runner Up where LOLC Al-Falaah has moved up from 3rd Place in 2015 and maintained the position of Best Islamic Bank Sri Lanka, Runner Up for 2016 as well.

Commenting on these prestigious wins, Mr. Krishan Thilakaratne, LOLC Group Head of Islamic Finance said, We are excited to accept these accolades which adds to our list of global recognitions in the Islamic Finance space locally as well as internationally. This is a true demonstration of our robust and innovative approach as an industry trendsetter, focussed on developing financial tools that cater to the growing needs of the industry.

Also sharing his thoughts, Mr. Shiraz Refai, Deputy General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, Securing the IFN Deal of the Year 2016 is both a first for us as well as the Islamic Finance industry in Sri Lanka. Being recognized under the IFN Global Best Banks Polls is always phenomenal to Team Al-Falaah. It is a significant milestone and accomplishment for the financial year 2016/17 and we are elated that LOLC Al-Falaahs deliberations to the industry is accepted by our stakeholders and also clearly signifies our continued commitment for innovation, compliance and customized financial solutions on offer.

Adding to its bucket list of Global recognitions, LOLC Al-Falaah also secured two prestigious awards at the Global Banking & Finance Review (GBFR) Awards 2016 - United Kingdom, by being crowned the Best Islamic SME Leasing and Finance Company and the Most Innovative Islamic Investment Product (Wakala) in Sri Lanka for 2016. This is Al-Falaahs first win at the GBFR which is created to recognize companies of all sizes that are prominent in particular areas of expertise and procure excellence within the global financial community.

LOLC Al-Falaah, which is in its 10th year in operation, functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lankas largest non-banking financial institutions (NBFIs). 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. (an associate of Moodys Investors Service).

Mr. Krishan Thilakaratne, Group Head of Islamic Finance, LOLC and Mr. Shiraz Refai, Deputy General Manager, Al-Falaah, Islamic Business Unit of LOLC Finance PLC together with Andrew Morgan, Managing Director & Publisher of REDmoney Sdn Bhd



The Paradise Resort & Spa, the luxury resort situated in the heart of the Cultural Triangle in Dambulla has been recognised for its exceptional service by Booking.com, a global leader in booking accommodations, online. The hotel received an outstanding score for consistently receiving glowing reviews, based on months of remarkable guest experiences.

Hospitality properties throughout the world are bestowed with the Guest Review Award on an annual basis in recognition of their outstanding achievements in guest service and making Guests feel at home whilst creating a lasting impression. Award winners are evaluated by guest reviews on Booking.com with an overall score of 8.0 and above. The Paradise Resort & Spa received a notable 8.2 index score in 2016.

Mr. Eksath Wijeratne, Group General Manager, Browns Hotels & Resorts, expressing his thoughts on the Booking.com Guest Review Award said, “We are sincerely delighted and grateful to be awarded and recognised as a provider of world class service, offering distinctive experiences to Guests from all over the world. This is a reflection of our consistent service and the efforts and expertise of our dedicated, well trained staff.  Further, we would not have been able to win this prestigious award without the positive feedback of our Guests. At Paradise Resort & Spa, we will continue to provide the best services to our Visitors, in our own unique way”.   

Set amidst lush greenery, The Paradise Resort & Spa boasts 67 luxurious eco villas ranging from Deluxe Rooms, Superior Duplex Rooms and Garden Suites, tastefully designed with modern amenities and comforts to satisfy the discerning traveller. It is renowned as one of the most prominent holiday destinations in the Central Province of Sri Lanka.

Browns Hotels and Resorts (BH&R), owned by Browns Investments, a subsidiary of the Browns Group owns and manages The Paradise Resort & Spa as well as several other key properties in Sri Lanka including The Eden Resort & Spa and Dickwella Resort & Spa, both located along the Southern Coast, and The Calm Resort & Spa, located on the unspoilt, sandy beaches in the East Coast.  

The Paradise Resort & Spa received an overall score of 8.2 on Booking.com Guest Review Award in 2016



A well-appointed eco villa at the Paradise Resort & Spa



A panoramic view of the Paradise Resort & Spa



The Swimming Pool is every Guest’s favourite at the hotel



3 February 2017, Colombo: The LOLC Group inked a historic joint venture with Pak Oman Microfinance Bank Limited to introduce LOLC’s exceptional and globally accepted Microfinance model to the people of Pakistan. Having observed LOLC’s uniquely effective microfinance business model and its success stories in Sri Lanka, Myanmar and Cambodia, Pak Oman Microfinance Bank Limited which is a joint venture between the Islamic Republic of Pakistan and the Sultanate of Oman, invited LOLC to take a majority stake in their Microfinance venture.

 

Pak Oman Microfinance Bank has been offering a range of micro credit and micro savings products and services to the people of Pakistan, since its inception in May 2006. Through its new partnership with LOLC, Pak Oman Microfinance Bank hopes to capitalise on the speciality of LOLC’s distinctive Microfinance model which keeps transforming and enabling Micro businesses to become Small and Medium level enterprises through sustainable industrialization.

 

In Sri Lanka, LOLC’s microfinance model has made remarkable progress within a short span of time and is successfully steered by four LOLC Group companies, namely, LOLC Micro Credit Limited, LOLC Finance PLC, BRAC Lanka Finance PLC and Commercial Leasing and Finance PLC. These entities promote sustainable development by uplifting the livelihoods of the grassroot level entrepreneurs who are the backbone of the Sri Lankan economy.  By empowering the rising entrepreneurs to overcome income disparities, LOLC has successfully empowered communities and revived many different sectors and villages over the years.

 

LOLC’s maiden international investment, PRASAC Microfinance Institution, is currently Cambodia’s largest Microfinance institution, providing access to financial services to rural communities. PRASAC is driven by its ultimate goal to raise the economic standards of the Cambodian people by ensuring financial returns, supplemented by social and environmental protection.  In just over 2 years in operation, LOLC Myanmar Microfinance Company Limited (LMML) became the 8th largest microfinance provider in Myanmar, among 168 licensed microfinance institutions operating in the country. LMML consolidated its position in the highly competitive Myanmar market through its unique and innovative microfinancing approach.    

 

Mr. Kapila Jayawardena, Group Managing Director and CEO of the LOLC Group in a statement at the ceremony said that helping thousands of entities and opening up billions of business opportunities to the smallest businesses have shown a boost in growth of an economy. By helping ‘startup and small businesses’, we assist them to gain greater confidence through a simplified and unique financial model to progress in any industry of choice. He went on to state that we are glad that the State Government of Pakistan and the Sultanate of Oman, currently holding 100% of Pak Oman Microfinance Bank Limited, have invited LOLC to join hands with them and take on a major stake of the venture, to bring about a distinctive operationally excellent model, to make a game changing difference, thereby uplifting the financial and social performances in the region. He also said that this transaction will continue to spread LOLC’s global footprint and is a compelling opportunity to continue to invest and pursue short and long term growths with operational flexibility. We look forward to working with these two sophisticated investors and roll-out this unique Micro Finance model in the region.

Blessed with abundant natural and historical riches, Pakistan is the sixth-most populous country in the world with a population exceeding 200 million people. Agriculture accounts for more than one-fourth of output and two-fifths of employment, while textiles and apparel account for most of the country’s export earnings.


LOLC which began as a non-bank financial institution has rapidly yet sustainably evolved to become one of the largest and most diversified conglomerates in Sri Lanka. Today, the portfolio of the LOLC Group encompasses a wide spectrum, from financial services to leisure, plantations and renewable energy and other strategic investments. This transaction with Pak Oman Microfinance Bank perfectly complements the Company’s growth trajectory, expanding the positive impact on the lives of thousands of people in Sri Lanka and beyond. 

For the second consecutive year, the Eden Resort & Spa was crowned the best in the Hospitality & Tourism Sector of Sri Lanka. The hotel received this recognition at the National Business Excellence Awards (NBEA) 2016 when it won Gold in the Hospitality & Tourism Sector category. The luxurious, Eden Resort & Spa competed with its industry peers to emerge the best in the sector. The award for business excellence in the Hospitality sector at the NBEA is one of the most closely contested and coveted awards. 

Speaking about the achievement, Mr. Eksath Wijeratne, Group General Manager – Browns Hotels & Resorts said, “We are honored to have received this recognition for the second consecutive year. It is a sign of our continued efforts to maintain the highest standards. At Eden, we pride ourselves on offering exceptional customer service. We are humbly proud of this victory and I would especially like to thank the staff for playing a pivotal role in this significant achievement”.

The Eden Resort & Spa is located on the iconic ‘Golden Mile’, a pristine stretch of beach in Beruwela. Since its refurbishment in 2014, the property has seen a rapid increase in occupancy levels. Over the recent years, the hotel has been recognised locally as well as globally for its outstanding service standards. The 2015 booking.com award, the Trip Advisor Certificate of Excellence 2015, Holiday Check 2016, as well as the Gold Excellence, Gold, Silver and Bronze awards won at the Chef’s Guild, are some of the recent awards and honours received by the hotel.

Eden operates under Browns Hotels and Resorts which boasts a rich history of over 20 years in the hospitality industry of Sri Lanka. Offering 158 elegantly furnished luxury rooms, suites and penthouses, and an exclusive spa, the hotel was awarded with the prestigious ISO 22000:2005 certification in relation to food safety and food quality standards. Backed by these phenomenal credentials, the Eden Resort & Spa continues with its commitment to providing world class hospitality by exceeding the expectations of its guests, and continually upgrading its range of offerings. 

From L-R, Mr. Eksath Wijeratne, Group General Manager, Browns Hotels & Resorts, Mr. K. B. S. Bandara, Deputy General Manager, Sales & Channel Management, Bank of Ceylon, Mr. Nandika Buddhipala, Chairman, Technical Evaluation Panel NBEA 2016 – presenting the Award.



A panoramic view of the Eden Resort & Spa, Beruwela



The LOLC Group, one of the largest and most diversified conglomerates in Sri Lanka has embarked on several Renewable Energy initiatives within the organization as well as on a national scale, with a mission to commit towards a sustainable future, by meeting the needs of the present without compromising the needs of the future generations to meet their own.  

                                                                                                                    
Playing a significant role in the foremost economic sectors of the country, the rapidly evolving LOLC Group employs over 5000 staff members in various regions across the island. With a firm belief that promoting renewable energy starts from within, LOLC initiated several programs to increase the awareness and promote the adoption of sustainability amongst the Group staff, recently. In line with this, a Group-wide competition titled ‘Rewarding you for Sustainability’ was implemented with the objective of promoting active involvement of the staff. Ten lucky winners were picked and rewarded through a competition which was conducted across the Group representing all districts. At the awards presentation which took place at the LOLC Head Office, the winners were also appointed as Ambassadors to carry the message of Sustainability to the various regions and divisions.

The LOLC Group stepped into the year 2017 with a bold initiative to contribute to the forest cover of Sri Lanka. Today, deforestation is considered one of the most serious environmental issues in the country and the concerns keep growing.  In this backdrop, the LOLC Group commenced the new year with a tree planting campaign named, “Ratak Surakinna, Gasak Sitawanna – Plant a tree and Preserve the Country””.  The staff of all LOLC Group companies actively took part in the tree planting program during the first working week of 2017 by planting a tree in their office premises, home garden or in a nearby public place such as a school or a park.  In addition to inculcating the good habit of tree planting, one of the key objectives of this program is to ensure that the staff members nurture the plant until it grows to a tree. LOLC aims to plant 2,000 trees in 2017 and hopes to continue with its tree planting effort annually to enhance the forest cover, island wide. In doing so, LOLC also hopes to reward and recognize the Group companies and staff members who are committed to this campaign over a period of time.

Furthermore, all new employees joining the LOLC Group are educated about the Group’s sustainable energy efforts at the staff induction programs. The Group also plans to launch some innovative products with a view to promote Renewable Energy amongst its vast customer base.

Commenting on LOLC’s ongoing Renewable Energy efforts, Mr. Kapila Jayawardena, LOLC Group Managing Director/CEO said, “We are extremely pleased with the level of enthusiasm and engagement demonstrated by our staff, based right throughout the country. This also demonstrates that through collective action we can confront the common, central challenges and achieve lasting change. As a Group, we have taken an aggressive approach on developing and promoting renewable energy sources and reforestation. Our commitment is to create a sustainable environment whereby making an overall impact on the environment we live and operate in”.

On a national context, LOLC ventured into solar power generation when its Group company, Sagasolar Power (Private) Limited recently opened Sri Lanka’s first and largest Utility Scale Solar Power plant in Hambantota. The plant which is the first of its kind initiated by the Private sector has the capacity to produce 10 MW of power to the National Grid.  With continuous expansion, LOLC also envisages to take its Renewable Energy initiatives worldwide by introducing it to its Cambodian and Myanmar offices.  

In 2008, LOLC became a signatory to the United Nations Global Compact (UNGC) strategic policy initiative which seeks to promote sustainable and responsible businesses throughout the world. Sustainable initiatives have always been widely practiced in all LOLC’s core businesses since its early inception. The LOLC Group’s sustainability journey is not a mere effort to improve its systems and operations but an effort to positively impact the processes beyond the boundaries of the company.

A few winners receiving their awards at the ‘Rewarding you for Sustainability’ awards ceremony from Mr. Kapila Jayawardena, LOLC Group Managing Director/CEO, Mrs. Kalsha Amarasinghe, Executive Director, LOLC Group and Dr. R. A. Fernando, Director, LOLC Group.



Some images from the many regions and divisions that took part in the “Ratak Surakinna, Gasak Sitawanna – “Plant a tree and Preserve the Country”” programme of LOLC, launched on 1st January 2017.



Some of the Group’s Senior Members receiving plants from Mr. Kapila Jayawardena, LOLC Group Managing Director/CEO.



LOLC Group company, Sagasolar Power (Private) Limited (Sagasolar) announces the opening of the first ever Utility Scale Solar Power plant in Sri Lanka. The plant based in Baruthankanda, Hambantota has the capacity to produce 10 MW of power that will be supplied to the National Grid.  Sagasolar is a subsidiary of the LOLC Group and is a collaboration with Faber Capital Limited.

The development of this landmark plant is in line with Sri Lanka’s National Energy policy, which has the key focus of converting fossil fuel used in Electricity Generation to Sustainable Renewable Sources. Sri Lanka’s renewable energy journey began with Hydro power, supplemented by Wind Power, where this landmark project, has now embarked on generation through Solar Power, is arguably the most abundant and sustainable energy resource available in the country.

The 10 MW Solar plant, has been built on 45 acres of land within the Energy Development Area declared by Gazette notice 1720/5 on the 23rd of August 2011 under the Sri Lanka Sustainable Energy Authority Act.  This project, the first of its kind by the Private sector, is over seven times the size of the largest Solar project in Sri Lanka at present; which is the 1.3MW pilot project owned and operated by the Sustainable Energy Authority, located in Hambantota.

Hambantota has one of the highest levels of Annual Global Horizontal Irradiation (GHI) in Sri Lanka.  After energizing, the project will supply approximately 20 GWh, which will be sufficient to provide the annual electricity needs of approximately 15,000 typical Sri Lankan homes.  The project will also reduce carbon dioxide emissions from power generation in the national electricity system by a margin of 11,000 tonnes per year.

The Power Plant was ceremoniously opened on the 21st of December 2016 under the patronage of Hon.  Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Hon.  Ajith P. Perera Deputy Minister of Power and Renewable Energy.  

The project debt is financed by a banking consortium experienced in renewable energy projects, with DFCC Bank taking the largest exposure followed by Commercial Bank and Hatton National Bank.

The project is a collaboration between the LOLC Group and Faber Capital Limited, the key equity providers.  

“At LOLC, we believe our achievements in sustainability are more than fulfilling a responsibility, or a feather in our cap; it is embedded in our business model, and has made us who we are today. In the recent years, Renewable energy has gained prominence in the Sri Lankan economy, and LOLC Group is poised to play a key role in enhancing our commitment in environmental stewardship. We are highly excited to venture into Solar power generation, first of its kind and magnitude by the private sector, reflecting our true passion for a greener tomorrow”, said Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group.

Faber Capital Limited is a boutique investment Bank which specializes in the implementation and financing of renewable energy projects in Asia, Africa and the Middle East.  Dilshan Hettiaratchi, Managing Director of Faber Capital said, “We are indeed honoured to be involved in the development of Sri Lanka’s first Utility Scale solar project. Generation of Energy from Solar power is the next frontier in Sri Lanka’s energy generation journey.  The country has successfully harnessed sustainable resources for generation of energy needs for over half a Century.  The main resources used were Hydro, with Wind supplementing generation capacity over the last decade.  With this exciting project, Solar has also been introduced to the generation mix. We at Faber Capital invested in this landmark project over a year ago and combined the implementation and financing elements required to complete the project. We hope this project will be a catalyst to popularize energy generation through Solar Power, which is arguably the most sustainable green resource available in the country.”

LOLC Group company, Sagasolar Power (Private) Limited (Sagasolar) announces the opening of the first ever Utility Scale Solar Power plant in Sri Lanka. The plant based in Baruthankanda, Hambantota has the capacity to produce 10 MW of power that will be supplied to the National Grid.  Sagasolar is a subsidiary of the LOLC Group and is a collaboration with Faber Capital Limited.

The development of this landmark plant is in line with Sri Lanka’s National Energy policy, which has the key focus of converting fossil fuel used in Electricity Generation to Sustainable Renewable Sources. Sri Lanka’s renewable energy journey began with Hydro power, supplemented by Wind Power, where this landmark project, has now embarked on generation through Solar Power, is arguably the most abundant and sustainable energy resource available in the country.

The 10 MW Solar plant, has been built on 45 acres of land within the Energy Development Area declared by Gazette notice 1720/5 on the 23rd of August 2011 under the Sri Lanka Sustainable Energy Authority Act.  This project, the first of its kind by the Private sector, is over seven times the size of the largest Solar project in Sri Lanka at present; which is the 1.3MW pilot project owned and operated by the Sustainable Energy Authority, located in Hambantota.

Hambantota has one of the highest levels of Annual Global Horizontal Irradiation (GHI) in Sri Lanka.  After energizing, the project will supply approximately 20 GWh, which will be sufficient to provide the annual electricity needs of approximately 15,000 typical Sri Lankan homes.  The project will also reduce carbon dioxide emissions from power generation in the national electricity system by a margin of 11,000 tonnes per year.

The Power Plant was ceremoniously opened on the 21st of December 2016 under the patronage of Hon.  Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Hon.  Ajith P. Perera Deputy Minister of Power and Renewable Energy.  

The project debt is financed by a banking consortium experienced in renewable energy projects, with DFCC Bank taking the largest exposure followed by Commercial Bank and Hatton National Bank.

The project is a collaboration between the LOLC Group and Faber Capital Limited, the key equity providers.  

“At LOLC, we believe our achievements in sustainability are more than fulfilling a responsibility, or a feather in our cap; it is embedded in our business model, and has made us who we are today. In the recent years, Renewable energy has gained prominence in the Sri Lankan economy, and LOLC Group is poised to play a key role in enhancing our commitment in environmental stewardship. We are highly excited to venture into Solar power generation, first of its kind and magnitude by the private sector, reflecting our true passion for a greener tomorrow”, said Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group.

Faber Capital Limited is a boutique investment Bank which specializes in the implementation and financing of renewable energy projects in Asia, Africa and the Middle East.  Dilshan Hettiaratchi, Managing Director of Faber Capital said, “We are indeed honoured to be involved in the development of Sri Lanka’s first Utility Scale solar project. Generation of Energy from Solar power is the next frontier in Sri Lanka’s energy generation journey.  The country has successfully harnessed sustainable resources for generation of energy needs for over half a Century.  The main resources used were Hydro, with Wind supplementing generation capacity over the last decade.  With this exciting project, Solar has also been introduced to the generation mix. We at Faber Capital invested in this landmark project over a year ago and combined the implementation and financing elements required to complete the project. We hope this project will be a catalyst to popularize energy generation through Solar Power, which is arguably the most sustainable green resource available in the country.”LOLC Group company, Sagasolar Power (Private) Limited (Sagasolar) announces the opening of the first ever Utility Scale Solar Power plant in Sri Lanka. The plant based in Baruthankanda, Hambantota has the capacity to produce 10 MW of power that will be supplied to the National Grid.  Sagasolar is a subsidiary of the LOLC Group and is a collaboration with Faber Capital Limited.

The development of this landmark plant is in line with Sri Lanka’s National Energy policy, which has the key focus of converting fossil fuel used in Electricity Generation to Sustainable Renewable Sources. Sri Lanka’s renewable energy journey began with Hydro power, supplemented by Wind Power, where this landmark project, has now embarked on generation through Solar Power, is arguably the most abundant and sustainable energy resource available in the country.

The 10 MW Solar plant, has been built on 45 acres of land within the Energy Development Area declared by Gazette notice 1720/5 on the 23rd of August 2011 under the Sri Lanka Sustainable Energy Authority Act.  This project, the first of its kind by the Private sector, is over seven times the size of the largest Solar project in Sri Lanka at present; which is the 1.3MW pilot project owned and operated by the Sustainable Energy Authority, located in Hambantota.

Hambantota has one of the highest levels of Annual Global Horizontal Irradiation (GHI) in Sri Lanka.  After energizing, the project will supply approximately 20 GWh, which will be sufficient to provide the annual electricity needs of approximately 15,000 typical Sri Lankan homes.  The project will also reduce carbon dioxide emissions from power generation in the national electricity system by a margin of 11,000 tonnes per year.

The Power Plant was ceremoniously opened on the 21st of December 2016 under the patronage of Hon.  Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Hon.  Ajith P. Perera Deputy Minister of Power and Renewable Energy.  

The project debt is financed by a banking consortium experienced in renewable energy projects, with DFCC Bank taking the largest exposure followed by Commercial Bank and Hatton National Bank.

The project is a collaboration between the LOLC Group and Faber Capital Limited, the key equity providers.  

“At LOLC, we believe our achievements in sustainability are more than fulfilling a responsibility, or a feather in our cap; it is embedded in our business model, and has made us who we are today. In the recent years, Renewable energy has gained prominence in the Sri Lankan economy, and LOLC Group is poised to play a key role in enhancing our commitment in environmental stewardship. We are highly excited to venture into Solar power generation, first of its kind and magnitude by the private sector, reflecting our true passion for a greener tomorrow”, said Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group.

Faber Capital Limited is a boutique investment Bank which specializes in the implementation and financing of renewable energy projects in Asia, Africa and the Middle East.  Dilshan Hettiaratchi, Managing Director of Faber Capital said, “We are indeed honoured to be involved in the development of Sri Lanka’s first Utility Scale solar project. Generation of Energy from Solar power is the next frontier in Sri Lanka’s energy generation journey.  The country has successfully harnessed sustainable resources for generation of energy needs for over half a Century.  The main resources used were Hydro, with Wind supplementing generation capacity over the last decade.  With this exciting project, Solar has also been introduced to the generation mix. We at Faber Capital invested in this landmark project over a year ago and combined the implementation and financing elements required to complete the project. We hope this project will be a catalyst to popularize energy generation through Solar Power, which is arguably the most sustainable green resource available in the country.”

Hon. Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Hon. Ajith P. Perera Deputy Minister of Power and Renewable Energy touring the site with Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group, Dilshan Hettiaratchi, Managing Director of Faber Capital and Eng. J.D.K. Wikramaratne, Chairman of Sri Lanka Sustainable Energy Authority.



Hon. Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group unveils the plaque.



Hon. Ranjith Siyambalapitiya, Minister of Power and Renewable Energy and Hon. Ajith P. Perera Deputy Minister of Power and Renewable Energy and Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group ceremonially opening the largest Solar Power plant in Sri Lanka.



An aerial view of the solar panels



The head office of LOLC Life Assurance was relocated to their modern premises at No 481, T. B. Jaya Mawatha (Darley Road), Colombo 10 recently. Located in the heart of Colombo, LOLC Life Assurance is now geared to offer greater convenience and access for customers from its spacious, new head office complex. LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena graced the opening as the Chief Guest together with Mrs. Kalsha Amarasinghe, Executive Director amidst a gathering of Directors and Senior Management of LOLC Group, COO of LOLC Insurance, Mr. Nilanga Wickramasinghe, and the company staff and well wishers.

LOLC Life Assurance offers an extensive range of insurance products to help both individuals and businesses prepare for the unexpected with products such as Child Protection Plan, Life Protect Plan, Life Protect Plus Plan, Pensions Plan, and Loan Protection Plans applicable for both individuals from all walks of life and Corporates.

LOLC Assurance understands customers’ diverse needs hence the reason to have a range of products to suit individual requirements. The LOLC Life Assurance Life Protect is a flexible insurance policy that offers the security of guaranteed protection with the added benefit of periodical returns to the fund account, offering the flexibility of choosing an ideal combination of savings and protection. LOLC Life Assurance also offers Critical Illness Cover on 29 identified illnesses and daily hospitalization benefits along with a Life Cover. Meanwhile, the LOLC Life Assurance Pension Plan is an insurance policy designed to build a retirement fund whilst extending the option of enhancing the policy with protection covers. Further, the LOLC Life Assurance Child Plan is a unique policy designed to provide security for children’s future to take care of future educational and other financial needs. Also, Life/Family Takaful provides the breadwinner of the family both a protection policy and long-term savings. The LOLC Life Assurance Home Loan Protection Policy settles all outstanding loans and releases any mortgaged property upon the Death or Permanent Disability of the borrower.

LOLC Life Assurance leverages on LOLC’s strong distribution channel of 173 outlets to expand its market share. Since its inception in 2011, the company has been experiencing rapid and sustainable growth. The company boasts of a professional Life Insurance sales force that is poised to further penetrate the market in the year ahead via all channels. The Life Insurance posted significant growth by recording 73% growth in GWP in the first half of 2016 over the corresponding period in FY2015. 





LOLC Group reached the pinnacle of Excellence when it was crowned as the overall Gold Award Winner at the National Business Excellence Award (NBEA) 2016 at a glittering awards ceremony held recently in Colombo. Whilst securing the overall Gold Award, LOLC Group also won a number of other sub-sector awards at the NBEA 2016, organised by the National Chamber of Commerce of Sri Lanka (NCCSL) for the 13th consecutive year. NBEA is recognised as Sri Lanka’s highest Corporate Award.

In addition to the overall Gold Award, the LOLC Group also won Gold in the Extra Large Category as well as in the Diversified Group of Companies Category. The Group’s flagship luxury hotel, The Eden Resort & Spa won Gold in the Hospitality & Tourism Sector. The Group also won three Bronze Awards for Excellence in Performance Management, Excellence in Business and Financial Results and Excellence in Local Market Reach.

The NBEA which is presented annually by the NCCSL recognizes business enterprises which have demonstrated excellence in business, whilst contributing to the socio-economic progress of the nation.  This year, many corporate establishments stepped forward to compete in the NBEA with the introduction of the new evaluation model scheme and criteria. According to the new model, Business Enterprises were evaluated under a newly structured evaluation model of 7 perspectives, which included Excellence in Leadership, Excellence in Corporate Governance, Excellence in Capacity Building, Excellence in Performance Management, Excellence in Local and Global Market Reach, Excellence in Corporate Social Responsibility and Environmental Sustainability and Excellence in Business and Financial Results.

Sharing his thoughts about the victory, LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena said, “This is a remarkable achievement and it clearly signifies LOLC’s exceptional performance, dynamism and excellence in corporate Sri Lanka. We are very pleased that LOLC has been ranked number 01 and I believe our rank confirms the success of our efforts in ensuring continuous improvement, unwavering professionalism and long standing partnerships”.

The LOLC Group is a leading diversified conglomerate present in the foremost economic sectors of the country. LOLC has evolved rapidly over the past few years from a leading financial services provider to one of the largest and most diversified conglomerates in the country. Today, LOLC’s portfolio is broadly categorised as financial services and non-financial services, encompassing leisure, plantations, agri-inputs, renewable energy, construction, manufacturing and trading and other strategic investments. Pursuing new markets and taking Sri Lanka to the world, LOLC has ventured into two overseas investments setting up operations in Cambodia and Myanmar with many more plans in the pipeline for regional expansion.  

The NBEA is one of Sri Lanka’s pioneering Awards Competitions which was launched in 2004 by the NCCSL. Over the years the awards have maintained its high standard and has gained much prestige and popularity among the business community due to the well-structured Awards Scheme that is carefully adjudicated by a competent and eminent panel of judges.

LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena and LOLC Group Deputy Chairman, Mr. Ishara Nanayakkara receiving the National Business Excellence Award 2016 from the Chief Guest, Dr. Indrajit Coomaraswamy, Governor – Central Bank of Sri Lanka.



25 November 2016, Colombo: The LOLC Group and Club Mediterranee - France, signed a historic agreement on 25th November 2016 which will witness the Riverina Resort in Beruwela being branded as the First Club Med Resort in Sri Lanka. The landmark agreement was signed between LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena and Mr. Henri Giscard d’Estaing, President and CEO of Club Mediterranee, on behalf of the respective companies. The establishment of the globally-reputed Club Med brand in Sri Lanka opens a new chapter in the country’s higher value tourism prospects. Under the terms of the agreement, Club Med will brand, market and manage the property as one of its many exotic Club Med destinations attracting affluent tourists from Europe and Asia to Sri Lanka. This development will further the industry’s aspirations to develop the island as a magnet for high spending tourists while simultaneously creating a significant number of direct and indirect employment opportunities. Club Méditerranée SA, commonly known as Club Med, is a French company specialising in operating Club Resorts at a number of exotic destinations around the world.

The LOLC Group is a leading diversified conglomerate present in the foremost economic sectors of the country and over the past few months has aggressively expanded its leisure portfolio of properties in neighbouring Maldives. It has made significant investments in the Maldives, by securing some of the most sought after real estate in Male and in strategic locations among other Atolls. The LOLC Group is also diversifying its interests in the leisure sector by having set up a destination management company, an out-bound arm and a popular entertainment complex.

Commenting on the new milestone, Mr. Kapila Jayawardena, Group Managing Director of the LOLC Group, said, “We are pleased to have Mr. Henri Giscard D’Estaing, the President and CEO of Club Méditerranée, to sign this historic venture that ushers in one of the most prestigious tourism brands in the world to Sri Lanka. We are confident that this will be a mutually rewarding partnership that will add immense value to Sri Lanka Tourism. As a tourism destination, Sri Lanka has a rich and diverse offering spanning nature, culture, religion, adventure and eco-tourism, and we are confident that it will ascend in popularity and profitability to become one of Club Med’s premier properties. LOLC has forged strategic partnerships across its business sectors and this collaboration with yet another international brand reflects the strong investment potential of the group. Scheduled for completion in 2018, Sri Lanka’s First Club Med is yet another pioneering initiative by LOLC.”

President and CEO of Club Mediterranee, Mr. Henri Giscard D’estaing added, “We are delighted to embark on setting up the first Club Med in Sri Lanka, which is an exceptional destination. The beautiful island and the strategic location of the property reflects the exclusivity that Club Med looks for in its new locations. We believe that the Sri Lanka Club Med will be much in demand with our members. We have found in the LOLC Group, a dynamic partner with whom we expect to have a rewarding relationship. Doing business in Sri Lanka thus far has been a pleasure and we expect to forge closer bonds with this gorgeous island country going ahead. I am grateful to the Board of Directors and senior management of the LOLC Group for their warm welcome. I would like to thank the Government of Sri Lanka and the tourism authorities for facilitating the first Club Med in the country.”

Over the past 65 years, Club Med has been the specialist in helping transform emerging destinations into international high level tourist places, generating great global interest and immediate traffic wherever it settles.  Bali, Cancun, Punta Cana, the Maldives and Phuket are perfect examples of destinations launched into the list of world-class destinations after Club Med’s first resort was established in those locations.

LOLC Group was represented by Mr. Ishara Nanayakkara, Deputy Chairman, Directors Mrs. K. Amarasinghe and Mr. Kamantha Amerasekera and Mr. Ajit Jayemanne, Consultant Director of the Leisure Division, whilst Club Med was represented by Mr. Xavier Desaulles and Mr. Marc De Jouffroy.

Henri Giscard D’estaing, CEO of Club Med speaking at the landmark sigining ceremony



LOLC and CLUB Med signs landmark deal



LOLC GMD - CEO addressing the gathering



November 25th, 2016 - LOLC Micro Credit Ltd. (LOMC), one of the largest and leading microfinance companies in Sri Lanka and subsidiary of the LOLC Group, successfully concluded its 7th annual ‘Isuru Diriya Sisu Upahara Scholarship Awards Ceremony’ at a gala event held at the BMICH Colombo.  The ‘Isuru Diriya Sisu Upahara Scholarship’ is LOMC’s most valued and dedicated CSR project which is held annually to felicitate the children of LOMC customers who achieved top marks at the national Grade 5 scholarship examination conducted by the Department of Education.

Covering all districts in the country, a total of 797 students were awarded scholarships with cash prizes and gifts of stationery, books, sports items and school shoes. During the official ceremony held at the BMICH, 251 students were awarded with scholarships to support their first steps into secondary school while the gifts and scholarships of the balance 546 students were delivered to their homes. Similar to previous years, the selection criteria for the Sisu Upahara Scholarship programme continues to be well structured and transparent extending the scholarships to deserving students based on both merit and financial need.  

Hon. Minister of Education, Akila Viraj Kariyawasam graced the ceremony as the Chief Guest. Professor J. B. Dissanayake who is an eminent writer and consultant on language, grammar and culture, participated as the Guest Speaker. Speaking at the Awards Ceremony, Professor Dissanayake encouraged and motivated the young achievers and shared some valuable insights on how to successfully reach their future educational goals. Also in attendance were, LOLC Group Deputy Chairman, Mr. Ishara Nanayakkara, LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena, Executive Director of LOLC, Mrs. Kalsha Amarasinghe, and Director/Chief Executive Officer LOMC, Mr. Ravi Tissera. Senior management members of LOLC, staff members, parents of students and well-wishers were also present.  

During this year's ceremony, top three achievers, namely, Sudaraka Heshan Deshabandu from Galgamuwa, Selwakumar Shehan Kanishka from Horana and Kuganeswaran Kulavili from Vavuniya along with other high-achievers were recognised and presented with special gifts.

Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit Limited speaking at the award ceremony said, “Since our very first Isuru Diriya programme which was held in the 2010/11 financial year, we have felicitated over 2,500 outstanding scholarship students. By awarding and celebrating their achievements we not only give them the necessary impetus to further their education but create the inspirational platform for them to aspire to achieve greater success in the future.  Therefore, this annual event is a unique and special one.”

Inaugurated in 2009, LOLC Micro Credit, with the financial strength of renowned overseas Development Finance Institutes and the support of the LOLC Group, rose among Sri Lankan corporates as one of the leading microfinance solutions providers dedicated towards uplifting the low income segment of the country. The Company has also been the first and only Sri Lankan microfinance institute to be awarded with the certification for Client Protection Principle. With a disbursement portfolio of Rs. 47 Billion and a growing borrower base of nearly 400,000, the Company has gained success and recognition both at home and overseas. 

251 students were awarded at the official ceremony held at the BMICH



Chief Guest Hon. Minister of Education, Akila Viraj Kariyawasam addressing the gathering



LOLC Micro Credit felicitates over 750 top-achieving scholars



LOMC successfully concluded its 7th annual Isuru Diriya Sisu Upahara Scholarship Awards Ceremony in Colombo



Professor J. B. Dissanayake addressing the gathering



With an ambitious aim towards expanding and intensifying its operations in Anuradhapura, LOLC Finance PLC relocated its branch in the great monastic city to its very own sophisticated premises at No. 242/2, Maithripala Senanayake Mawatha, Anuradhapura. From the new, full-fledged building, LOLC Finance is geared to offer a superior level of financial services to the existing and potential customer base in Anuradhapura. The branch will also function as the regional office, catering to the diverse financial requirements of the people in the Northern Province and the North Central Province. 
The new LOLC Finance Anuradhapura branch was inaugurated by the LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena. The event was attended by senior management officials, staff members, customers and well-wishers. Addressing the gathering, Mr. Jayawardena said, “Over the years, we have witnessed the vast potential for growth in Anuradhapura. This new move to a more centralised location is a result of the considerable growth LOLC Finance has registered in this area over the past years. I am confident that this will further support the growth ambitions of the varied businesses in and around the Anuradhapura area."
Also, speaking at the event, Mr. Ashan Nissanka the Director/ Chief Executive Officer of LOLC Finance emphasized that, “Our new address here will not only bring us closer to the substantial number of customers we already serve in Anuradhapura but it will also be a reflection of our steadfast commitment to providing high quality, bespoke financial services. I can ensure that our offerings will continue to grow with further planned expansions in this very lucrative region”.  
Anuradhapura was once a political and religious capital of Sri Lanka that flourished for nearly 1,300 years.  A city that dates back to the 5th century BC, Anuradhapura is world renowned for its rich collection of architectural wonders. It was one the most powerful kingdoms of ancient Sri Lanka, boasting a rich economic and cultural heritage.  Anuradhapura which was a central point of ancient Sri Lankan civilization is almost synonymous with Sri Lanka’s irrigation system which dates back over 2000 years. Sri Lanka’s hydraulic civilization mainly developed during the Anuradhapura era, paving the way to an agricultural and cultural revolution.  Named a UNESCO World Heritage Site, Anuradhapura today continues to make great strides towards becoming a modern, economically vibrant city. 
Driven by its demand for services, the new LOLC Finance branch in Anuradhapura will cater to the financial requirements of individual customers and the diverse business community. The new branch will offer unparalleled financial solutions such as leasing, micro loans, corporate loans, all types of fixed deposits and savings.  With this new move, LOLC Finance looks forward to support the budding and highly promising Micro and SME community in this region through various services and awareness programmes. 
-End-

With an ambitious aim towards expanding and intensifying its operations in Anuradhapura, LOLC Finance PLC relocated its branch in the great monastic city to its very own sophisticated premises at No. 242/2, Maithripala Senanayake Mawatha, Anuradhapura. From the new, full-fledged building, LOLC Finance is geared to offer a superior level of financial services to the existing and potential customer base in Anuradhapura. The branch will also function as the regional office, catering to the diverse financial requirements of the people in the Northern Province and the North Central Province. 


The new LOLC Finance Anuradhapura branch was inaugurated by the LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena. The event was attended by senior management officials, staff members, customers and well-wishers. Addressing the gathering, Mr. Jayawardena said, “Over the years, we have witnessed the vast potential for growth in Anuradhapura. This new move to a more centralised location is a result of the considerable growth LOLC Finance has registered in this area over the past years. I am confident that this will further support the growth ambitions of the varied businesses in and around the Anuradhapura area."


Also, speaking at the event, Mr. Ashan Nissanka the Director/ Chief Executive Officer of LOLC Finance emphasized that, “Our new address here will not only bring us closer to the substantial number of customers we already serve in Anuradhapura but it will also be a reflection of our steadfast commitment to providing high quality, bespoke financial services. I can ensure that our offerings will continue to grow with further planned expansions in this very lucrative region”.  


Anuradhapura was once a political and religious capital of Sri Lanka that flourished for nearly 1,300 years.  A city that dates back to the 5th century BC, Anuradhapura is world renowned for its rich collection of architectural wonders. It was one the most powerful kingdoms of ancient Sri Lanka, boasting a rich economic and cultural heritage.  Anuradhapura which was a central point of ancient Sri Lankan civilization is almost synonymous with Sri Lanka’s irrigation system which dates back over 2000 years. Sri Lanka’s hydraulic civilization mainly developed during the Anuradhapura era, paving the way to an agricultural and cultural revolution.  Named a UNESCO World Heritage Site, Anuradhapura today continues to make great strides towards becoming a modern, economically vibrant city. 


Driven by its demand for services, the new LOLC Finance branch in Anuradhapura will cater to the financial requirements of individual customers and the diverse business community. The new branch will offer unparalleled financial solutions such as leasing, micro loans, corporate loans, all types of fixed deposits and savings.  With this new move, LOLC Finance looks forward to support the budding and highly promising Micro and SME community in this region through various services and awareness programmes. 

LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena is seen lighting the traditional Oil Lamp at the occasion. Also in the picture are Mr. Ashan Nissanka the Director/ Chief Executive Officer of LOLC Finance and Mr. Gamini Jayaweera, DGM, Northern and North Central Regions, LOLC Finance.



LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena accepting the first transaction of the newly relocated Anuradhapura branch.



LOLC Finance PLC has successfully issued a Rs. 500 million (US$3.37 million) Sukuk from the domestic market, setting a precedent for corporate Sukuk issuances in South Asia. Sukuk is commonly referred to as ‘Sharia’h compliant’ securitisation which is a fast emerging source of alternative funding often referred to as Islamic securitisation.

The Sukuk Al Ijarah issuance of LOLC Finance was subscribed entirely by the Bank of Ceylon. The three-year Ijarah facility proceeds will contribute to further develop the Islamic Finance capital market, by not only opening a new window for companies seeking Islamic Finance but also provide a viable investment instrument for any potential Islamic investor. The Trustee to the issuance was HNB Custodial Services while Trillion Securities (Pvt) Limited acted as the financial adviser, arranger and lead manager. The Legal aspect was handled by Nithya Partners. 

Elaborating on Sri Lanka’s first Sukuk Al Ijarah issuance, Mr. Krishan Thilakaratne, the Group Head of Islamic Finance of LOLC said, “As there has never been a Sukuk issuance in Sri Lanka, we had the challenge of drafting the agreements and arranging the parties. Further, we are building a fairly substantial Ijarah base and we have the capacity to go with a larger issue in the future. Ideally, we would like to get off shore investors but there are hurdles to overcome such as exchange risk options”. 

Mr. Thilakaratne further said, “There is a great appetite for investment in the company but we lacked a proper Sukuk structure or product that we could bring to the capital market. The focus for us now is to fine-tune what we have now for the international market. I would also like to make special mention of the members of Al-Falaah’s Shari’ah Supervisory Board, Ash-Shaikh Fazil Farook, Ash-Shaikh Murshid Mulaffer and Mufti Shafiq Jakhura, who are all well-known, eminent Scholars in the industry for their pivotal role in structuring and drafting the agreements according to the precepts of Islamic Finance”. 

Having successfully raised Islamic capital from the domestic market, LOLC Finance is focusing on capturing foreign funds, in a Sharia’h compliant manner. Backed by Japan’s multinational conglomerate ORIX Corporation, the LOLC Group is renowned for its strong international funding base. 

Speaking about the landmark deal, Mr. D.M Gunasekera, General Manager of Bank of Ceylon (BOC) said, “The experience and the learning curve of this joint effort is one of the convergence the industry is vying for and therefore others too can join hands with us for win-win deals. BOC being the No. 1 Bank in the country has the responsibility to support the financial industry to introduce various types of products depending on the requirements of the depositors and the borrowers”. 

Meanwhile, Sampath Kulatunga, Director / CEO of Trillion Securities (Pvt) Limited (TSL), the arranger and lead manager of the issue said, “The challenge to us was that this issue was the first ever Sukuk Al Ijarah receivable securitisation transaction, structured in the Sri Lankan capital market. The first ever Sukuk Al Ijarah securitisation transaction became a reality due to the effort of all stakeholders who worked tirelessly to ensure the successful launch of this issue”.  

Mr. Jonathan Alles, Managing Director and CEO of HNB commented that the Bank is proud to be appointed as the trustee to the Rs. 500 million Bank of Ceylon funded, Sri Lanka’s first Sukuk Al Ijarah securitisation of LOLC Finance PLC and this mandate is a testament of the level of confidence that the market has placed on HNB as the preferred corporate banking partner. 

LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions is a regulated Finance Company of the Central Bank. LOLC Finance is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd, an associate of Moody’s Investors Service. 

LOLC Finance PLC has successfully issued a Rs. 500 million (US$3.37 million) Sukuk from the domestic market, setting a precedent for corporate Sukuk issuances in South Asia. Sukuk is commonly referred to as ‘Sharia’h compliant’ securitisation which is a fast emerging source of alternative funding often referred to as Islamic securitisation. 


Ceylon Today


Daily News

Read More


Daily Mirror


The Island

Read More


Ada


Divaina

Read More


Daily FT

Read More


Virakesari


Thinakural



LOLC’s dominant financial services sector companies, led the Group to record strong profits in the first three months of 2016/17, a PBT of Rs. 3.2Bn when compared to  Rs. 2.7Bn recorded in the same period last year. The current year’s performance, strengthened by the outstanding performance of the Group in 2015/16 of Rs. 11.9Bn of PBT, is a 45% growth over the last year. The financial services companies which account for 82% of the Group’s PBT, showed a remarkable growth in terms of an increase in the lending portfolio consequent to the aggressive growth in their lending books. As a result, the total Asset base of the Group reached Rs. 380Bn. The contribution to the high growth was achieved, resulting a portfolio growth of 52% to Rs. 213 Bn from Rs. 140 Bn.

LOLC’s dominant financial services sector companies, led the Group to record strong profits in the first three months of 2016/17, a PBT of Rs. 3.2Bn when compared to  Rs. 2.7Bn recorded in the same period last year. The current year’s performance, strengthened by the outstanding performance of the Group in 2015/16 of Rs. 11.9Bn of PBT, is a 45% growth over the last year. The financial services companies which account for 82% of the Group’s PBT, showed a remarkable growth in terms of an increase in the lending portfolio consequent to the aggressive growth in their lending books. As a result, the total Asset base of the Group reached Rs. 380Bn. The contribution to the high growth was achieved, resulting a portfolio growth of 52% to Rs. 213 Bn from Rs. 140 Bn.

LOLC, one of the largest conglomerates in Sri Lanka, its core business being financial services, comprises of three finance companies and one leasing company falling under the purview of the Central Bank of Sri Lanka. The flagship finance company LOLC Finance PLC (LOLC Finance), Commercial Leasing and Finance PLC (CLC) and the newly acquired BRAC Lanka Finance PLC (BRAC) together with LOLC Micro Credit Limited (LOMC) recorded a strong financial performance in the year 2015/16 and continued the momentum during the first three months of the current year accounting for 89% of the Group’s PBT. The strong performance was enhanced by the high yielding overseas investments made in LOLC Cambodia, PRASAC Micro Finance Company in Cambodia and LOLC Myanmar.   

On the strength of each of the companies, the financial services sector continues to experience a healthy level of portfolio growth in line with the aggressive execution strategy adopted by the Group. The strong funding flow to the Group from foreign funding sources together with local borrowing enabled a consistent growth. Further, improved collections by all these companies led to lower provisions for bad and doubtful debts reducing NPLs and strengthening the portfolio quality. The Group companies’ NPLs are stronger than that of the industry.   

LOLC Finance, operates in the SME to upper micro markets, having a portfolio of Rs.84Bn lending, backed by one of the largest deposit bases amongst the finance companies in Sri Lanka amounting to Rs.  60Bn. LOLC Finance’s portfolio grew to Rs. 89Bn by June this year, while deposits now stand at Rs. 67Bn, a strong growth of Rs. 7Bn, which demonstrates the confidence placed in the Company by its depositors. LOLC Finance is backed by the strong footprint of LOLC’s branch network, reaching to all parts of Sri Lanka. LOLC Finance recorded a strong growth in its assets in the year 2015/16, almost double, at Rs. 110Bn compared with the previous year. The asset base increased to Rs. 116Bn in the first three months of this year. 

LOMC too recorded a strong escalation in its portfolio, supported by an aggressive business growth, focusing on the micro finance segment. This segment brings higher yields as LOMC operates in the group lending business and clean lending business which demands higher margins with no collateral, as opposed to the other Group companies. The Companies assets reached Rs. 49Bn by June 2016, also recording a strong growth of 54% in the year 2015/16. 

CLC which operates in the lower SME and micro sectors, completed three months showing strong profits due to the growth in the lending base which stood at Rs 672Mn at the end of the first three months, a 20% growth compared with the same period last year.  CLC recorded 19% growth in PBT for the year 2015/16.  

BRAC the latest entrant to the Group’s financial services sector, recorded a stellar performance with its portfolio growth, strengthening the total assets to Rs. 9.5Bn, a threefold increase in the year 2015/16. Loans and advances grew to Rs. 7.8Bn, the main contributor to the growth in assets. In the current year, the company continues with its strong financial performance, recording Rs. 193Mn as PBT compared to a mere Rs. 71Mn recorded in the comparative period. 

LOLC’s insurance business represented by LOLC General Insurance Ltd and LOLC Life Assurance Ltd continued its unabated performance. The general business records healthy profits despite increasing claims experienced in the recent past. The Group insurance business that is directed to the insurance company, together with the business portfolio developed through other external businesses, places LOLC General Insurance Ltd in a strong position. The life businesses generated by the agency forces established through LOLC’s strong distribution channel, complements well to the growth in the micro and the endowment businesses. 

LOLC’s overseas financial services businesses,  PRASAC Micro Finance Company and LOLC Cambodia, a 60% subsidiary of LOLC, has contributed Rs. 402Mn and Rs. 505Mn respectively as profits during the three months up to June this year. These two companies contribute remarkably well to the profit signature of LOLC, and together with LOLC Myanmar which has a strong sustainable profit potential, will add a sturdy second stream of sustainable business opportunities in markets with growth potential, in the years to come.  

The trading business of LOLC, the Browns Group, too shows strong growth in the top line and is expected to deliver stronger results in the current year, benefiting from the restructuring carried out during the past two years. The plantation sector companies are going through a major restructuring process to align its operations amidst market challenges. The diversification of crops strategy, adopted by the Group is expected to bring about a better financial performance compared to the strained performance in the past years. 

The leisure business of the Group led by Browns Hotels and Resorts (BHR), comprises of, The Eden Resort and Spa in Beruwala, The Paradise Resort & Spa in Dambulla, Dickwella Resort in the deep South and The Calm Resort & Spa in Pasikudah, which are in operation. These hotels are generating moderate results despite the challenging environment in which they operate. However, in comparison to the previous year higher profits are expected in 2016/17. The two hotel properties under construction, The Turtle Beach Resort in Kosgoda and Riverina Resort in Beruwala are progressing as planned. BHR has recently made investments in the Maldives, to build three hotel properties and are expected to yield strong returns, given the opportunities seen in the Maldives, especially in the high end tourism sector.             

LOLC’s Group Managing Director, Mr. Kapila Jayawardena, commenting on the Group’s performance in 2015/16 and the first quarter of 2016/17 said, “LOLC’s outstanding performance in 2015/16 is mainly derived from the financial services sector, where all companies have recorded exceptional performances. The robust growth in the lending business, supported by the strong funding line, from both local and foreign sources at attractive terms and conditions, improved the income generating capacity of the sector. The strong collections enabled the Group to achieve a better NPL level and enabled all the companies in this sector to perform exceptionally well. I am confident that these companies will do equally well in the current year which is already seen in the exceptional performance in the first three months. Our robust business model and proactive strategies in portfolio growth and collection management will further strengthen our lending portfolio quality, while improving the profit signature on a consistent basis. We will continue to formulate proactive strategies to align the investments made in the last few years, to generate sustainable profitability which will complement our core business, the financial services sector.


Group Managing Director / Chief Executive Officer, LOLC Group - Mr. Kapila Jayawardena



Al-Falaah, the Islamic Financial Services arm, brought glory and honour to LOLC Group by winning two Gold awards and one Silver at the 1st Islamic Finance Forum of South Asia (IFFSA) Awards 2016 which was organised by UTO EduConsult and adjudicated by KPMG Sri Lanka.  In the country category, Al-Falaah, Islamic Business Unit of LOLC Finance won the Silver Award for the Islamic Finance Entity of the Year, Sri Lanka and a Gold for the Social Upliftment Award.  Meanwhile, Mr Nadheer Siddeeq of Al-Falaah Takaful of LOLC General Insurance Limited garnered the honours by winning the Gold Award for the ‘Rising Islamic Finance Personality of the Year’.

The 1st Annual IFFSA Awards ceremony recognised industry players from countries across the South Asian region including India, Pakistan, Bangladesh, the Maldives and Sri Lanka. The awards were evaluated and assessed by a panel of independent judges of repute and were presented country wise with a few awards bestowed on the intra-regional basis. Islamic Finance industry players were recognised against their peers in their respective countries, with some selected awards also being presented to players whose services span across the region.

The inaugural IFFSA Awards 2016 was held alongside the first Islamic Finance Forum of South Asia which encompassed the entire South Asian region. The forum discussed the key challenges and the potential for Islamic Finance in the South Asian region as a bloc that comprises a large concentration of Muslims in the world.

Commenting on Al-Falaah’s win, Mr Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “We are truly pleased to see our efforts in making a meaningful and broader impact on the Islamic Finance industry of Sri Lanka, being recognised in this manner.  It is also heartening to see how the industry players in the entire South Asian region have come together to encourage and support each other whilst exploring new avenues for future growth”.

Also sharing his views, Mr Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “The concluded IFFSA conference and Awards featured some of the most prominent opinion leaders and industry contributors and players from the region. We take humble pride in being recognised as a key player and a socially responsible financier in the region and strive to add more value for all industry stakeholders both locally as well as regionally, going forward”.

Speaking about the Gold award won by Mr Nadheer Siddeeq of Al-Falaah Takaful of LOLC General Insurance Limited, Nilanga Wickramasinghe Chief Operating Officer of LOLC General Insurance Limited and LOLC Life Assurance Limited said, “We are truly delighted and beyond proud of Mr Siddeeq for being adjudged the Rising Islamic Finance Personality of the Year. This achievement has fully manifested the continuous effort and commitment of our staff and their focus on building long-term relationships with clients”.

Al-Falaah, the Islaimic Business Unit of LOLC Finance established in 2007, functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody’s Investors Service. 

Al-Falaah Takaful, the Takaful Business Unit was established in August 2014 and is operating directly under the patronage of LOLC General Insurance Ltd, which is one of Sri Lanka’s fastest growing insurance companies. LOLC General Insurance Ltd is regulated by the Insurance Board of Sri Lanka (IBSL) and within a short span of 5 years has risen to be amongst the top leagues of the Insurance Industry.

Mr. Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOLC Finance receiving the Silver Award for the ‘Islamic Finance Entity of the Year, Sri Lanka’.



Mr. Nadheer Siddeeq of Al-Falaah Takaful of LOLC General Insurance Limited was bestowed with the Gold Award for the ‘Rising Islamic Finance Personality of the Year’.



Mr. Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOLC Finance receiving the Gold Award for the ‘Social Upliftment Award’.



A jubilant Al-Falaah team at the 1st IFFSA Awards night



The Eden Resort & Spa reached yet another milestone in its long continued efforts of uplifting the lives and livelihoods of the Beruwala community by inaugurating the first phase of the building project at the Moragalla Junior School in Beruwala.

Initiated by the management and staff of The Eden Resort & Spa, financial assistance for the first phase of the Moragalla Junior School building was provided by Miss Chris McGrail, a frequent visitor to Eden hailing from West Midlands, UK.  Affiliated to the Redhill School of England as the Deputy Head Teacher, Miss Chris McGrail spearheaded the fundraising activities for the construction of the school building through the students and parents of Redhill, UK.

Initiated by the management and staff of The Eden Resort & Spa, financial assistance for the first phase of the Moragalla Junior School building was provided by Miss Chris McGrail, a frequent visitor to Eden hailing from West Midlands, UK.  Affiliated to the Redhill School of England as the Deputy Head Teacher, Miss Chris McGrail spearheaded the fundraising activities for the construction of the school building through the students and parents of Redhill, UK.

The first section of the building was handed over to the Moragalla Junior School allowing them to increase its student intake. The opening ceremony took place recently under the patronage of Miss Chris McGrail, General Manager of The Eden Resort & Spa, Mr. Eksath Wijeratne, religious leaders, and the Principal of the school, Mrs. Kumarasiri.  Teachers and students of the Moragalla Junior School, hoteliers of the Bentota-Beruwela region and members of the community were also present. 

Launched as part of the Hotel’s corporate social responsibility programmes, the construction of the two-storey school building commenced in 2014 with the aim of completing the project in two stages. The building was designed to accommodate 08 additional classrooms, which would be constructed at a total investment of about Rs. 16 million. With the objective of early completion, the second phase of the project will commence soon with the financial support of the various fundraising activities organised by Redhill UK and the management and staff of The Eden Resort & Spa. 

Speaking at the opening ceremony, Mr. Eksath Wijeratne said, “Giving back to the community which we operate in is strongly aligned with the culture of our group (LOLC) and I am confident that this project will make a positive impact on many lives in this community and that it would be an immeasurable investment on the future of Beruwala.  I take this moment to gratefully acknowledge the generous assistance extended to us by our honoured guest, Miss Chris McGrail as well as the students, parents and staff of the Redhill School UK for making this possible’. 

Currently, the Moragalla Junior School provides education to 210 students, with 20 teachers and staff members on its cadre. In addition to the building project, The Eden Resort & Spa has provided financial assistance and held numerous educational programs aimed at providing greater educational facilities for the children of the Moragalla Junior School. 

Miss Chris McGrail of Redhill UK, and General Manager of The Eden Resort & Spa, Mr. Eksath Wijeratne being welcomed by the students and Principal of the Moragalla Junior School.



Students of the Moragalla Junior School welcoming the guests



The completed first phase of the school which was ceremonially declared open



Miss Chris McGrail of Redhill UK, opening the new school building



Students of the Moragalla Junior School in their new classroom



28th July 2016. Colombo: The Insurance arm of the LOLC Group, one of Sri Lanka’s fastest-growing companies in the Life and General insurance sectors, recorded a satisfactory half-yearly performance for FY2016. The Life insurance segment posted significant numbers by recording 73% growth in GWP in the first half of 2016 over the corresponding period in FY2015, which is an indicator that the Life Insurance business will most likely end this financial year on a sound note. The company closed first half of FY 2016 with an overall GWP growth of 47% over the previous year, recording Rs. LKR 2,537 Mn in GWP.

28th July 2016. Colombo: The Insurance arm of the LOLC Group, one of Sri Lanka’s fastest-growing companies in the Life and General insurance sectors, recorded a satisfactory half-yearly performance for FY2016. The Life insurance segment posted significant numbers by recording 73% growth in GWP in the first half of 2016 over the corresponding period in FY2015, which is an indicator that the Life Insurance business will most likely end this financial year on a sound note. The company closed first half of FY 2016 with an overall GWP growth of 47% over the previous year, recording Rs. LKR 2,537 Mn in GWP.

The company’s General Insurance business grew by as much as 37% over the previous year’s first half. The company’s Non-Motor business grew by 137% over the previous year’s first-half result to record LKR 261 Mn. The Motor vehicle insurance business, which contributes the major chunk of revenue for the company, grew by 27% to record LKR 1,441 Mn in the first six months of 2016.

Commenting on the company’s performance, the Chief Operating Officer of LOLC General Insurance Ltd and LOLC Life Assurance Ltd, Nilanga Wickramasinghe, said, “We are proud of our performance in the first half of the 2016 financial year. Our Insurance business has, within a short duration of five years, positioned itself on a competitive note in the industry, backed by a diverse portfolio. The company is led by a dynamic strategic plan, which clearly chalks out our goals and priorities. This performance can be attributed to the diversity of our product portfolio and the distribution endeavours through the Financial Services Sector, Personal Lines, Bancassurance, and Takaful Insurance backed by the powerful group synergies accorded by being part of the LOLC financial services platform. We note with gratitude the commitment displayed by our team of skilled professionals to achieve set financial targets and we have every reason to be optimistic about financial prospects for the rest of the financial year.”

Wickramasinghe went on to add that the insurance sales force of both Life and General companies is poised to further penetrate the segment in the year ahead via all channels. The company offers customers access through 173 outlets in the LOLC Group’s network. The strength and stability of the LOLC Group has strongly served to boost the standing of its Insurance arm amongst customers. Further, the company is backed by a leading reinsurance partner Munich Re amongst others who support its operations.

Kapila Jayawardena, Group Managing Director/Chief Executive Officer (CEO), LOLC Group, commented, “I am proud to see the Group’s Insurance arm performing in a reasonable manner,  to match the stature of the other LOLC financial services companies, each of which leads in its sphere of specialization. I must commend the Team for their strong focus on growing the company’s market share whilst aptly balancing conventional insurance with innovation and effective delivery of services. The insurance company has brought together a team of experienced and dynamic insurance professionals who are eager to expand the product and service portfolio of the company while widening its geographical reach. The company can avail of strong group synergies and resources of the LOLC Group. Thus far, the company has evolved well even post-segregation, while maintaining the growth momentum.”

Group Managing Director/Chief Executive Officer, LOLC Group & Chairman, LOLC General Insurance, Mr. Kapila Jayawardena.



Chief Operating Officer, LOLC General Insurance Ltd and LOLC Life Assurance Ltd, Mr. Nilanga Wickramasinghe



Sri Lanka’s first ever Auto Spa organised by LOLC Motors Limited (LOMO) was conducted on a grand scale recently. The inaugural LOLC Motors Auto SPA 2016 was a runaway success with over 200 vehicles receiving the best interior and exterior car care facilities under one roof by some of the leading local and international car care brands. This unique Auto Spa was held at the LOLC Motors premises located in Gothatuwa over two days.

Customers were offered the best in flexibility, customer service and technology at the LOLC Motors Auto SPA 2016 with discounts up to 25% on all repairs and services during the two-day Auto Spa. Various car care services were offered by renowned brands such as Mobil, Bosch, Britol, Wurth and BG car products. Body wash and vacuum, scanning and inspection report services worth Rs. 2,500 were offered by LOLC Motors. While their automobiles got pampered, vehicle owners were also offered free eye check-ups by optometrists and cataract testing from Suwanetha Lions eye hospital. Eye testing for spectacles and glaucoma treatment were also offered free of charge for customers who visited the LOLC Motors Auto SPA. Overall, each customer received approximately Rs. 14,000 worth services absolutely free.

Commenting on the success of the LOMO Auto Spa, Ms. Mehra Mendis, DGM of LOLC Motors Ltd said, “We have received a very good response for the Auto Spa and we are delighted to see the enthusiasm of our existing and new customers. I would like to congratulate the LOMO team for organising the first ever Auto Spa and thank all our valued customers for participating and making it a resounding success.”

Ramesh Kariyawasam, Head of Operations of LOMO said, “We hope to organise many similar events in the future with the aim of offering our customers the best of convenience and care. At LOLC Motors we will continue to service our customers quickly, efficiently and with attention to detail.”

LOLC Motors Limited, a subsidiary of the LOLC Group, is an ISO/9001:2008 certified automotive workshop specialising in vehicle repair and maintenance services of automobiles. It is one of the largest automotive workshops in Colombo, with a floor space of 5,600 sq. metres. The contemporary, eco-friendly workshop is equipped to handle over 100 vehicles at any given time. The workshop offers a wide range of automobile services including mechanical repairs, preventive maintenance, paint refinishing or touch-ups, quick lube service, lubrication service, collision repairs, wheel-alignment, wheel-balancing unit repairs and many more.

The workshop is equipped to service 750 vehicles per month, including hybrids with the services of a qualified and experienced team of engineers, supervisory staff and highly skilled technicians. With a combination of modern technology and world class service, LOMO has successfully been able to reduce the turnaround time for repairs, in collaboration with the relevant insurers.

LOLC Motors Auto SPA 2016 in Gothatuwa



The inaugural LOLC Motors Auto SPA 2016 attended by a large number of customers



Customers expereincing the best of automobile service



A large number of vehicles at the Auto Spa



Customers expereincing the best of automobile service at the 2016 LOMO Auto Spa



  • Total loan amounts to USD 247 million 
  • Led by FMO and other Development Finance Institutions 

24 February 2016 Colombo: The LOLC Group is pleased to announce a landmark syndication obtained by three of its key financial institutions. The official signing ceremony of the loan agreements took place at the Cinnamon Grand Hotel in the presence of the Honourable Minister of Finance, Mr. Ravi Karunanayake, the Governor of the Central Bank of Sri Lanka, Mr. Arjuna Mahendran, ambassadors of the participant funding agencies and other dignitaries. A total of USD 247 million was received from multiple foreign funding partners and consists of 3 loans, demonstrating international investor confidence and reliability of the LOLC Group.

This funding amount represents a significant national milestone, as it includes the largest syndication of the Non-bank Financial Institution sector in Sri Lanka. A USD 153.1 million loan was granted to Commercial Leasing and Finance PLC, through FMO (Financierings Maatschappij Ontwikkelingslanden), the Dutch Development Bank that provided the loan and acted as Mandated Lead Arranger and Facility Agent. The loan consists of a senior loan of USD 39.2 million from FMO and a USD 113.9 million syndicated loan from 11 distinguished funding partners for Commercial Leasing & Finance PLC (CLC).

The 11 partners are: The OPEC fund for International Development (OFID) (USD 20 million); Finnfund- the Finnish Fund for Industrial Cooperation (USD 11 million); Proparco – a subsidiary of the Agence Française de Développement (AFD) (USD 10 million); BIO - the Belgian Investment Company for Developing Countries (USD 7 million); DEG – the German Investment and Development Corporation (USD20 million); OeEB the Austrian Development Bank(USD 10 million); responsAbility Investments AG (USD 12 million); Blue Orchard Finance (USD 10.1 million); Symbiotics (USD 9.0 million) and Dutch Oikocredit (USD 5 million). ACTIAM also participated by providing USD 5 million via FMO’s fund structure.

Speaking on the occasion, Linda Broekhuizen, Chief Investment Officer of FMO, said, “FMO is proud to act as Mandated Lead Arranger and Facility Agent of this USD 153 million facility. It is encouraging to see so much commitment to job creation and economic growth, both among the other lenders and CLC. FMO is particularly proud to lead this facility for the LOLC Group, with which we have a long lasting relationship for more than 25 years. LOLC Group’s efforts to strengthen small businesses and entrepreneurship in Sri Lanka is an important basis for sustainable economic development and lasting improvement of people’s living conditions in the country.”

In addition to the syndicated loan transaction, FMO – in partnership with other lenders in the syndicate – is committed to supporting CLC with a tailored technical assistance programme to further strengthen CLC’s operation standards. The technical assistance includes capacity building in the area of Asset and Liability Management, environmental, social and governance standards, client protection principles and a management development program focused on leadership and skill training for employees.

LOLC Finance PLC received a USD 69 million loan consisting of USD 30 million from the Asian Development Bank (ADB) and a USD 39 million syndicated loan from prominent Middle Eastern banks. Transcending business, this is also a symbolic moment in multilateral relations, as this is the first syndicated loan from a consortium of Middle Eastern banks to the NBFI sector Sri Lanka.

The ADB syndication of USD 69 million to LOLC Finance PLC is structured in two tranches: Tranche A is for a period of 7 years and has been funded by ADB; and Tranche B is for a period of 3 years and has been funded by Emirates NBD Bank, Bank Muscat, First Gulf Bank, National Bank of Oman and Rakbank. ADB has acted as a Lender of Record for both the tranches, with Bank Muscat and First Gulf Bank as the Mandated Lead Arrangers for Tranche B, while Dubai Based Investment Bank, Alpen Capital ME Limited acted as the financial advisor.

LOLC Micro Credit Limited, the largest microfinance company in the country, received a USD 25 million senior loan from ADB, making it the single-largest loan received by the company in the present financial year.

In addition to the loan transaction, ADB will also provide a technical assistance package to LOLC Micro Credit Limited and LOLC Finance PLC, comprising mobile banking support and the development of Environmental and Social Management Systems.

Over the years, these programs have played a vital role, supplementing funding assistance by providing LOLC with the training in the technology and procedures required to maintain their standing at the top level of the Sri Lankan finance industry.

"ADB is very pleased to partner with LOMC and LOLC Finance to provide long-term funding to micro-entrepreneurs and SMEs- critical segments of the Sri Lankan economy. The ADB loans build upon our relationship with the LOLC Group, which was initiated with a loan in 2007. It also complements other funding that ADB has done recently to support growth of the private financial sector in Sri Lanka. In addition to senior loans, ADB partnered with a consortium of leading Middle Eastern Banks to provide a B loan to LOLC Finance to meet their expanding needs," said Christine Engstrom, Director for Financial Institutions at ADB’s Private Sector Operations Department.

The Honourable Minster of Finance of the Government of Sri Lanka, Mr. Ravi Karunanayake, in his statement, said: “On behalf of the Government of Sri Lanka, I would like to thank the overseas partners in this landmark transaction for placing their confidence in the LOLC Group. This is a proud occasion not just for the LOLC Group but for the country as a whole. These loans will greatly assist the macroeconomic environment, thereby restoring the confidence, stability and growth required as Sri Lanka is entering a new chapter in its economic development and we are optimistic that more investor interest of this magnitude will further fuel the nation’s progress. I would like to commend LOLC for tirelessly assisting in the development of the SME and Micro Segment activities, and for its success in securing this funding. The most efficient economic policies cannot completely eradicate uncertainties that a country faces, as borrowings from domestic and international markets are a necessity for economic progress. The government is making a strong effort to bridge the financial deficit and drive public finances on a sustainable path, and FMO, ADB and its consortium of partners need to be recognized for the great role they play in transforming the nation’s future.”

Commemorating this landmark syndication, the Group Managing Director of LOLC Group, Mr. Kapila Jayawardena said, “We are pleased to be the recipients of near a quarter billion dollars by renowned Development Financial Institutions (DFIs) around the world. The group has one if not the largest array of international funding partners. These institutions consider LOLC Group as their preferred conduit in achieving their development and commercial goals. Over the years these partnerships have expanded and strengthened and contribution extends beyond funding. Our foreign partners have offered us invaluable assistance ranging from capacity building to exposure to global standards over the years, which has enabled us to achieve operational excellence offering the competitive edge. With such a strong platform as the long-lasting relationships we have created with the funders, I hope to see our Group harness our strengths and further promote our vision, especially in the micro and SME sector; inclusive, sustainable growth and flourishing prosperity for all Sri Lankans”.

LOLC Group Managing Director Mr. Kapila Jayawardena addressing the gathering



The Governor of the Central Bank of Sri Lanka, Mr. Arjuna Mahendran addressing the gathering



Minister of Finance Mr. Ravi Karunanayake speaking at the official signing ceremony of the largest Syndicated Loan for Sri Lanka’s NBFI Sector



Al-Falaah, the Islamic business unit of LOLC Finance PLC, brought honour to Sri Lanka and the LOLC Group, when it received recognition on one of the top award categories at Redmoney’s Annual Global Awards - Islamic Finance News (IFN) Best Banks Poll 2015. Al-Falaah was adjudged Runners-Up in the category of “Best Islamic Leasing Provider (Overall) 2015”, whilst the Gulf International Bank of Bahrain clinched the top spot. The awards-giveaway ceremonies took place in February this year with the Asian awards ceremony scheduled and the Middle-East awards being held in Kuala Lumpur and Dubai respectively.

The annual Islamic Finance news Best Banks Poll recognizes the industry leading providers of Islamic financial services across global markets and varied sectors, where votes casted by readers of Islamic Finance News, Islamic finance investors, issuers, banking & non-banking financial intermediaries as well as regulatory and government bodies being invited to participate in the process. Voting takes place during December each year and the results are announced by the first week of January. This year’s poll has attracted a record number of over 30,000 votes exceeding the 10,000 votes received last year. Financial institutions representing Europe, The Americas, Africa, South East Asia, Asia Pacific and the Indian Sub-Continent as well as the Middle East were featured in this global annual poll.

Speaking about this prestigious win, Mr. Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “Al-Falaah has re-established its brand strength yet again as the most trusted and reliable non-bank Islamic financial service provider in Sri Lanka. To be recognized at global level is indicative of its appeal beyond the shores of Sri Lanka and the confidence our overseas investors and customers have of Al-Falaah. We are indeed proud of this recognition.” Also sharing his views, Mr. Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, “We have been featured at IFN-Awards on multiple occasions over the past years. This is due to the acceptance of our commitment to offer reliable and innovative Islamic Finance Solutions by our valued customers. Their confidence placed with us from inception establishes the reliability and superior service levels that we continuously strive to offer our valued customers. We are extremely pleased with the results and take humble pride in representing Sri Lanka in a global platform. This is the fourth consecutive year that Al-Falaah was recognized at the top-tier ranks at the IFN Best Banks Poll. I thank our loyal customers, stakeholders and employees of Al-Falaah and LOLC for their steadfast trust and commitment to our products, services and values. I also commend the efforts taken by industry peers in continuously upholding the standards of Islamic Finance.”

On home soil, Al-Falaah, clinched the top Gold award for being adjudged the ‘Islamic Finance Entity of the Year 2014’ at the 4th Sri Lanka Islamic Banking & Finance Industry (SLIBFI) Awards and the top award for the ‘Social Upliftment Award (CSR)’ category.

Al-Falaah, established in 2007 functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody’s Investors Service.


Krishan Thilakaratne, General Manager of Al-Falaah Islamic Business Unit of LOLC Finance PLC



Mr. Shiraz Refai, Assistant General Manager, Al-Falaah Islamic Business Unit of LOLC Finance PLC



Al-Falaah, recently moved to its very own Corporate Office premises.Strategically located at No. 481, T.B. Jayah Mawatha (Darley Road), Colombo 10 , Al-Falaah is now better equipped than ever before to offer its clientele a wide range of competitive and innovative Islamic Financial Solutions.

LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena declared open the new Al-Falaah Corporate Office in Darley Road. General Manager of Al-Falaah Islamic Business Unit Mr. Krishan Thilakaratne, Director/CEO of LOLC Finance PLC, Mr. Ashan Nissanka, Assistant General Manager of Al-Falaah Islamic Business Unit, Mr. Shiraz Refai and members of the senior management of the LOLC Group were amongst the distinguished guests gathered at the opening ceremony. 

Addressing the gathering, LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena said, “It gives me great pleasure to witness Al-Falaah expanding its footprint further by moving into its very own premises. Looking back at Al-Falaah’s vibrant track record and its rising influence as one of the leading Islamic Finance entities of the country, I am confident that the company will use this as an impetus to become even stronger.”

Speaking at this momentous event, General Manager of Al-Falaah Islamic Business Unit, Mr. Krishan Thilakaratne said, “Financial services offered by Al-Falaah are geared towards providing our customers better returns on their investments and more flexibility backed by stringent compliance with Islamic Finance principles. With the opening of this modern and dedicated Al-Falaah Corporate Office in Darley Road, our customers will get the opportunity to experience better and more personalised Islamic Financial services, as well as to invest further in their business aspirations.”

Mr. Shiraz Refai, Assistant General Manager of Al-Falaah made mention that Al-Falaah is closely monitored and guided by an in-house Shari’ah Supervisory Board (SSB) to ensure that it is at all times and in every way compliant with the rules, principles and values of Islamic Financing. Explaining further, he said that Al-Falaah also plays a pivotal role in the subsidiaries of the LOLC Group, which is renowned today as one of Sri Lanka’s largest conglomerates that also look into potential Islamic business opportunities within the synergies of the group. The key differentiator of Al-Falaah is its innovative and customised product portfolios which addresses both business and socio-economic requirements of the diverse market segments, whilst meeting the specialized needs of individuals. Al-Falaah’s product portfolio offers a superior range of Islamic Financial Solutions in areas of Profit Sharing investment & Savings Accounts, Leasing, Trade Financing, Import Financing, Property & Project Financing and Working Capital financing. Customers can conveniently access these products and services via dedicated windows within LOFC’s extensive network of over 100 branches & service centres island wide, including 5 stand-alone Al-Falaah centres across the country. All financial activities of Al-Falaah are supervised by a dedicated, Independent SSB chaired by a mix of industry leading local and international scholars.

Al-Falaah, established in 2007 functions directly under the auspices of LOLC Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOLC Finance which is a regulated Finance Company of the Central Bank is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody’s Investors Service.


Al-Falaah, was recognised on a global platform when it won 02 top awards at the Redmoney’s Annual Global Awards - Islamic Finance News (IFN) Best Banks Poll 2014. Al-Falaah was adjudged Runners-Up in the category of “Best Islamic Bank by Country - Indian Sub-Continent – Sri Lanka” and was also ranked 3rd place in the “Best Islamic Leasing Provider” category, becoming the only Sri Lankan financial institution to win a metal in the Best Islamic Leasing provider category for the region.

On home soil, Al-Falaah, clinched the top Gold award for being adjudged the ‘Islamic Finance Entity of the Year 2014’at the 4th Sri Lanka Islamic Banking & Finance Industry (SLIBFI) Awards night. The entity also emerged at the top for the ‘Social Up liftment Award (CSR)’ category by winning Gold and a further recognition with a Silver award in the category for the ‘Rising Islamic Personality of the Year 2014’

The newly opened Al-Falaah Corporate Office Premises at Darley Road



The newly opened Al-Falaah Corporate Office Premises at Darley Road



LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena addressing the gathering. Also in the picture are (L-R) Mr. Isaac Devshanker DGM Metro Region LOLC, Mr. Shiraz Refai Assistant General Manager of Al-Falaah, Mr. Ashan Nissanka Director/CEO of LOLC Finance PLC and Mr. Krishan Thilakaratne General Manager of Al-Falaah.



The Al-Falaah Corporate Office Premises



A few staff members of the Al-Falaah team at the Corporate Office



December 10th, 2015 -LOLC Micro Credit Ltd. (LOMC), one of the largest and leading microfinance companies in Sri Lanka and subsidiary of the LOLC Group, held its 6th annual “Isuru Diriya Sisu Upahara” felicitation ceremony for Grade 5 scholarship students at a grand ceremony held at the BMICH Colombo. The Isuru Diriya Sisu Upahara programme is held annually to felicitate children of LOMC customers who scored top marks at the national Grade 5 scholarship examinations. 

A total of 618 students were felicitated under this program for this year, out of which 269 students were provided with scholarships and gifts at the official ceremony held at the BMICH. A further 349 students residing in far rural areas received their gifts personally from LOMC officials. Each child received a gift pack worth Rs. 15,000/-as well as a savings account with a deposit of Rs. 1000/-.

LOLC Group Chairman Mr. Rajah Nanayakkara graced the ceremony as the Chief Guest. Also in attendance were, LOLC Deputy Chairman, Mr. IsharaNanayakkara, Group Managing Director/CEO, Mr. Kapila Jayawardena, Mrs. Kalsha Amarasinghe Executive Director of LOLC, Director/Chief Executive Officer LOMC, Mr. Ravi Tissera and Chief Operating Officer, Mr. Rohana Kumara. Senior management members of LOLC, staff members, parents of students and well-wishers were also present.

Grade 5 scholarship students Gavesha Kumudesh from Matugama, Yasodh Ranasingha from Elpitiya and Akashi Hettiarachchi from Divulapitiya obtained the highest scores of 187, 186 and 185 respectively.

Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit Ltd said, “I remember, at our very first Isuru Diriya programme we felicitated only 40 children.  Today, I am happy to say that over a period of 6 consecutive years, LOMC has felicitated exceptional educational achievements of over 1800 students from diverse communities across the country. LOMC has supported and partnered farmers and local entrepreneurs since inception, paving the way for their livelihood development. The Isuru Diriya Sisu Upahara programme fortifies that endeavor by supporting and providing educational assistance to communities in need”.

Also commenting, Mr. Rohana Kumara, COO of LOLC Micro Credit Ltd said, “LOMC drives forward not purely on a business agenda but with a deep responsibility and consciousness towards the wellbeing of especially the citizens residing in the rural areas of Sri Lanka. Isuru Diriya Sisu Upahara is not merely a CSR Project. Our vision is to provide opportunities for children from grass root communities to further their education, bringing about a meaningful, long term change in the socioeconomic landscape in some of the most remote areas of this country”.

Inaugurated in 2009, LOLC Micro Credit, with the financial strength of renowned overseas Development Finance Institutes and the support of the LOLC Group, rose among Sri Lankan corporates as one of the leading microfinance solutions providers dedicated towards uplifting the low income segment of the country. The Company has also been the first and only Sri Lankan microfinance institute to be awarded with the certification for Client Protection Principle. With a disbursement portfolio of Rs. 34 Billion and a growing borrower base of more than 300,000, the Company has gained success and recognition both at home and overseas.

LOLC Group Deputy Chairman, Mr. Ishara Nanayakkara presenting a gift to a Grade 5 scholarship top scorer. Also in the picture are LOLC Group Chairman Mr. Rajah Nanayakkara, Group Managing Director/CEO, Mr. Kapila Jayawardena and Mrs. Kalsha Amarasinghe, Executive Director of LOLC



Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit Limited addressing the audience



Students who scored top marks at the national Grade 5 scholarship examination participating at the event



Improvements in profitability, asset quality, ROA and track record major contributors for upgrade

ICRA Lanka Limited, a Group Company of Moody’s Investor Services has upgraded the credit rating of LOLC (Lanka ORIX Leasing Company PLC) and its financial services subsidiaries LOLC Finance PLC (LOFC) and Commercial Leasing & Finance PLC (CLC) to [SL] A with stable outlook from [SL] A- with stable outlook.

“The ratings continue to factor LOLC Group’s long track record in the retail finance sector, its leadership position in the Sri Lankan retail finance market, professional and experienced management team and adequate risk management systems with strong retail franchise.”

"ICRA Lanka’s assessment to revise the ratings follows the improvement in the asset quality and profitability indicators of LOLC over the last 12-18 months. The group GNPAs improved to 2.8% as in March 2015 as compared to 4.9% in March 2014 and the consolidated Return on Assets (RoA) improved to 3.1% for FYE2015 as compared to 1.9% in FYE2014."

Along with the upgrade of the credit rating of the company, ICRA Lanka has upgraded the credit rating of the LKR 5,000 Mn Long Term Senior Unsecured Redeemable Debenture program and LKR 750 Mn Long Term Unsecured Redeemable Debenture program to [SL]A (pronounced SL A) with stable outlook from [SL]A- (pronounced SL A minus) with stable outlook.

The Group Managing Director, Mr. Kapila Jayawardena stated that the upgrade of LOLC’s credit rating reflects the trust and confidence placed on the group by the public as a premier financial services provider in the country. With a wide array of product offerings ranging from microfinance, leasing working capital finance and Islamic finance the LOLC Group is in the forefront of providing access to finance. LOLC Finance PLC has the largest deposit base among non-bank financial institutions and LOFC and Commercial Leasing and Finance uses cutting edge technological innovation to enhance customer experience being the only non-bank financial institutions allowing real time digital fund transferring using CEFTS. Further, both LOFC and CLC provides internet and mobile digital financial facilities on SLIPS (Sri Lanka Interbank Payment System) and CEFTS.The Group provides general insurance including motor, marine, fire & engineering and casualty as well as life insurance.

The upgrade of the credit rating of LOLC Finance PLC continues to factor the company’s robust franchise, healthy competitive position given its superior market share and its professional and experienced management team. ICRA Lanka has taken note of the improvements in LOFC’s Asset-Liability Maturity (ALM) profile in terms of moderation in shorter term ALM gaps and improvement in the overall profitability levels.

Further, ICRA has taken into consideration the improved capital adequacy position of LOFC. Core Capital which stood at 13.08% as in Mar-14 has improved to 13.11% as in Mar-15, recording an improvement mainly due to healthy accretion to reserves and total Capital which stood at 13.08% as on Mar-14 has increased to 18.12%, following the subordinated debentures issued by the company during the period.

Along with the upgrade of the credit rating of LOFC, ICRA Lanka has upgraded the credit rating of the LKR 5,000 Mn Listed Subordinated Unsecured Redeemable Debentures to [SL]A- (pronounced SL A minus) with stable outlook from [SL]BBB+ (pronounced SL triple B plus) with stable outlook.

The upgrade of the credit rating of Commercial Leasing & Finance PLC factors the demonstrated track record of operating profitably in the retail finance segment, its well established franchise combined with a professional and experienced management team, improvement in profitability indicators, comfortable liquidity and its adequate capitalization levels.

Along with the upgrade of the credit rating of CLC, ICRA Lanka has upgraded the credit rating of the LKR 5,000 Mn Listed Senior Unsecured Redeemable Debentures to [SL]A (pronounced SL A) with stable outlook from [SL]A- (pronounced SL A minus) with stable outlook.

Group Managing Director / Chief Executive Officer of LOLC, Mr. Kapila Jayawardena



BRAC Lanka Finance PLC, LOLC Group’s newest addition to its micro-financing sector recently opened its first regional office at E.M.W. Jayasooriya Mawatha, Nupe, Matara.  BRAC’s first regional office is equipped with modern service facilities and is driven by a team of highly experienced and dedicated personnel.

Last year, Commercial Leasing Company PLC, a group company of LOLC acquired BRAC Lanka Finance. Catering to the lowest end of the Micro lending segment in the country, BRAC is renowned as Sri Lanka’s only micro finance company with the highest level of female participation.  BRAC’s total client base of 160,000 comprises entirely of female borrowers whilst 93% of its staff members are female. Furthermore, the field operations are completely handled by BRAC’s female staff. Through a large network of service centres scattered throughout many rural areas of the island, BRAC steers ahead with its primary objective of empowering women .The company focuses on lending exclusively to women entrepreneurs who are engaged in self-employment, manufacturing, trade and service providing.

Speaking at the opening ceremony of BRAC’s first regional office in Matara, Mr. Kapila Jayawardena, Group Managing Director and CEO who participated as the Chief Guest said, “BRAC has the potential to further enrich the group’s microfinance vision through its unique business model by penetrating more into the business activities of female entrepreneurs in the bottom layer of the pyramid across the country”.

Sharing his thoughts, Deputy CEO of BRAC Lanka Finance PLC, Mr. Rohana Kumara said, “This is just the beginning of our expansion plans. In addition to expanding our footprint, we hope to introduce a new IT system which will enable us to expand our product portfolioto our female borrowers. Currently we offer group loans and leasing facilities, but in the very near future we hope to provide urban micro financing loans, individual loans, development loans as well as home improvement loans”.

Mr. Ashan Nissanka, Chief Executive Branch Network of the LOLC Group, other Senior Management members and staff members of LOLC and BRAC, as well as customers were present during the ceremonial activities that took place at the Matara regional office opening. Central Bank Regional Manager of the Matara Regional Office, Mr. Upali Hettiarachchi also attended the ceremonial opening.

Driven by a unique and sustainable business model, BRAC intends to offer its clientele a range of other meaningful, value added services such as training and knowledge enhancement sessions, literacy improvement workshops and marketing and sales training and basic knowledge in book keeping. Together with its sister company LOLC Insurance; BRAC also plans to introduce a micro insurance scheme to mitigate the risks faced by its borrowers.

Backed by LOLC’s extensive experience in the micro credit business and with the support of international agencies, BRAC hopes to introduce industry best practices to reinforce its unique business model and there by ensure the sustainable improvement of the less privileged rural communities it caters to. 

Chief Guest Mr. Kapila Jayawardena being welcomed by the BRAC staff of the Matara Regional Office



Mr. Ashan Nissanka, Chief Executive, Branch Network, lights the traditional oil lamp whilst Mr. Kapila Jayawardena and Mr. Rohana Kumara looks on.



Mr. Kapila Jayawardena handing over an initial group loan facility to a BRAC Customer



One of the initial transactions



Taking yet another important stride towards enabling faster and reliable real-time electronic payment, LOLC Finance PLC is now connected to the Common Electronic Fund Transfer Switch (CEFTS), creating a superior level of convenience to its customers. LOLC Finance becomes one of the first Non-Banking Financial Institutions to register with this system.

CEFTS is a cost effective, convenient, integrated electronic payment gateway operated by LankaClear (Pvt) Ltd with the guidance of the Central Bank of Sri Lanka. The system facilitates secure real-time payments, offers standardised security and provides greater efficiency in payment scheme integration.

LOLC Finance customers can now transfer funds between the CEFTS member banks such as Bank of Ceylon, People’s Bank, Commercial Bank, Hatton National Bank as well as Commercial Leasing Company PLC, a company within the LOLC group. Through this payment system, LOLC Finance customers can save time and benefit from the effective management of their finances.

Customers can simply register with the Online Banking Service of LOLaC Finance and avail the benefits of this payment gateway that offers maximum banking convenience. Savings Account holders of LOLC Finance can execute cashless and paperless transactions with just a click of a button. The maximum value of a transaction is Rs. 5 million with no limitation of the number of transactions per day. The seamless electronic payment system can be used for fund transfers and settlement of bills and utility payments.

Sharing his thoughts on this latest initiative, LOLC Finance, Managing Director/Chief Executive Officer, Brindley de Zylva said, “Welcome to the world of digital money - CEFTS has changed the concept of Banking. This initiative will add significant value for us especially in terms of introducing new products and services. With this latest technological initiative, LOLC Finance is now equipped more than ever before to offer our customers an unparalleled level of service and banking convenience.”

Managing Director/Chief Executive Officer, LOLC Finance, Mr. Brindley de Zylva.





Lanka ORIX Leasing Company (LOLC) has leaped a significant 5 notches to reach the top ten in the latest edition of LMD’s Most Respected entities in Sri Lanka. LOLC is recognised by the magazine as one of the ‘movers and shakers’ in the 2015 list.

Commissioned and conceptualised by LMD, and conducted by a leading Research Company, AC Nielsen, the ranking of the 11 most respected entities was based on the views of 800 business leaders such as chairpersons, managing directors and CEOs.  This year’s edition of the Most Respected bears testimony to the can-do corporate spirit. The final rankings were compiled, taking into account key factors such as professional management, good financial performance, size of the organisation, innovative nature, diversification, social responsibility, service standards and contribution to developing the national economy.

The magazine reports that LOLC was highly regarded among the Most Respected entities for its financial performance. It reiterates that the group’s revenue exceeded Rs. 45 billion in the 2014/15 financial year while profit after tax more than doubled – to register Rs. 6.3 billion. LOLC also acquired a 60% stake in a Cambodian microfinance entity – Thaneakea Phum Cambodia (TPC) for US$ 20.3 million. It has also invested in two properties in the Maldives, to expand its leisure footprint. The conglomerate made a notable entry to the top 10 for the first time this year, when some multinational companies lost their footing, falling drastically in the list.

Sixty-eight listed companies make the cut in the 2015 edition of the Most Respected, followed by 47 private entities, 22 multinationals and 11 state-owned enterprises. As for sector preferences, conglomerates, food and beverage entities, and the banking sector continued to be the most favoured, with nearly a quarter of the Most Respected organisations in the island coming from within the ranks of diversified businesses.

The special annual edition notes that investors, financiers and consumers across the world are making greater demands from corporates to adopt responsible and ethical business practices. “Honesty, after all, is a key measure of respect”, states the Most Respected edition which has keenly analysed transparency, commitment to ethics, honesty, mutual trust and equality in its evaluation process. “Integrity and internal honesty are key indicators of an ethically managed company. Smart marketing, alone, will not deliver corporate respect. Therefore, corporates that are better attuned to uplifting ethics and values will outperform others in the longer term”, underscored the magazine.

In an exclusive interview with LMD’s Most Respected entities Edition, Group Managing Director / Chief Executive Officer of LOLC, Mr. Kapila Jayawardena noted that honesty and ethics take on even more weight for financial services entities. “Respect has to be earned; it can’t be bought. Companies wishing to be successful have to work hard to prove themselves to their stakeholders and their peer groups; shortcuts won’t do”, he added.

From a leading financial services provider, to the largest non-banking financial institution, LOLC is today one of the largest and most diversified conglomerates in Sri Lanka. Its portfolio is broadly categorised as financial services and non-financial services encompassing leisure, plantations, agri-inputs, renewable energy, construction as well as manufacturing and trading.  Backed by the two overseas investments in Cambodia and Myanmar, LOLC plans to expand its international presence and actively pursue new opportunities in the region.

Group Managing Director / Chief Executive Officer of LOLC, Mr. Kapila Jayawardena





Due to the increased demand for its services, Lanka ORIX Finance PLC (LOFC) moved its existing branch in Ambalangoda to a new and spacious location at No. 50/1, New Road, Ambalangoda. Strategically relocated to a more conveniently accessible location, the branch now offers modern facilities and increased staff strength, to serve its customers swiftly and efficiently.

Ambalangoda, the vibrant coastal town located in the Galle District, is a fast growing tourist site renowned mostly for the manufacture of wooden masks and puppets. Having recognized the great potential of Ambalangoda, LOFC continues to play a vital role in further developing the business community of this area.

The newly relocated LOFC branch offers a diverse range of innovative financial solutions including Savings, Leasing, Auto Finance, Factoring, Islamic Financial Services, Foreign Currency Savings, Speed Draft as well as Flex Loans.

The branch was ceremonially declared opened by LOLC Group Director Mrs. Kalsha Amarasinghe together with other Senior Management members, regional heads, staff members, customers and well-wishers.

Since its entry into Ambalangoda five years ago, LOFC has been able to build a significant customer base by supporting the varied financial requirements of the region. Currently, LOFC has over 141 service points to service its increasing customer base across the island.

Mrs. Kalsha Amarasinghe - Executive Director of LOLC Group cutting the ribbon.



“Al-Falaah Takaful” the Motor Takaful window operated by LOLC Insurance Company Limited celebrated a successful and promising first year in the fast expanding Takaful Industry.  

Backed by the strength and stability of the LOLC Group and an island wide footprint of Service Outlets, Al-Falaah Takaful has made headway in the industry in just one year by building a customer base touching 5000, and Gross Written contribution exceeding Rs. 125 Million in Motor Takaful alone. The significance of Al-Falaah Takaful is that all features of this product is stringently supervised by a dedicated Shari’ah Supervisory Board (SSB) and an in-house advisor to ensure that all product features and processes adhere to set standards and principles. In addition, an efficient service is ensured by a dedicated and experienced team of customer service personnel operating through a wide network of branches.

Al-Falaah Takaful is offered with a host of added benefits which include, a free cover for replacement of air bags, free towing facility within the greater Colombo area, 3rd party property damage cover up to Rs. 500,000 for commercial vehicles (unlimited for private cars), optional settlement process in the event of a claim, 24 hour customer care hotline, efficient and hassle free handling of claims through an island-wide network of garages and assessor panels, and most importantly, sharing of surplus by way of distributing the excess funds in the participant fund amongst the customers who have not claimed.   

Commenting, CEO of LOLC Insurance, Mr. Gehan Rajapakse said, “We are indeed heartened by the performance of the Al-Falaah Takaful product within a period of just one year. Moving forward, we hope to expand our offerings to customers and provide unmatched benefits to policy holders.”

Explaining further, Mr. Nadheer Siddeeq, Manager, Al-Falaah Takaful said, “Al-Falaah Takaful, provides customers an exclusively designed and hassle free motor insurance service. Whether customers purchase the vehicle though LOLC or not, Al-Falaah Takaful will guarantee that every aspect of safeguarding their vehicle is well thought of on behalf of them”.

Also sharing views, Mr. Shiraz Refai, Assistant General Manager of Al-Falaah Islamic Business Unit of Lanka ORIX Finance PLC said, “We continuously strive to offer innovative financial solutions to our valued customers. In our efforts to provide complete financial solutions under one roof, we signed up with Al-Falaah Takaful to cater to the Insurance demands of our customers last year. We believe that this initiative has provided more convenience and flexibilities to our customers. We look forward to more variants of Takaful options, so that we could make available same in future for our valued customers”.

All Al-Falaah financial products are designed in accordance with Shari’ah principles of profit sharing and regulated by the Central Bank of Sri Lanka. Lanka ORIX Finance PLC is rated [SL] A- by ICRA Lanka Ltd and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, and the Insurance Board of Sri Lanka for respective product offering.

LOLC Insurance Co. Ltd., launched in 2011 is a fully owned subsidiary of the LOLC Group offering a range of insurance products and services under Life and General Segments spanning from Life, Motor, Fire, Marine to Travel, among others. In a short span of four years, the Company has risen amongst the top leagues of the insurance industry, notably strengthening its presence as one of the largest motor insurance providers in Sri Lanka. LOLC Insurance is licensed by the Insurance Board of Sri Lanka and is poised to become the largest total insurance solutions provider in the country, in the near future. 

CEO of LOLC Insurance, Mr. Gehan Rajapakse



Mr. Nadheer Siddeeq, Manager, Al-Falaah Takaful



LOLC Securities Limited (LOSEC), the stock broking company of the LOLC Group was honoured with both Gold and Silver awards for the Best Equity Research report 2014/15 at the Capital Market Awards & Forecast Dinner organised by CFA Society Sri Lanka. This year, the CFA Capital Market Awards, which is the flagship event of the CFA Society Sri Lanka recognised and honoured the efforts of Capital Market participants for establishing industry benchmarks, spearheading governance and ethics to advance domestic financial markets. 

Shehan Bartholomeuz of LOLC Securities won the Gold Award for The Best Equity Research Report for the research conducted on Central Finance PLC, while the Silver Award was also won by LOLC Securities’ Damith Wasantha for his report on Access Engineering. The Best Equity Research Report which is the key award was evaluated by a panel of eminent industry experts in equity markets covering financial analysis, valuation, industry overview and competitive landscape, company overview, value drivers and share dynamics and investment risks and recommendations.

 The CFA Capital Market Awards is the most exclusive award ceremony stock brokerages and other capital market stakeholders look forward to each year, as recognition from CFA is considered as the gold standard in the global investment industry. Initiated in 2013, the annual CFA Capital Market Awards were made in three categories; Best Equity Research Report, Best Investor Relations and the Best Stockbroker Research Team.

Commenting about the dual wins, Mr. Kapila Jayawardena, Chairman of LOLC Securities Limited and the Group Managing Director/CEO of LOLC said, “The significant performance in the award show is a testament to the quality of the independent research work carried out by the research team of LOLC Securities Limited. It also reflects the fact that their work is well recognised by the industry and is on par with global standards”.

 Also sharing his views, Mr. Sriyan Gurusinghe, Managing Director/Chief Executive Officer of LOLC Securities Limited said, “We are extremely pleased with the results and take humble pride for being recognized the best in the industry in terms of equity reporting. I thank our staff for their dedicated service and the Directors for their steadfast trust. I take this opportunity to also ensure that LOLC Securities Limited will continue to uphold the standards and set new benchmarks”.

 Established in 2011, and now a fully owned subsidiary of the LOLC Group, LOLC Securities has been built for excellence in all its dimensions, keeping in mind the assurance sought by discerning investors. The company has devised a new operational model centered on the investors’ portfolio management strategy to ensure that LOSEC’s investment advice is backed strongly by an in-house advanced research team of highly qualified analysts. The market reports compiled by LOLC Securities are detailed and analytical and offer valuable insights into market and economic trends and statistics.

From left to right: IBM World Trade Corporation CEO, Ms.Rachini Rajapaksa, CFA Sri Lanka President, Mr. Sanjay Kulatunga, Head of Research LOLC Securities Limited, Mr. Shehan Bartholomeuz and Chairman CSE, Mr. Vajira Kulatilake.



LOLC Insurance Company Ltd, one of Sri Lanka’s fastest growing Companies in the life and general insurance sectors, felicitated top rung sales performers of their life and general insurance sales force at a gala awards ceremony held at the Water’s Edge recently.

The 2nd Consecutive Sales Convention and Awards Night of LOLC Insurance was attended by Mr. Ishara Nanayakkara, Deputy Chairman of LOLC Group, Mr. Kapila Jayawardena, Chairman of LOLC Insurance and Group Managing Director/CEO of LOLC, Mrs. Kalsha Amarasinghe, Executive Director of LOLC and Director LOLC Insurance Mr. Swaminadan. Also present were Mr. Ashan Nissanka, Chief Executive – Branch Network, Mr. Gehan Rajapakse, Chief Executive Officer of LOLC Insurance and Ms. Dharini Fernando, Chief Operating Officer of Insurance and other Senior Management members and staff of both LOLC and LOLC Insurance.

Addressing the gathering, Mr. Kapila Jayawardena said, “The sales staff is the backbone of our company and I am extremely proud of their exceptional performance and accomplishments during the year. In this highly competitive industry, the talent, the fierce drive and commitment of our people has been the cornerstone of our success in the Life and General segments.”

The awards night saw more than 175 top sales personnel comprising of Financial Planners, Team Leaders, Sales Executives and Zonal Managers being awarded for their outstanding sales performance. Top performers in the “Best Financial Planner”, “Best Team Leader”, “Best Sales Executive” and “Best Zonal Manager”, categories were awarded with Bronze, Silver, Gold and Platinum awards based on their individual performances, team achievements and branch achievements respectively. The crowning moment of the night was when the best of the best in the same categories were singled out and honored with Winner, 1st Runner up and 2nd Runner up awards.

LOLC Insurance, established in 2010 is backed by a team of experienced and dynamic insurance professionals who are capable of effectively handling and managing risks in the spheres of life and general insurance.

Speaking at the awards night, Mr. Ashan Nissanka said, “In such a short span of time, we have been able to fortify our sales force in the life insurance segment with over 800 well-trained sales personnel who are geared to deliver a superior level of service with attention to detail.”

Also sharing his views Mr. Gehan Rajapakse said “I congratulate the achievers for their topnotch performance and encourage other sales staff members to follow suit. We launched the LOLC Insurance Sales Convention and Awards Night to raise the standards of our services by showcasing top class performance, and I must say it has been a great success.”

Mr. Ishara Nanayakkara and Mr. Kapila Jayawardena, lighting the traditional oil lamp together with Mrs. Kalsha Amarasinghe.



Best Team Leader Bancassurance Award, presented by LOLC Group Deputy Chairman, Mr. Ishara Nanayakkara and Group Managing Director/Chairman LOLC Insurance, Mr. Kapila Jayawardena.



Best Zonal Manager Award – Life Insurance Sector



Financial Planner Award – Life Insurance



Premier financial services provider, Lanka ORIX Finance PLC (LOFC), opened its latest branch in Kaduwela recently. The new branch is located at No. 475/1, Main Street, Kaduwela. With this latest addition, LOFC’s island wide branch and service center network has now expanded to 141.

Lanka ORIX Finance PLC entered Kaduwela offering its wide array of financial services at a time when the area is fast becoming a landmark commercial hub.The city of Kaduwela, historically known for its strategic location is a bustling city home to many entrepreneurs and businessmen.

The new LOFC branch with modern facilities is located in the heart of Kaduwela, offering the complete gamut of financial services and solutions including Savings and Deposits, Leasing and Auto Finance, Factoring, Islamic Financial Services, Insurance, Foreign Currency Savings, Speed Draft and Flex Loans.

LOFC’s newest branch was ceremoniously declared open by Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group.Managing Director/CEO of Lanka ORIX Finance PLC Mr. Brindley de Zylva, Chief Executive Branch Network, Mr. Ashan Nissanka, and DGM LOLC Metropolitan Branch Network Mr. Isaac Devshanker, were also present along with other Senior Management members, regional heads, staff members, customers and well-wishers.

Commenting, Mrs. Rohini Nanayakkara said, “LOFC’s branch network with over 140 touch points caters to the diverse requirements of Sri Lankan customers in rural as well as urban settings and it is encouraging to see LOFC partnering in their financial empowerment. I am confident that Lanka ORIX Finance will help boost the economic development of the Kaduwela region by catering to the fast expanding financial requirements of this vibrant metropolis.”

The Chairperson of the LOLC Group, Mrs. Rohini Nanayakkara addressing the customers and staff members of the branch.



The Chairperson receiving the branch’s first deposit



Mr. Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC and Chief Executive Branch Network, Mr. Ashan Nissanka along with the Chairperson.



The Staff Members of the Kaduwela Branch with the Senior Management



LOLC Micro Credit Ltd (LOMC), the largest microfinance company in Sri Lanka and subsidiary of the LOLC Group, held its 4th annual “Pillars of our Success” best performer awards ceremony, to appreciate and recognise its star performers in sales and marketing. 

The event celebrated the exceptional annual performance of 46 sales and marketing personnel of LOMC. Top 10 best performers were selected from four categories including Branch wise highest sales executions, IsuruDiriya Centre (IDC) highest sales executions, group lending highest sales volume and highest number of contracts. Three awards were presented for the highest sales executions in the individual loans category.

 LOLC Group Deputy Chairman, Mr. Ishara Nanayakkara, Group Managing Director/CEO of the LOLC Group, Mr. Kapila Jayawardena and Mrs. Kalsha Amarasinghe - Executive Director, LOLC Group graced the awards with their presence as Chief Guests. Also present were, LOLC Micro Credit Director/Chief Executive Officer, Mr. Ravi Tissera and other senior management members of the LOLC Group.

Commenting Mr. Kapila Jayawardena said, “I am extremely proud of the LOLC Micro Credit Sales and Marketing staff, based right throughout the country. I commend LOMC for its exceptional performance and its effort towards enriching micro entrepreneurship throughout the country. Today, I must say that LOMC has become a pillar of success to the LOLC Group.”

Also, expressing his views, Mr. Ravi Tissera Director/CEO of LOLC Micro Credit Co. Ltd said, “The sales force of LOMC is one of the largest in Sri Lanka’s financial sector. I take this opportunity to congratulate the award winners for their excellent performance and encourage others to do the same and even better.”

Mr. Ravi Tissera addressing the gathering



Members of the sales and marketing staff of LOMC



Chief Guests Mr. Kapila Jayawardena and Mrs. Kalsha Amarasinghe in conversation.



Awards presented by LOLC Group Deputy Chairman, Mr. Ishara Nanayakkara and Group Managing Director Mr. Kapila Jayawardena



Mr. Ravi Tissera with the winners



The Small and Medium Enterprises Business Unit of Lanka ORIX Finance PLC (LOFC) recently felicitated 21 Business Introducers (BI’s) for their exceptional performance during the months of April and May, this year.

 The inaugural Business Introducer performance ceremony which was named ‘Avurudu Thilina’ recognisedand celebrated the exceptional performance of 21 Business Introducers from various regions of the country. A large number of Registered Business Introducers were evaluated on the business they generated towards LOLC Micro Credit Ltd. (LOMC) and Lanka ORIX Finance PLC (LOFC). Valuable prizes were presented to the 21 BI’s in recognition of their outstanding performances.

 Mr. Kapila Jayawardena, LOLC Group Managing Director/CEO graced the event as the Chief Guest. Speaking at the ceremony, Montini Warnakula, Head of the SME Business Unit said, “We take this opportunity to commend our BI’s for their dedication and enthusiasm and congratulate them on their exceptional achievements. We are also pleased to announce that from now on, we intend to review the performances of our Business Introducers on a quarterly basis”.

Left to Right: Mr. Solomon Jesudason, Chief Officer Marketing Operations LOLC, Mr. Isaac Devshanker, CEO LOLC Factors Ltd. & DGM Metro Region LOLC, Montini Warnakula, Head of SME Business UnitLOLC, Mr. Kapila Jayawardena, LOLC Group Managing Director, Mr. Ashan Nissanka, Chief Executive, Branch Network LOLC and Mr.Jayantha Kelegama, Chief Credit Officer, LOLC Group



Registered Business Introducers of LOMC & LOFC participating at the event



LOLC Group Managing Director/CEO Mr. Kapila Jayawardena, addressing the gathering



Mr. Kapila Jayawardena handing over the prizes



Mr.Monti Warnakula, Head of SME Business Unitpresenting a prize to a BI



With the promise of offering better facilities and a superior service to the residents of the heritage city, Kandy, Lanka ORIX Finance PLC (LOFC) relocated its Kandy branch to a new fully fledged building at No.245, Katugastota Road, Kandy.

LOFC Chairman and LOLC Group Managing Director/CEO, Mr. KapilaJayawardena together with the Deputy Chairman of the LOLC Group, Mr. Ishara Nanayakkara, senior management officials, staff members, customers and well-wishers, took part in auspicious activities and declared the new branch building open for business, at an official ceremony held recently.

Commenting on the relocation, Mr. Jayawardena said, “Kandy is our first ever branch office and today we are delighted to see it reopened in its very own premises. LOFC has grown tremendously in all aspects since opening its first branch. With this branch relocation, we are well poised and in a better position to utilize the maximum opportunities available mainly to develop the Micro and SME sectors of this region”. 

The new regional office in Kandy is set in a convenient location with a modern, spacious and unique interior. A multitude of financial solutions such as Savings and Deposits, Leasing and Auto Finance, Factoring, Insurance, Foreign Currency Savings, Speed Draft, Flex Loans together with other financial solutions aimed at fulfilling a diverse number of financial requirements are offered at this branch.

Deputy Chairman of the LOLC Group, Mr. Ishara Nanayakkara cutting the red ribbon together with LOFC Chairman and LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena.



Lighting the traditional oil lamp



LOLC staff members, customers and well-wishers at the opening ceremony



LOLC Group records Rs. 8.1Bn as Profit Before Tax (PBT) for 2014/15 with LOLC’s financial services sector dominating the growth in profits compared with 2013/14 of Rs.4.4Bn. LOLC’s main financial services entities comprising of the flagship finance company, Lanka ORIX Finance PLC (LOFC), Commercial Leasing and Finance PLC (CLC) and LOLC Micro Credit Ltd (LOMC), led the financial services sector to PBT growth of 73%, an increase from Rs. 4.1Bn last year to Rs. 7.1Bn in the current year. The trading sector too contributed Rs. 577Mn in PBT, recording moderate growth over last year.

The financial services sector increased its interest income by 15% from higher revenues from top line growth, following aggressive growth in the lending portfolio. This growth is commendable given the declining interest rates in the market. The overall lending book expended by Rs. 48Bn taking the lending portfolio to Rs. 140Bn from Rs. 91Bn in 2013/14. The Group was geared for higher growth with growth in the lending book amidst reducing interest rates commensurate with even lower borrowing from both foreign funding partners and local banks further reducing borrowing costs, a 17% drop in absolute terms compared with last year. This drop is despite the overall growth in the borrowing book by Rs. 47Bn.

LOFC recorded Rs. 2.2 Bn as PBT for the current year, a 54% growth compared with Rs. 11.4Bn recorded in 2013/14. CLC grew its PBT signature by 34% ending the year with Rs. 1.7Bn PBT compared with Rs.1.3Bn recorded in the previous year. LOLC’s micro lending arm LOMC too saw an excellent year with PBT reaching Rs.1.6Bn, a 53% growth compared with last year. During the year, while progress was made on aggressive portfolio growth, focused efforts were also channeled into collection of dues, improving the cash position and the portfolio quality. Conservative provisions were made for bad and doubtful debts and these were well above the regulatory requirements, strengthening the portfolios for the years to come.

LOLC’s financial services sector becomes even stronger with PBT contribution from the two foreign investments in Cambodia in PRASAC and TPC, together adding Rs.1.8Bn to the bottom line and LOLC’s stake in Seylan Bank which derived a profit contribution of Rs.1.1Bn. LOLC owns 22.25% in PRASAC, the largest micro finance company in Cambodia. PRASAC grew its profits by 65% compared with the previous year. LOLC acquired the controlling stake of TPC, the fifth largest micro finance institution in Cambodia in 2014 and the company grew its profits by 59% during the year. LOLC’s green field lending operation in Myanmar has made promising progress with solid expansion in portfolio growth and is expected to breakeven in the near future.

The trading business of the Group led by Brown & Co. PLC (Browns) too made operational profits this year of Rs.520Mn compared with the operational loss recorded in the previous year of Rs.761Mn. Completion of the restructuring process at Browns together with implementation of strong business strategies has resulted in the company turning around to make operational profits.

Browns Investments PLC(BI) the company focusing on the future investments of the Group, made several investments during the year with a view of consolidating its long term business strategy of investments into sectors with strong growth potential in the longer term. The leisure sector which comes under BI, recorded losses of Rs. 560Mn as the Group continues with the expansion of the sector with several development projects nearing completion in the coming months/years. While The Eden Resort and Spa, Dikwella Resort and Spa and The Paradise Resort & Spa contributed to the turnover of the Group, The Calm Resort and Spa in Pasikuddah was commissioned for business and is about to receive its external guests in the coming weeks. The Samudra Beach Resort is nearing completion and the 363 key property in Beruwala, Riverina Resorts is progressing in line with the plans. The Group invested into two properties in Maldives, expanding its leisure sector footprint and these properties are to commence construction in the coming months.

During the financial year, BI acquired the balance 50% stake in Free Lanka Joint Venture Ltd, securing the 100% holding of the company which owns the plantation companies, Maturata Plantations and Pussellawa Plantations along with affiliate companies in the plantation sector. BI has commenced the restructuring process in these companies aligning them to the overall long term business and growth strategies of LOLC.

“Looking at the overall profit, growth and the business expansion, we are very happy with the results achieved in the year 2014/15 which is remarkable considering the challenging and turbulent business environment that prevailed throughout the year. Our financial services sector has performed exceptionally well while the other busisnesses are being geared up, aligning to the long term business strategy of the Group”, said Mr. Kapila Jayawardena, explaining the strong profit growth of the Group.



Al-Falaah, The Islamic Business Unit of Lanka ORIX Finance PLC (LOFC), clinched the top Gold award for being adjudged the ‘Islamic Finance Entity of the Year 2014’at the recently concluded 4th Sri Lanka Islamic Banking & Finance Industry (SLIBFI) Awards night.

Al-Falaah also emerged at the top for the ‘Social Upliftment Award (CSR)’ category by winning Gold. A further recognition with a Silver award in the category for the ‘Rising Islamic Personality of the Year 2014’ was awarded to Ilsam Awfer, a member of the Al-Falaah team. LOFC’s Islamic Business Unit was honoured with these prestigious awards following a stringent assessment process, judged by a panel of independent industry experts and adjudicated by KPMG Sri Lanka.

The SLIBFI Awards is Sri Lanka’s only annual award scheme that recognises institutions and individuals who have excelled in the country’s Islamic banking and finance industry. The award ceremony, organised by UtoEdu Consult, is closely contested by Sri Lanka’s leading Islamic banking and finance organisations. This year’s awards night was graced by Minister of Industry & Commerce, Rishad Bathiudeen.

The ‘Islamic Finance Entity of the Year Gold award was received by Mr. Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit of LOFC. Speaking at the awards ceremony, Mr. Thilakaratne said, “Over the years, Al-Falaah has been working tirelessly to become the most trusted and reliable Islamic financial service provider in Sri Lanka, offering a superior range of Shari’ah compliant financial solutions. We have been knocking on the door for some time; today we have achieved that top slot, and there is no better timing than this”. Mr. Thilakaratne also thanked the Shari’ah Supervisory Board and LOLC’s Board of Directors for their steadfast trust and commitment.

Receiving the Social Upliftment Gold Award, Mr. Shiraz Refai, Assistant General Manager, AlFalaah Islamic Business Unit of LOFC said, “This award is a reminder for us of the blessings best owed by the Almighty and also will be a constant reminder to continue with the little we have been privileged enough to do, to extend a helping hand to the needy, poverty alleviation, assisting people to do business by giving them a startup and contributing for education and health related needs of under-privileged individuals of all communities. We hope to continue in our efforts, to make a change in the society we live in, not limiting to a specific community but serve the Nation at large”.

The Al-Falaah team was also represented by Mr. Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC and Mr. Ashan Nissanka, Chief Executive of LOLC Branch Network.

Al-Falaah, established in 2007 functions directly under the auspices of Lanka ORIX Finance PLC, which is one of Sri Lanka’s largest non-banking financial institutions. LOFC which is a regulated Finance Company of the Central Bank is rated [SL] A- with stableoutlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd - an associate of Moody’s Investors Service. Al-Falaah is closely monitored and guided by an in-house Shari’ah Supervisory Board to ensure that the IBU is at all times and in every way compliant with the rules, principals and values of Islamic financing. Al-Falaah is also the Islamic business unit of the LOLC Group, which is renowned today as one of Sri Lanka’s largest conglomerates that also look into potential Islamic business opportunities within the synergies of the group.

Al-Falaah, was recognisedon a global platform when it recently won 02 top awards at the Redmoney’s Annual Global Awards - Islamic Finance News (IFN) Best Banks Poll 2014. Al-Falaah was adjudged Runners-Up in the category of “Best Islamic Bank by Country - Indian Sub-Continent – Sri Lanka” and was also ranked 3rd place in the “Best Islamic Leasing Provider” category, becoming the only Sri Lankan financial institution to win a metal in the Best Islamic Leasing provider category for the region.

Mr. Krishan Thilakaratne, General Manager, Al-Falaah, receiving the Islamic Finance Entity of the Year award from ReyazMihular, Managing Partner of KPMG Sri Lanka.



The Social Upliftment Award, received by Mr. Shiraz Refai, Assistant General Manager, Al-Falaah from Suresh Perera (Director/Principal of the Tax and Regulatory Division, KPMG Sri Lanka)



Ilsam Awfer, receiving the Rising Islamic Personality of the Year Silver award.



The jubilant Al-Falaah team



Staff members of the LOLC Group and their families celebrated the traditional Sinhala and Tamil New Year festival recently at the head office premises in Rajagiriya.

LOLC Group Managing Director, Mr. Kapila Jayawardena graced the occasion. The day’s events started with the lighting of the traditional oil lamp, after which the staff was invited to the traditional Avurudu table.

Members of the staff also took part in many exciting games and prizes were distributed among the winners.

LOLC Avurudu celebrations at the Head Office premises



Mr. Kapila Jayawardena, LOLC Group Managing Director lighting the traditional oil lamp.



Mr. Kapila Jayawardena greeting the staff.



Staff members enjoying the event.



Traditional activities and games.



Lighting of the hearth.







LOLC Motors Limited (LOMO), a subsidiary of the LOLC Group, is proud to announce that it has achieved the ISO/9001:2008 certification for its top-notch, vehicle repairing and maintenance services of automobiles.

LOLC Motors Ltd., one of the largest automotive workshops in Colombo, owns a state-of-the-art automotive workshop with a floor space of 5,600 sq. metres which is equipped to handle more than 100 vehicles at any given time. This modern, eco-friendly facility can handle mechanical repairs, preventive maintenance, lubrication service, quick lube service, collision repairs, paint refinishing or touch-ups, wheel-alignment, wheel-balancing unit repairs and much more.

Servicing nearly 750 vehicles per month, including hybrids, LOLC Motors offers the services of a qualified and experienced team of engineers, supervisory staff and highly skilled technicians. With a blend of modern technology and world class service, LOMO has successfully been able to reduce the turnaround time for repairs, in collaboration with the relevant insurers.

Within the short span of operations, LOLC Motors has built an extensive customer portfolio including both state and private sector institutions. Commenting on the achievement of the ISO certification, K.A.K.P. Gunewardena, Chairman of LOLC Motors Ltd said, “This certification will certainly establish our credentials and validate our efforts in the market. It clearly reveals our assurance to quality and commitment to standardization. Our aim now is to maintain this certification and strive to offer our customers even higher levels of quality”.

Ramesh Kariyawasam, Head of Operations of LOLC Motors said, “Through our after-sales services we ensure that maximum care and attention is given to all our customers. We are well equipped to address the individual requirements of our customers quickly and efficiently.”

Established in 2010, LOMO was the pioneer in Sri Lanka’s motor industry to utilise ‘green house technology’. Rain-water harvesting and waste-water treatment and recycling in the workshop, enables the company to reduce dependence on the main water supply. The distinctive design of the facility is structured to utilize maximum natural light during working hours, thus reducing its dependence on the national grid by more than 50%. With plans to install solar panels, LOLC Motors aims to take its green energy initiative to the next level.

Caption: Mr. Ramesh Kariyawasam, Head of Operations of LOLC Motors receiving the ISO certificate from Mr. Nimal Godamune.



Caption: The LOLC Motors team with their latest achievement. (Left to Right) - Mr. Sumanasiri Batuvita, Nimal Godamune, Ramesh Kariyawasam, Dhammika Buddhasinghe and Neeyaz Junus.














Same-day fund transfers now enabled through all LOFC branches

Providing yet another value addition to its superior customer service, Lanka ORIX Finance PLC (LOFC) became the latest finance company to join the Sri Lanka Inter Bank Payment Systems (SLIPS) network enablingsame-day financial transactions between LOFC and all other LankaPay SLIPS participants.

SLIPS is an online interbank electronic fund transfer system operated by LankaClear (Pvt) Ltd, facilitating the movement of funds from one account to another. Electronic fund transfers can be performed between banks and finance institutions already connected with the LankaPay SLIPS network. It ensures speedy transactions without the hassle of handling intermediary level documentation, providing island wide reach for added convenience to all its users.

Through this partnership, LOFC customers are provided a highly efficient and secure system to fulfill their daily financial transactions. Individual and corporate customers alike can now access any one of LOFC’s branches located island wide and perform their transactions as and when required. The SLIPS network is comprised of 26 Banks, 5 Specialized Banksand 7 NBFI’s, and is accessible from any part of the country.

Commenting on the partnership Chief Executive Officer and General Manager of LankaClear Mr. Sunimal Weerasooriya stated, “We welcome LOFIN as a valued member on Sri Lanka’s largest electronic fund transfer network and we are certain this partnership will help LOFIN innovate and deliver next generation financial services to its valued customers. The LankaPay SLIPS network has grown rapidly over the years and today we proudly boast of 38 member institutions extending our service reach at well over 3000 branch locations island wide. I take this opportunity in inviting all institutions to take full advantage of the payment infrastructure facilities we offer and assure anexciting new year on electronic payments with “LankaPay” where, retailreal-time payments will be a reality in the immediate future”

lolc        LankaPay

LOLC won a prestigious “Silver Award” at the recently held HRP awards organized by the Human Resources Professionals Sri Lanka. After three of LOLC Finance Companies were ranked among the best 5 Corporates to work in Sri Lanka in 2013, LOLC continued to be rewarded and recognized in the recent past. LOLC being a firm believer in nurturing its Human Capital was rewarded with a “Gold Award” at the People Development Awards in 2013, organized by the Sri Lanka Institute of Training and Development.  Moreover, LOLC’s unique and harmonious industrial atmosphere was felicitated at the recently held island-wide competition for workplace co-operation and social dialogue, organized by the Labour Regulator; Department of Labour Sri Lanka and was selected as the winner under Service Sector large scale category.


“At LOLC we have created a total learning culture within the Group, where ample opportunities are available for each and every employee to develop their knowledge/skills and competencies as well as their career paths horizontally and vertically within the Group,” said the Group Managing Director/CEO, Mr. Kapila Jayawardena. “The Group retains and motivates the work force by treating each and every employee with equal opportunities, pride and dignity” he added.



The Group differentiates itself from the rest in terms of attracting the best talent and by offering highly competitive remuneration packages to commensurate the employees, their qualifications, past experience, skills, talents and attitudes, etc.


Mr. Pradeep Uluwaduge, Group Head of Human Resources stated that LOLC has a thorough Performance based rewarding culture where career development is considered purely on their Performance Evaluations. High Performers are recognized and rewarded according to their individual Performance levels and also their team contributions. We at all times encourage very dynamic teams to work towards achieving common goals. The Performance Evaluations Process is not merely being  carried out to rank employees, but it goes beyond, where the Appraiser and the Appraisee engages in a continuous “quality conversation” and the employee is supported to bridge gaps or short comings in order to come up to the required standard of Performance. It is in fact a continuous evaluation process.


The LOLC Group maintains at all times an open door culture where employees have access to their superiors at all times and hence creates a very democratic culture. The staff is comparatively young and able to think strategically and outside the box. The opportunity to do their best in such an environment attracts the young talent, pool to the group.


Winning a Silver Award at the HRP Awards is a true testament of the best practices adopted by the Group and we are honoured to be set amongst the very best in this league, closed Mr. Uluwaduge.

Premier non-bank financial institute, Lanka ORIX Finance PLC (LOFC), expanding its footprint further opened a new fully fledged branch at No. 286 B, Galle Road, Colombo 03 recently. This new branch is established in the wake of a series of LOFC branch upgrades and new branch openings in Maradana, Maharagama, Thambuththegama, Nittambuwa, Kuliyapitiya, Digana and Ambalantota among others.

LOFC Chairman and LOLC Group Managing Director/CEO, Mr. Kapila Jayawardena together with senior management officials, staff members, customers and well-wishers, took part in auspicious activities and declared the new branch opened for business, at an official ceremony held on the premises.

Commenting, Mr. Jayawardena said, “With this new LOFC branch in Kollupitiya, our branch network has risen to 10 within the Colombo and Greater Colombo area. In addition, we have continued to expand our service network in the regions, offering financial solutions to SMEs. As a financial entity that upholds values of financial inclusivity, we are committed to serving all strata of customers.”

Financial solutions such as Savings and Deposits, Leasing and Auto Finance, Factoring, Insurance, Foreign Currency Savings, Speed Draft together with other financial solutions aimed at fulfilling a diverse number of financial requirements are now available at the new LOFC branch in Kollupitiya.

Mr. Kapila Jayawardena, Chairman of Lanka ORIX Finance PLC and Group Managing Director/CEO of LOLC ceremonially opening the new LOFC Branch in Kollupitiya



Mr. Kapila Jayawardena, Chairman of Lanka ORIX Finance PLC and Group Managing Director/CEO of LOLC engaging in first customer transactions at the new LOFC Branch in Kollupitiya



From L-R: Mr. Kapila Jayawardena, Chairman of Lanka ORIX Finance and Group Managing Director/CEO of LOLC; Mr. Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance; Mr. Ashan Nissanka, Chief Executive – Branch Network; Mr. Isaac Devshanker, DGM – Metro Region and Chief Operating Officer, LOLC Factors Ltd.



The Human Resource Division of the LOLC Group organized its annual CSR project at the National Institute of Mental Health in Angoda (NIMH) recently. This hospice is home to 950 male and female patients and consists of a ward for the elderly. LOLC officials distributed much needed provisions and spoke with hospital authorities for possible extension of assistance in the future.

 

LOLC’s CSR program was held under the patronage of its Chairperson, Mrs. Rohini Nanayakkara, Group Managing Director/CEO, Mr. Kapila Jayawardena and LOLC Head of Human Resources, Mr. Pradeep Uluwaduge. All members of the HR division also participated in organizing all aspects of this project.  

 

In addition, LOLC officials visited the Halfway Home Mulleriyawa of NIMH and donated essential items and clothes to over 450 women who are currently admitted under the hospital’s long term inpatient care service.

 

Commenting Mr. Pradeep Uluwaduge, Head of Human Resources of the LOLC Group said, “All donated provisions were obtained from generous contributions made by our staff members and various other divisions of the Group. It helped to fulfil some of the immediate requirements of this Hospital. When we met with hospital authorities, we were informed that Mental Health Care facilities are not usually given focus under corporate community outreach programs. There is a vast need at NIMH to meet various requirements of its inpatients, which they are struggling to fulfil. Therefore, the HR division of the LOLC Group cordially urge interested parties of the Corporate Community to include some of the much needed requirements of this Hospital and its facilities to their CSR programs as well.”

 

During the previous years too LOLC’s HR division conducted CSR activities at divisional level in addition to supporting the Company’s main CSR initiative “LOLC CARE”. Through “LOLC CARE”, the Company jointly manages a Children’s Home in Madiwela with the support of National Council for Child and Youth Welfare (NCCYW).

LOLC Chairperson, Mrs. Rohini Nanayakkara and Group Managing Director/CEO, Mr. Kapila Jayawardena handing over provisions to hospital authorities



The Human Resources Team of the LOLC Group led by Head of Human Resources, Mr. Pradeep Uluwaduge (2nd row, standing, 3rd from right)



The revitalized Hingurana Sugar Factory managed under Gal Oya Plantations (Pvt) Ltd, a subsidiary of the LOLC Group has recorded the highest ever sugar production of 19,960 metric ton for the year 2014/15 through successful sugar cane cultivation spanning 3,440 ha of land. This record breaking production is achieved after 38 years and is by far the largest sugar production output compared with other local producers in 2014. This is a significant achievement for the factory considering its tumultuous past.

The Hingurana sugar manufacturing factory located in the Galoya valley was first built and opened in the 1960s. Gifted by the Czechoslovakian Government, the factory was fondly known as “The Giant of Asia” and was one of the largest sugar factories to be built using modern machinery in the region. During the intervening years, it functioned as a government and semi government body providing direct employment to over 1,000 employees and livelihoods to over 4,000 cane farmers, whilst generating direct and indirect employment and revenue streams to over 20,000 people in general, until it was privatized in the 1980s. During this time, other sugar producing factories located in Sevanagala, Pelwatte and Kantale also had successful operations, steering Sri Lanka towards becoming a self-sufficient nation in sugar production and sugar cane cultivation.

The Hingurana factory functioned well into 1993, until it was forced to cease operations due to poor management, labour and union issues. The Sri Lankan Government at the time took over the property under its wings until an investor was found to reestablish operations. As a result, in 2009, restructuring of the once abandoned Hingurana sugar factory was begun subsequent to a joint venture between the Government of Sri Lanka and a private sector consortium led by Brown & Company PLC and LOLC. This venture marked a milestone in history as the first public-private partnership in the country. According to this partnership, 51% of the ownership of the property was retained by the Government while 49% owned by the Browns Group together with LOLC.

The revitalized sugar factory commenced operations under the Management and Board of Directors of the new managing company, Gal Oya Plantations (Pvt) Ltd, which was formed in 2009. The factory, after initial renovations, commenced operations on the 16th of July 2012, for the first time after 15 years.

At present, the operations of the Hingurana factory are overseen by Chief Executive Officer of Gal Oya Plantations (Pvt) Ltd, Mr. Gamini Ratnayake and its Chief Operating Officer, Mr. Danesh Abeyrathne. Under this new management, steps were taken towards restoring the operations of the factory from the bottom up. They reappointed skilled workers who were previously employed by the factory as they possessed vast experience and seasoned knowledge about cultivation, existing machinery etc.

Explaining, Mr. Gamini Ratnayake, Chief Executive Officer said, “Once the Gal Oya Plantations was formed, it was an uphill battle to reinstate the Hingurana sugar factory to its former glory. By the time we restored operations, many of the employees and farmers who had previously engaged in sugar cultivation and production had abandoned hope due to various issues they had experienced in the past. Therefore, initially, great efforts and investments were made towards creating awareness among them by way of door-to-door campaigns, group discussions, meetings etc to restore their faith and confidence once more.”

In addition, the Company set up a separate research division, the Agronomy Department, in 2010 to oversee and improve the production of sugar cane seeds and to conduct research on various aspects of sugar cane cultivation. This division has been successful in multiplying 08 SRI bred varieties including the popular commercial varieties in Hingurana, and maintains over 134 SRI sugarcane clones as future planting material sources as well as for trial programs. In addition, the Agronomy Department conducts extension programs and provides regular awareness on sustainable agronomy practices to farmers to yield high, disease-free crops. 

Illustrating major achievements to date, Mr. Ratnayake said, “By 2013/14, we have been extremely successful in cultivating more than 3,800 ha of land which is 85% of the total cultivable extent. We hope to cultivate the remaining extent of land by next year.”

According to him, new sugar cane cultivation has increased by 10 folds since 2010/11 which had only occupied 1,562 ha of land. By 2013/14, the total cultivated area had been increased by 13 folds spanning 3,440 ha of land. As a direct result of this revitalization program, 3,718 farmers are currently engaged in sugar cane cultivation which is 82% of the total number of farmers required. The Company hopes to increase this number up to 100% by next year.

Further explaining, Mr. Ratnayaka added, “Our objective is to uplift the income and socioeconomic standard of the farmers and the community as a whole. We have also aimed at developing domestic production of sugar and contribute towards uplifting the national economy by helping to retain outflow of foreign currency for sugar imports.”

According to statistics made available in the Agriculture Symposium 2014, the annual sugar requirement of Sri Lanka is 600,000 MT. However, the country produces only 9% of this total requirement whilst the rest is imported. In 2012 alone Sri Lanka has spent Rs. 45 Bn in sugar imports. With the Government planning to increase domestic production by 40% by the year 2020, and with 4 existing sugar factories identified to be upgraded to meet this demand, the Management and Board of Directors of Gal Oya Plantations (Pvt) Ltd are confident in the future output of the Hingurana sugar factory, which has already demonstrated notable progress.

Also commenting, Mr. Danesh Abeyrathne, Chief Operating Officer of Gal Oya Plantation (Pvt) Ltd said, “We are celebrating the 3rd successful year of sugar production after commencing operations in 2012. Within a short period, we were able to record the highest production of sugar, the highest sugar recovery percentage from sugarcane cultivation and the highest percentage of cane crushing in Hingurana since its launch in 1960. In addition, we became the highest sugar producer in Sri Lanka for the year 2014. We expect higher output records in the near future. We have also been able to elevate our sugar cane cultivation and sugar production standards to reach global industry levels”.

As at 30th September 2014, Gal Oya Plantations (Pvt) Ltd has invested Rs. 3.2 Bn towards the resuscitation of the Hingurana sugar factory. The year’s turnover has risen to Rs. 1.8 Bn from the previous Rs. 938 Mn in 2013/14. The Company further hopes to invest Rs. 2.6 Bn towards the completion of the Distillery and Power Generation projects currently in the pipeline. An agreement has been already drawn for a new 21.5 KLPD distillery which is expected to commence operations in October 2015 and a power generation project to commence in May 2015.

In addition, the company already possesses capacity to produce 2 MW of electricity for the factory’s usage and has a separate water treatment plant with capacity to generate up to 250,000 liters per hour. The water generated is used for factory operations while the excess purified water sold to the national water supply and drainage board. 

Further explaining, Mr. Danesh Abeyrathne said that Gal Oya Plantations had been able to successfully create more than 20,000 direct and indirect employments, whilst extending employment opportunities to areas such as Ampara and Siyambalanduwa.

He said, “In addition to employment generation, the re-opening of the Hingurana sugar factory has uplifted livelihoods in surrounding communities and generated new revenue streams. We have witnessed development seeping into the surrounding areas during the past few years, especially in infrastructure development. Development efforts of roadways and canals have helped the communities immensely. Inner roadways have been upgraded for easy access and transportation, while canals have been renovated with the assistance of the Department of Irrigation and Drainage for irrigational purposes.” He concluded.





LOLC Micro Credit Ltd (LOMC), the largest microfinance company in Sri Lanka and subsidiary of the LOLC Group, held its 5th annual “Isuru Diriya Sisu Upahara” felicitation ceremony for Grade 5 scholarship students yesterday (4th September 2014), at a grand ceremony held at the BMICH Colombo. This program is held annually to felicitate children of LOMC customers who scored top marks at the national Grade 5 scholarship examinations. 

A total of 750 students were felicitated under this program for this year, out of which 212 students were provided with scholarships and gifts at the official ceremony held at the BMICH. 538 students living in far rural areas received their gifts personally from LOMC officials.

Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka graced the event as Chief Guest, while Mr. J. P. R. Karunarathne, Director, Department of Supervision of Non-Bank Financial Institution also attended as the Honoured Guest.

Special Invitees, LOLC Directors; Chairperson, Mrs. Rohini Nanayakkara; Deputy Chairman, Mr. Ishara Nanayakkara; Group Managing Director/CEO, Mr. Kapila Jayawardena; Executive Director together with LOMC officials, Director/Chief Executive Officer, Mr. Ravi Tissera; Chief Operating Officer, Mr. Rohana Kumara and members of LOLC senior management, staff members, parents of students and well-wishers were also in attendance.

Top achievers, Lasindu Deshan Pathirana from Divulapitiya, Yohan Randika Fernando from Kuliyapitiya and Dinuka Malith Sandeepa from Mathugama obtained 191, 189 and 187 marks respectively.

Commenting, Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit Ltd said, “For 5 consecutive years, LOMC has felicitated exceptional educational achievements of our microfinance customers’ children. During these years, we provided scholarships to over a thousand students from diverse communities across the country. By being a financial catalyst to rural micro entrepreneurs, the Company made significant strides in bringing positive transformation to thousands of men and women across Sri Lanka. Isuru Diriya Sisu Upahara thereby, is an extension of such an endeavor to their children, whilst providing educational assistance to communities in which they live.”

Also, commenting, Mr. Rohana Kumara, COO of LOLC Micro Credit Ltd said, “This is not just another CSR program but a long term holistic initiative to bring prosperity to people’s lives and to ensure that their right to socioeconomic development is fulfilled. LOMC’s unique triple bottom line business model cohesively integrates business with social development enabling economic empowerment of grass roots women and alleviating poverty among low income families. In addition, the Company has been successful in encouraging sustainable agro farming, promoting the continuity of education among children from low income families, ensuring long-term community development and providing employment opportunities to youth, among others.”

Inaugurated in 2009, LOLC Micro Credit, with the financial strength of renowned overseas Development Finance Institutes and the support of the LOLC Group, rose among Sri Lankan corporates as the largest microfinance solutions provider dedicated towards uplifting the low income segment of the country. The Company has also been the first and only Sri Lankan microfinance institute to be awarded with the certification for Client Protection Principle. With a disbursement portfolio of Rs. 23bn and a growing borrower base reaching 230,000, the Company has gained success and recognition both at home and overseas.

Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, Mr. J. P. R. Karunarathne; Director, Department of Supervision of Non-Bank Financial Institution; LOLC Chairperson, Mrs. Rohini Nanayakkara; Deputy Chairman, Mr. Ishara Nanayakkara; Group Managing Director/CEO, Mr. Kapila Jayawardena; LOMC Director/Chief Executive Officer, Mr. Ravi Tissera together with students who received scholarships and gifts to further their education from LOLC Micro Credit Ltd.



Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka addressing the gathering at the 5th Annual Isuru Diriya Sisu Upahara event organized by LOLC Micro Credit Ltd. Also in the picture are Mr. J. P. R. Karunarathne; Director, Department of Supervision of Non-Bank Financial Institution; LOLC Chairperson, Mrs. Rohini Nanayakkara; Deputy Chairman, Mr. Ishara Nanayakkara; Group Managing Director/CEO, Mr. Kapila Jayawardena and LOMC Director/Chief Executive Officer, Mr. Ravi Tissera.



LOLC Group, for the six months ended September recorded 118% growth in PBT reaching a strong profit signature of Rs. 3.7 Bn compared with Rs. 1.7 Bn reported for the same period last year. The main contributor to this growth in the profits comes from LOLC’s core business, financial services, where all three regulated companies recorded excellent performance for the first six months of 2014. The trading sector too contributed to strong profitability while the other sectors and equity accounted investments yielded higher returns further strengthening Group performance.

LOLC’s financial services sector including, Lanka ORIX Finance PLC (LOFC), Commercial Leasing & Finance PLC (CLC) and LOLC Micro Credit Ltd (LOMC) contributed Rs. 3 Bn to the profits of the Group compared with Rs. 1.8 Bn recorded last year. LOFC records Rs. 1 Bn in PBT, a 34% growth over last year. CLC also records Rs. 1 Bn profits against Rs. 745 Mn in September 2013. LOMC too contributed Rs. 780 Mn as profits in the current year against Rs. 542 Mn recorded in the same period last year.

The financial services sector significantly benefited from an aggressive growth in the lending portfolio and the prevalent low interest rates, which has reduced the borrowing costs. As the Group makes investments for future growth in terms of human capital and capacity building, operating expenses saw an increase with personnel costs moving up by 32%.

Concentrated efforts put in towards strengthening the recovery efforts of the financial services sector paid dividends witnessing a 22% reduction in provisioning for bad and doubtful debts, compared with September 2013 enhancing the overall profitability of the Group.

LOLC Insurance Co. Ltd. (LOIC), the fully owned composite insurer of LOLC has performed extremely well in the current year with Rs. 1.3Bn revenue, a 61% growth over last year. LOIC has a strong presence in the non- life business and the life business is gathering momentum with a strong agency network established backed by LOLC Group’s island wide branch network. 

Share of profits of equity accounted investments includes the Group’s investment in Seylan Bank and LOLC’s direct investment in PRASAC Micro Finance Institution Ltd of Cambodia. These investments together contributed Rs. 1 Bn as profits to the Group, a 90% growth during the last twelve months.

LOLC making further expansion in its core business of financial services acquired 60% controlling stake of TPC (Thaneakea Phum Cambodia Limited) of Cambodia, the fifth largest micro finance company in Cambodia. This investment complements LOLC’s long term strategy of expanding the core business in the region. LOLC’s investment in this company was Rs. 2.6Bn and the Group expects strong profitability growth from this investment, considering the past performance of TPC and the future potential of microfinance within Cambodia which is a growing economy.

Complying with the Central Bank of Sri Lanka’s (CBSL) financial services sector consolidation exercise, CLC bought the controlling stake of BRAC Lanka Finance PLC (BRAC) for Rs. 608 Mn, a further investment by the Group into this company increasing the overall holding to 94.35 %. BRAC’s strong presence in the micro finance sector will contribute positively to the growth objectives of CLC who strengthening its presence in this high potential market segment. CLC’s strong presence in the regions together with BRAC’s contribution to the overall footprint will enable CLC to increase its micro finance business deriving stronger results in the medium to long term. BRAC will be merged with CLC in the near future in line with the consolidation strategy of CBSL.

Brown and Company PLC (BCL) led trading sector has generated strong operating profits in the current year overcoming difficult times in the agriculture equipment sales and the consumer sector. The on-going restructuring process within the Browns Group is expected to bring about strong profitability growth going forward and higher contribution to the overall performance of the LOLC Group.

The on-going development projects in the leisure sector are in line with the estimates and two projects are nearing completion and will be commissioned in the near future. The three properties that are in operations are contributing well in revenue terms and are awaiting stronger results in the coming months, which is the season with higher tourist arrivals.

Browns Hotels & Resorts signed up with Starwood Hotels & Resorts recently to offer the management rights to five-star Sheraton Kosgoda Turtle Beach Resort and this property will be commissioned shortly.

Kapila Jayawardena, Group Managing Director/CEO of LOLC said, “The financial performance of the Group demonstrates the robust and aggressive growth strategy of LOLC. We expect the positive trend set in the first six months to continue in the future which would position LOLC as one of the best performing Conglomerates in the country”.         

Staying true to the innovative spirit of the LOLC Group, subsidiaries, LOLC Insurance Company Ltd (LOLC Insurance) and Al-Falaah, the Islamic Business Unit of Lanka ORIX Finance PLC (LOFC), partnered to introduce a Motor Takaful product named “Al-Falaah Takaful” to its new and existing clientele recently. With this new addition, the total Islamic Financial solutions portfolio of the Group has expanded further and marks its first entry into the Takaful industry. 

Commenting, Mr. Gehan Rajapakse, Chief Executive Officer of LOLC Insurance Co. Ltd., said, “This joint venture between LOLC Insurance and Al-Falaah cements the Group’s efforts to provide inclusive financial solutions to all segments of customers with the added convenience of making them available under one roof.”

Also sharing his views, Mr. Shiraz Refai, Assistant General Manager, Al-Falaah IBU said, “Al-Falaah Takaful is designed exclusively to offer greater convenience to customers, and is a significant step taken towards ensuring that the entire gamut of auto and finance solutions is made available to them through our extensive island wide reach.”

The significance of Al-Falaah Takaful is that all features coming under this product is stringently supervised by a dedicated Shari’ah Supervisory Board (SSB) and an in-house advisor to ensure that all product features and processes adhere to set standards and principles. In addition, through a wide network of branches an efficient service by a dedicated and experienced team of customer service personnel is ensured. 

Explaining further, Mr. Nadheer Siddeeq, Manager, Al-Falaah Takaful said, “Customers who are specific on patronizing Islamic Finance options are now able to fulfill all their motor solutions requirements via Al-Falaah Takaful, which provides them an exclusively designed and hassle free motor insurance service, guaranteeing that every aspect of safeguarding their vehicle is well thought of on behalf of them”

According to him, the added benefits of Al-Falaah Takaful include, a free cover for replacement of air bags, free towing facility within the greater Colombo area, 3rd party property damage cover up to Rs. 500,000.00 for commercial vehicles (unlimited for private cars), optional settlement process in the event of a claim, 24 hour customer care hotline, efficient and hassle free handling of claims through an island-wide network of garages and assessor panels, 20% discount on purchase of Exide batteries from Browns Power Marts and most importantly, sharing of surplus by way of distributing the excess funds in the participant fund amongst the customers who have not claimed.   

Since the inception in 2007, the Al-Falaah Business Unit of LOFC has striven to offer personalized and innovative financing solutions to customers, whilst simultaneously addressing the business and socioeconomic requirements of its diverse market segments and fulfilling individual financing needs. All Al-Falaah financial products are designed in accordance with Shari’ah principles of profit sharing and regulated by the Central Bank of Sri Lanka. Lanka ORIX Finance PLC is rated [SL] A- by ICRA Lanka Ltd and is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, and the Insurance Board of Sri Lanka for respective product offering.

LOLC Insurance Co. Ltd., launched in 2011 is a fully owned subsidiary of the LOLC Group offering a range of insurance products and services under Life and General Segments spanning from Life, Motor, Fire, Marine to Travel, among others. In a short span of three years, the Company has risen amongst the top leagues of the insurance industry, notably strengthening its presence as one of the largest motor insurance providers in Sri Lanka. LOLC Insurance is licensed by the Insurance Board of Sri Lanka and is poised to become the largest total insurance solutions provider in the country, in the near future.

From L-R: Ishara Nanayakkara - Deputy Chairman, LOLC Group ; Kapila Jayawardena - Chairman, Lanka ORIX Finance PLC, Chairman, LOLC Insurance Co Ltd and Group Managing Director/CEO, LOLC Group ; Mrs. Kalsha Amarasinghe - Executive Director, LOLC Group and Gehan Rajapakse - Chief Executive Officer, LOLC Insurance Co. Ltd.



Further strengthening its island wide footprint, Lanka ORIX Finance PLC (LOFC) recently expanded its branch network in the greater Colombo area when it opened two new branches at No. 217, High Level Road, Maharagama and No. 615, Maradana Road, Colombo 10.

The new branches are fully equipped with modern and superior customer service centric settings and are situated at convenient and easily accessible locations catering to the rising financial services requirements of customers located within the metropolitan area.

The opening ceremonies of both new branches were attended by the Directors and Senior Management of LOFC and LOLC together with staff members and well-wishers.

Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group was the honoured Chief Guest at the opening ceremony of the new LOFC branch in Maradana, whilst Mr. Kapila Jayawardena, Chairman of LOFC and Group Managing Director/CEO of the LOLC Group participated as the honoured Chief Guest at the opening ceremony of the new branch in Maharagama. In addition, Mr. Brindley de Zylva, Managing Director/CEO of LOFC, Mr. Ashan Nissanka, Chief Executive – Branch Network, Mr. Isaac Devshanker, DGM – Metro Region/COO, LOLC Factors Ltd participated as distinguished guests.

Commenting, Mrs. Rohini Nanayakkara said, “LOFC’s branch network provides a channel for prosperity to reach all corners of the country and for people from all customer segments to reap the benefits as the country moves towards reaching the upper middle-income status. With over 130 touch points catering to diverse requirements of Sri Lankan customers in rural and urban settings, it is heartening to see LOFC partnering in their financial empowerment.”

Sharing his views, Mr. Kapila Jayawardena said, “LOFC has remained a brand that consistently delivers what it promises - financial prosperity, security and trust. In doing so, we have continuously focused our attention on enhancing our branches and staff capacity in meeting the rising financial requirements of our customers. The rapid expansion of our footprint is ample testimony to the high penetration of our brand among the masses which has earned their solid trust and confidence.”

Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group and Mr. Kapila Jayawardena, Chairman of LOFC and Group Managing Director/CEO of the LOLC Group engaging in first customer transactions at the new LOFC branches opened in Maradana and Maharagama



The burgeoning cities of Nittambuwa and Thambuththegama warmly welcomed two new branches of Lanka ORIX Finance PLC (LOFC) recently at No. 495/2, Nambadaluwa, Nittambuwa and No. 140, Rejina Junction, Thambuththegama.

The opening ceremonies of the new branches were graced by Mr. Brindley de Zylva, Managing Director/CEO of LOFC and Mr. Ashan Nissanka, Chief Executive – Branch Network together with senior management members and staff.

The new branches were an upgrade from the post office centres which previously operated in the areas as cash collection points for LOFC, and are now operating as fully-fledged branches catering to the rising demands for diverse financial services, which have arisen from these localities.

Accentuating on ease of accessibility, convenience, speedy and efficient customer service, the new LOFC branches located at Nittambuwa and Thambuththegama offers comprehensive financial products and services such as Savings and Fixed Deposits, Leasing, Auto Finance, Foreign Currency Business, SME Finance, Working Capital solutions among others.  

Commenting, Mr. Brindley de Zylva said “In tandem with the region’s rapidly developing SME segments, we have thus upgraded our previous service centres to fully-fledged branches, offering total financial solutions to its people. Providing ease of accessibility to our regional customers is of great importance to us and we have offered them the opportunity to realize their financial goals and aspirations by joining hands with us.”

Mr. Brindley de Zylva, Managing Director/CEO of LOFC and Mr. Ashan Nissanka, Chief Executive – Branch Network engaging in first customer transaction at the new LOFC branches in Nittambuwa and Thambuththegama.



Monday, September 29, 2014, Colombo: Browns Investments PLC (BI) today, announced the re-branding of LOLC Leisure to Browns Hotels and Resorts.

In March this year, Browns Investments acquired sole shareholder status of LOLC Leisure. BI previously held a minority interest of 30% in LOLC Leisure; the investment into the hotel sector was made jointly along with BI’s parent company, LOLC. As part of its consolidation efforts, LOLC divested its direct exposure in leisure to BI, giving the Company the opportunity to focus on nurturing and growing this sector. LOLC continues to be the holding company for the Browns group.

Hotels under the Group include: Eden Resort & Spa, Dickwella Resort & Spa and Green Paradise, Dambulla. The Company also announced the construction of a 71-room four star hotel in Passikudah, which is scheduled to be opened later this year.

The Company’s current portfolio holds 308 keys, with plans to increase it to around one thousand within the next few years.

“Browns Investments has expanded its footprint in the leisure sector and made a number of significant acquisitions. This increased interest will lead us to soon be one of the largest hotel operators in Sri Lanka. This is extremely timely, considering the country’s increased focus on tourism.” stated Rimoe Saldin, Managing Director/ Chief Executive Officer, Browns Investments PLC.

A 363-roomed, 25 acre property located along the golden mile of Beruwala, currently under construction and scheduled to be completed in 2016, will be included in the portfolio of hotels; as will be a 172-roomed five-star property, already under construction in Kosgoda which will be completed during the first half of 2015. The Company also owns properties in Nilwella and Trincomalee, and is looking at options for a new city hotel.

Adrian Jansz, Head of Sales & Marketing, Browns Hotels and Resorts also added, “This is an exciting year for us, with our current properties being upgraded to suit the demands of the modern tourist. Our current portfolio includes a number of landmark properties, with the promise of more exquisite properties earmarked. The changes taking effect have made us step back and re-evaluate our offerings, and has led us to draw parallels between the emotional connect of our customers and their satisfaction. This is the promise of Browns Hotels and Resorts.”

Browns Investments PLC is a subsidiary of the legendary 135+ year old Brown & Company PLC, with its ultimate parent company being LOLC. Browns Investments operates in fast-growing sectors of the economy such as leisure, agriculture and plantations, construction, marine and manufacturing and power generation.

Eden Resort and Spa is a five star resort on the golden beaches of the Southern Coastline in Beruwela. The resort offers its guests 158 recently renovated luxury rooms and suites, an Ayurveda spa, signature restaurants, cafes and bars to indulge themselves in.



Nestled away within the jungles of the Cultural Triangle adjacent to world heritage sites, Green Paradise offers luxury to all its guests whether it’s by dining above the trees, relaxing by the padded pool or in the comfort of your Italian crafted villa.



Dickwella Resort and Spa is located on a peninsula on the golden sands of the Southern Coastline in Dickwella, and offers its guests a very relaxing experience where simple pleasures like breathtaking views of the Indian Ocean and tucking into the catch of the day can be enjoyed by everyone.



The LOLC Group acquired a 60% stake in Thaneakea Phum Cambodia (TPC), for USD 20.3 Mn. The acquisition was through LOLC’s fully owned subsidiary, LOLC Micro Investments Ltd (LOMI), which is the microfinance investment arm of LOLC. The LOLC Group has received all required regulatory approvals, including approvals from the Central bank of Sri Lanka, Ministry of Finance of Sri Lanka, National Bank of Cambodia and the Ministry of Commerce of Cambodia for the acquisition.

TPC is the 5th largest microfinance company in Cambodia with a gross loan book of USD 100 Mn. TPC carries out its business operations through 52 branches distributed throughout Cambodia, with a total staff of 1,100 personnel and currently has a customer base of 170,000 microfinance borrowers. Further, it has a strong capital base and maintains a capital adequacy ratio of 16.8%, enabling the company to withstand potential shocks as well as providing a stable platform for strong growth.

This is LOLC’s second overseas acquisition, having successfully established its maiden overseas venture in Cambodia in 2006 through its investment in PRASAC Micro Finance Institution Ltd (PRASAC), the largest microfinance Company in Cambodia. LOLC Currently holds 22.25% of PRASAC. The company carries out its business operations through its network of 182 branches and total staff strength of 3,400 personnel. It has an active client base of 231,000 clients and a gross loan portfolio of USD 485 Mn and total assets of USD 585 Mn. The company is currently in line with projected earnings of USD 30Mn for 2014.

In addition to the above acquisitions, LOLC commenced operations of its microfinance company in Myanmar - LOLC Myanmar Micro-Finance Company Ltd (LMML) - in 2013 as a green field operation. The LOLC Group was the 1st Sri Lankan organization and the 4th international operator to commence operations in the Myanmar financial sector.

Identifying the immense potential in emerging economies of the South East Asian region, particularly in the microfinance sectors of Myanmar and Cambodia, together with the Group’s ability to create an impact as a practitioner of microfinance as well as taking in to consideration the potential for growth in these markets as an active investor, LOLC secured its third overseas venture when it acquired the majority share in TPC.

In 2008, LOLC decided to spin off its microfinance business unit as a separate company - LOLC Micro Credit Ltd (LOMC). The Netherlands Development Finance Company FMO has been a shareholder of LOMC since its inception. LOMC was the first regulated microfinance institution in Sri Lanka with foreign equity partnership. Demonstrating its continuing commitment towards furthering its goals of financial inclusivity, in 2013, FMO, along with a consortium of development financial institutions provided LOMC with a syndicated loan of USD 55.5 Mn, which is among the largest syndications by a microfinance institution globally. Further, LOMC is the only microfinance institution in Sri Lanka to have received the certification for its client protection principles from a recognized international body.

Commenting on this significant milestone, Mr. Ishara Nanayakkara, Deputy Chairman of the LOLC Group said, “The LOLC Group’s business expansion strategy is aimed at strengthening its core financial services business further. Within Sri Lanka, we have firmly and consistently held our position as the largest diversified Non-Bank Financial Institution to date whilst our top performing companies have each held strong footholds in diverse sectors of the country’s economy. We are pleased that we were able to take our strategies and expertise overseas and to strengthen our position in the regional microfinance sphere. We hope to continue to explore opportunities to expand our overseas presence beyond Myanmar and Cambodia.”

Adding further, Mr. Nanayakkara said, “The South East Asian region is a largely untapped market with immense potential for the financial services industry. The LOLC Group has a strong commitment towards financial inclusivity and will continue to pursue opportunities towards crystalizing this vision”.

Officials present during the signing ceremony held in Cambodia. Mr. Sok Sophal – CFO –TPC, Mr. Stephen Higgins – Director –TPC, HE. Kim Vada- Director General Banking Supervision- National Bank of Cambodia, Mr. Ravi Tissera- Director- LOLC Micro Investments Limited, Mr. Michael Moormann- Director TPC, Mr. Bun Mony- Chairman-Cambodia Microfinance Association, Mr. Ishara Nanayakkara – Deputy Chairman LOLC Group, Mr. Sok Voeun – CEO – TPC, Mr. Chandula Abeywickrama- Director –TPC, Mr. Kithsiri Gunawardane- Director- LOLC Micro Investments Limited and Mrs. Fernanda Lima- Chairperson- TPC/ Director Private Equity- Developing World Markets.



DEG – Deutsche Investitions und Entwicklungsgesellschaft mbH – recently provided a USD 15 Mn credit facility on a 5 year term period to Commercial Leasing & Finance PLC (CLC), a member of the LOLC Group, for the development of its SME portfolio.

An official signing ceremony was held at the LOLC Head Office premises on the 4th September 2014 with senior officials from DEG, CLC and LOLC in attendance. Dr. Michael Bornmann, member of the Management Board of DEG and Mrs. Maria Spoelgen, Vice President of DEG’s Asia Department participated from DEG whilst Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC Group, Mr. Ishara Nanayakkara, Chairman of CLC and Deputy Chairman of LOLC Group and Mr. Krishan Thilakaratne – Director/CEO participated from CLC.

This is the second DEG credit facility for the LOLC Group. Previously, a Euro 7.5 Mn loan was made available to LOLC in 2007 to enhance the Company’s lending portfolio towards the SME Sector.

Furthermore, DEG extended its technical assistance to LOLC Group of Companies to develop their Treasury Risk Management system which enabled the Group to enhance mitigation measures.

DEG, a subsidiary of KfW, finances investments of private companies in developing and transition countries. As one of Europe’s largest development finance institutions, it promotes private business structures to contribute to sustainable economic growth and improved living conditions.

CLC, a subsidiary of the LOLC Group, is a reputed and stable non-bank financial institution providing a diverse portfolio of financial solutions to the SME and Micro segments in Sri Lanka. Over the years, the Company has displayed a consistent and resilient growth in financial performance and stability. In the June quarter of FY 2014/15, CLC maintained a commendable record of PBT at Rs. 1,288 Mn compared with the previous year and an impressive growth in deposits from Rs. 3 Bn to Rs. 7.5 Bn.

CLC has a strong investment grade rating of A- with a stable outlook from ICRA Lanka Limited which is a wholly owned subsidiary of ICRA Ltd, a group company of Moody’s Investors Service.

Standing (L-R): Mr. Rohan Perera, Group Treasurer of LOLC ; Mr. Krishan Thilakaratne – Director/CEO of CLC and Mr. Geeth Balasuriya, Consultant, DEG. Seated (L-R): Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC ; Mr. Ishara Nanayakkara, Chairman of CLC and Deputy Chairman of LOLC ; Dr. Michael Bornmann, member of the Management Board of DEG and Mrs. Maria Spoelgen, Vice President of DEG’s Asia Department.



ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd., a group company of Moody’s Investors Service, has in its annual credit review affirmed the “[SL] A-“ credit ratings for Lanka ORIX Leasing Company PLC (LOLC or the HoldCo) and its key financial services subsidiaries Lanka ORIX Finance PLC (LOFC) and Commercial Leasing & Finance PLC (CLC) with a stable outlook.

Mr. Kapila Jayawardena, the Group Managing Director/CEO of LOLC stated that he is pleased with the continued confidence placed on the group by credit institutions, which is being reflected in the credit rating of the holding company and its subsidiary companies.

The report further stated that “The ratings continue to factor LOLC Group’s long track record in the retail finance sector, its leadership position in the Sri Lankan retail finance market, professional and experienced management team and adequate risk management systems with strong retail franchise. The rating also derives support from the committed support and oversight from its largest investor–ORIX Corporation of Japan (rated Baa2 with stable outlook by Moody’s), which has a 30% stake in the entity. ICRA Lanka takes note of the consistent progress made by the management to de-leverage the Holdco as the reported gearing levels improved from 0.6 time as on end Mar-13 to 0.4 time by end Mar-14 through the transfer of the residual lending portfolio to its financial services subsidiary and reducing intra-group exposures. ICRA Lanka however notes that the group level gearing indicators have increased over the past 2 FYs from 2.16 times as of end Mar-12 to 2.65 times as on end Mar-14. Ability of the HoldCo and the LOLC group to improve on their operating margins while reducing the standalone leverage would be critical from a rating perspective.”

Mr. Jayawardena further stated that, that despite the volatile market conditions, the Group was able to maintain healthy operating margins whilst having a strong long term funding pipeline in place.

Moreover, ICRA Lanka noted that “the group has been able to secure longer tenure borrowings at favourable rates, which is expected to support the overall liquidity profile and profitability going forward. Group level earnings recovered during the FY2014 with the ROAA improving to 1.84% from 1.66% in FY2013 largely on account of improved margins in the financial services subsidiaries and improved financial performances of the non-financial services businesses.”

Mr. Kapila Jayawardena, the Group Managing Director/CEO of LOLC



LOLC Group’s 2014 first quarter results show strong momentum and growth over last year. The PBT for the three months of 1.35Bn is 45% over the last year’s Rs. 934Mn. This is a reflection of the strong profitability recorded from its operating activities which grew by 23% compared with 2013 June.

External effects on the Company, namely, significant reduction in interest rates have contributed positively to the reduction in borrowing costs which saw an overall drop of 20% compared with last year and this is despite the growth in savings and deposits increasing the overall borrowings of the Group. The increase in the borrowings base reflects the growth strategy fuelling higher executions strengthening the financial sector lending portfolio. A reduction in lending interest rates were also seen during the current period however, the higher quantum of lending resulted in the interest income from the Group’s lending business moving up 7% compared with last year June quarter end.

The financial services sector shows tremendous performance in the lower interest rate regime along with better collection results coming from all three financial services companies of the Group. The contribution to profits (PBT) from this sector increased from Rs. 672Mn to 1.14Bn which is an increase of 71%. LOLC’s flagship finance company, Lanka ORIX Finance PLC (LOFC) posted strong profits for the quarter, with Rs. 325Mn as PBT which is an impressive increase of 222% over previous year June. This reflects the strong collections together with lower interest costs. The Company has managed to reduce its borrowing costs as a result of the reduction in interest rates on its deposits base which grew by Rs. 2Bn to Rs.45Bn over the last year. Strong growth in the deposit base of the Company reflects strong financial strength and the customer confidence in LOFC which has drawn funds even at low interest rates. LOFC looks positively to year 2014/15 with lower borrowing costs and higher level of income fuelled by the expansion in the lending book increasing its core interest income.

Commercial Leasing & Finance PLC (CLC) too showed strong performance and maintained profits at the same level as in the last year, despite pressures on collections. The PBT for the June quarter was Rs. 381Mn. The Company’s deposit base grew from Rs.3Bn to Rs.9Bn, a growth of 200% over the comparative period last year. CLC commenced its deposit mobilizing activities two and a half years ago and the deposit base growth shows its financial stability and depositors’ confidence in the Company. The higher level of deposits and other borrowings will fuel higher level of lending, targeting an increase in the asset book, higher earnings from interest income, the key focus for the year 2014/15.        

LOLC Micro Credit Ltd (LOMC) too recorded strong profits in the first quarter, with Rs.407Mn as PBT compared with Rs.268Mn in the last year. The Company shows strong profits as a result of the reduced interest rates coupled with superior collections, which was a challenge throughout the year of 2013/14 due to poor weather affecting its agriculture centric customer base. However, strong recovery is seen in the current year, resulting in higher collections.

The two associate Companies of LOLC operating in the financial services sector, Seylan Bank and PRASAC Micro Finance Company in Cambodia continues to give strong positive growth in profits, an impressive increase of 74% over last year. The contribution from the share of profits from its associate companies 

was Rs. 423Mn against Rs. 243Mn in June 2013. PRASAC’s contribution to these profits is a Rs. 201Mn compared with Rs. 86Mn in June 2013.

Though the trading sector of the Group shows lower profits compared to last year, Brown and Company PLC which is the main contributor to the trading business of LOLC, shows promising recovery in its core business trading, which was at negative profits last year vs. strong profits in the current quarter of Rs. 148 Mn. Last year’s profits were mainly from other income which is seen shifting to its core activities, trading and manufacturing.

LOLC, the Parent Company records higher profits compared with last year, a 202% growth over last year, reaching Rs. 44Mn. The Company continues to reduce its lending book which is passed on to its subsidiaries in line with its conversion into a core Holding Company. The Company earns income from the shared services activities that provides, common services to Group Companies. The Company also continues to reduce its borrowings, strengthening its balance sheet with stronger gearing. The borrowing book saw a drastic reduction, Rs. 22Bn reducing to Rs. 15Bn which has improved the Company’s gearing ratio to a strong holding company ratio of 0.46

Envisioning LOLC’s financial services expansion strategy, LOLC entered into Myanmar through LOLC Micro Investment Ltd (100% subsidiary of LOLC) in 2013, obtaining formal approval to commence lending business in Myanmar. LOLC is one of the first financial services giants to enter Myanmar which is essentially an untapped market with great potential for the industry. LOLC’s operation has already made a positive impact in Myanmar, with its first three branches being opened in Myangone, North Okkalapa and Dalla. The business is already flourishing and the Group is extremely positive of this investment which is expected to derive steady growth in business and long term profitability.

In the coming months, LOLC will align group strategies towards strengthening its financial position further with increasing interest income with higher executions coupled with stronger collections in the financial services sector. The other sectors too will further strengthen its business operations, to derive medium to long term profitability. The Group is well positioned and all sectors are being developed with strong investment backing to strengthen its business proposition for long term profitability growth.

LOLC ranked among the top 20 most respected entities in Sri Lanka

Source : LMD, Most respected entities in Sri Lanka – 10th edition

Read more on most respected entities in Sri Lanka





LOLC Insurance Company Ltd, one of the fastest growing Companies in the life and general insurance sector, felicitated top achievers of their life sales force at a glittering gala, which celebrated the Company’s inaugural Life Sales Convention. The event was held at the Eagles Lakeside Banquet and Convention Hall in Attidiya recently.

It was attended by Mr. Ishara Nanayakkara, Deputy Chairman of LOLC ; Mr. Kapila Jayawardena, Chairman of LOLC Insurance and Group Managing Director/CEO of LOLC and Mrs. Kalsha Amarasinghe, Executive Director of LOLC as Chief Guests, whilst Mr. Ashan Nissanka, Chief Executive – Branch Network; Mr. Gehan Rajapakse, Chief Executive Officer of LOLC Insurance and Ms. Dharini Fernando, Chief Operating Officer of Insurance attended as Honoured Guests together with Senior Management members and staff of both LOLC and LOLC Insurance.

The event celebrated the exceptional annual performance of over 500 officials comprising of Financial Planners, Team Leaders, Executives, Zonal Managers and Branch Heads. The most outstanding performers in the “Best Team Leader”, “Best Sales Executive”, “Best Zonal Manager”, “Best Branch” categories were awarded with Bronze, Silver, Gold and Platinum, whilst the crowning glory of the ceremony was the felicitation of the “Best Financial Planner” with a Grand Award. 

LOLC Insurance established in 2010 began its Life Operations last February and within the first year of its operations, the Company was able to hold its first Sales Convention, on the day of the first year anniversary of its Life Sales distributions. This was deemed a significant milestone for the Company.

Commenting Mr. Kapila Jayawardena said, “I am extremely proud of the LOLC Insurance Team and the exceptional achievements this young company has gained over a short period of time. It is indeed their fierce drive and commitment that has placed this Company on the top most rungs of the Life and General segments.”

Also, sharing his views Mr. Ashan Nissanka said, “Since commencing our life sales operations, we have been successful in recruiting over 800 sales personnel for our life insurance distribution channel alone. We were able to draw on group synergies to meet our targets and ensure that the end results were fruitful. This enabled us to felicitate their successful achievements within a span of a single year.”

In addition, Mr. Gehan Rajapakse also shared his comments as follows; “I would like to give my heartiest thanks to our Life Team for this momentous occasion of celebrating our first sales convention and awards night, and I congratulate the achievers for their drive and remarkable accomplishments. I would also like to extend my appreciation to the support given by their families as well.”

Award for Best Sales Executive - Mrs. Kalsha Amarasinghe, Executive Director – LOLC Group (far left, unseen), Mr. Ishara Nanayakkara, Deputy Chairman - LOLC Group (2nd from left), Mr. Kapila Jayawardena, Chairman - LOLC Insurance Co Ltd and the Group Managing Director/CEO - LOLC (centre), Mr. Gehan Rajapakse, CEO - LOLC Insurance (2rd from right) and Mr. Ashan Nissanka, Chief Executive – Branch Network (far right).



Award for Best Team Leader - Mrs. Kalsha Amarasinghe, Executive Director – LOLC Group, Mr. Ishara Nanayakkara, Deputy Chairman - LOLC Group and Mr. Kapila Jayawardena, Chairman - LOLC Insurance Co Ltd and the Group Managing Director/CEO – LOLC.



Award for Best Zonal Manager - Mrs. Kalsha Amarasinghe, Executive Director – LOLC Group (far left), Mr. Ishara Nanayakkara, Deputy Chairman - LOLC Group (2nd from left), Mr. Kapila Jayawardena, Chairman - LOLC Insurance Co Ltd and the Group Managing Director/CEO - LOLC (centre), Mr. Gehan Rajapakse, CEO - LOLC Insurance (2rd from right) and Mr. Ashan Nissanka, Chief Executive – Branch Network (far right)



Grand Award for Best Financial Planner - Mrs. Kalsha Amarasinghe, Executive Director – LOLC Group (far left), Mr. Ishara Nanayakkara, Deputy Chairman - LOLC Group (2nd from left), Mr. Kapila Jayawardena, Chairman - LOLC Insurance Co Ltd and the Group Managing Director/CEO - LOLC (center), Mr. Gehan Rajapakse, CEO - LOLC Insurance (2rd from right) and Mr. Ashan Nissanka, Chief Executive – Branch Network (far right)



The LOLC Group, as a preferred employer and one of the best places to work in Sri Lanka, successfully organized a two day health camp themed - “Neeroga” - at head office premises recently.

Nearly a thousand employees and their family members took part in the event, which featured a number of well-known medical and healthcare institutions. This is the first ever health and wellness event of this magnitude hosted by the Company.

The health camp was chiefly facilitated by the Human Resources Division of the Group and was ceremonially opened by Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC in the presence of a large gathering comprised of senior management and staff members.

“Neeroga” Health Camp featured renowned healthcare establishments such as the Nawaloka Hospital, Vision Care, Siddhalepa Hospital, Forever Skin Naturals, whilst other related notable service providers such as the Dangerous Drugs Control Board, Blood Bank, Marine Fitness 365, Yoga instructor - Mr. Chamin Warnakula, Zumba Instructor – Mr. Nalinda Subasinghe, Helpage Sri Lanka, Nestle Lanka PLC, LOLC Insurance Company Ltd and students from the Medical Faculty of Sri Jayawardenapura University also took part.

Parallel to the main event, there were a number of awareness sessions and workshops conducted by renowned medical specialists and institutions in relation to health and wellbeing, fitness, nutrition, Ayurvedic treatments, stress management, vision and hearing, identification and prevention of contemporary ailments and health issues, and many more. Participants were educated about the importance of maintaining a healthy lifestyle and overall wellbeing.

In addition, mobile clinics and stalls that were set up at the premises provided employees an opportunity to undergo free medical checkups, vision tests, obtain diagnoses, and special discounts for further medical investigations whilst facilitating other necessary support. A blood donation drive was also simultaneously organized during the two day event.

Commenting, Mr. Kapila Jayawardena said, “The LOLC Group is comprised of 3,000 plus employees and we have placed great emphasis on looking into their overall wellbeing. Over the years, as part of good HR practices we have provided numerous medical and healthcare benefits to our employees and assisted them in their emergency medical needs. We believe that organizing an event of this caliber where we take our resources to the next level; by educating our employees and providing them opportunities to achieve wellness, was a step taken in the right direction to enhance effective employee relations. We hope to take our Neeroga Health Camp to our regional employees and their families, in the near future.”

LOLC has maintained an impressive record of maintaining sound HR structures and employee development initiatives over the years and is one of the top corporate entities in Sri Lanka to be adjudged Gold Winners at the SLITAD People Development Awards and Best Companies to Work for in Sri Lanka.







Seen in picture (L&R above) - Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC Group, Mr. Pradeep Uluwaduge, Head of Human Resources, LOLC Group and Mr. Gehan Rajapakse, CEO of LOLC Insurance Company Ltd.



Being true to its innovative spirit, Lanka ORIX Finance PLC (LOFC) recently became the first in the non-bank financial services sector to introduce a trailblazing new investment product named “Fixed Deposit Bond” to new and existing clientele. Incidentally, this is the first time that a transferable term investment product has been introduced to the financial services sector in Sri Lanka.

Lanka ORIX Finance Fixed Deposit Bond is a secure and long term investment option, which yields higher returns whilst making it an easy and hassle-free financial product, which can be used in any number of transactions or for ownership transfers. As its first step, the Company has made this product widely available to the Individual and Corporate customer segment for a 3-5 year term on fixed interest rates.

The most attractive feature of this product is that it is a tradable instrument and can even be gifted. Lanka ORIX Finance Fixed Deposit Bond can be transferred or sold to a 3rd party anytime between the date of deposit and maturity, whilst maintaining the original investment value intact.

The maturity value is stated on the certificate together with the relevant ownership information and time period, thereby, ensuring that the transaction is trustworthy, transparent and secure at all times. The transfer of ownership does not require additional costs or lengthy processes. All it requires is the existing owner’s signature together with instructions and the new owner to register him or herself with the nearest LOFC branch. This makes it an easy and accessible investment which can be used for over a number of different transactions.     

Commenting, Mr. Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance said, “The difference between a regular Fixed Deposit and the Fixed Deposit Bond is that ownership can be transferred without impacting the conditions applicable at the time the deposit was made. In addition, this highly secure and long term investment will grow yielding a higher return at maturity, whilst enabling the customer to fulfill his or her desired transactions anytime he or she wants. The hassle of waiting for the maturity date to arrive to fulfill a desired transaction or seek monthly interest therefore will not be applicable here”.

Explaining further Mrs. Roshani Weerasekera, Deputy General Manager Marketing (Savings & Deposits) said, “The most convenient aspect of the Fixed Deposit Bond is that it acts as an instant transferrable instrument, which means that the transaction itself does not require actual cash being exchanged; this guarantees that your hard earned money is handled and maintained in a safe and transparent manner. Certain mandatory protective measures are also put in place to ensure that even if the certificate is misplaced or stolen, the customer’s investment continues to be intact and safe with us.”

The minimum deposit amount for investment begins at Rs. 7,600.00, Rs. 6,800.00 and Rs. 6,300.00 for 36, 48 and 60 months respectively, with provisions to invest higher. Hence, Lanka ORIX Finance Fixed Deposit Bonds are ideal and safe for gift-giving, whether it is for a wedding, a birthday or even as a gift for a minor. This product can also be used for various high value transactions such as settling suppliers by Businesses and Corporates.     

By introducing pioneering products and services such as the Fixed Deposit Bond, LOFC has contributed immensely to the growth of the NBFI sector in Sri Lanka. In the recent times, the Company launched new product extensions for its Speed Draft short term loan facility and introduced Al-Falaah Ladies Islamic Financial Services via its Islamic Business Unit – Al-Falaah.

In addition, as a Registered Finance Company of the Central Bank of Sri Lanka, LOFC is authorized to dispense financial products and services such as Leasing, Hire Purchase, Savings and Fixed Deposits, Foreign Currency Business among others. Since inception in 2001, the Company has been deeply active and committed to financially powering the SME and large corporate segments in Sri Lanka, earning the trust of people, stakeholders and the industry alike.









Mrs. Rohini Nanayakkara along with Mr. Brindley de Zylva, Mr. Ishara Nanayakkara, Mr. Kapila Jayawardena, Mrs. Kalsha Amarasinghe, Mr. Ashan Nissanka engaging in first customer transaction at the launch of Lanka ORIX Finance Fixed Deposit Bond.



Lanka ORIX Finance PLC (LOFC) together with LOLC Technologies Ltd was feted for their notable contribution to the Islamic Finance Industry, at the recently concluded Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards held at the Galadari Hotel, Colombo.

LOLC Technologies was awarded the Gold Award for “Best Islamic Finance IT Solutions Provider” whilst Al-Falaah, the Islamic Business Unit of LOFC bagged two Silver awards for “Islamic Finance Entity of the Year” and “Islamic Finance Product/Deal of The Year” and a Merit Award for “Social Upliftment Recognition”.

Held annually, the SLIBFI Awards recognizes and rewards Sri Lankan Banking and Financial Institutions that contribute towards the sustainable development of Islamic Financial Products and Services. This year’s awards ceremony was held for the 3rd consecutive year and was participated by Mr. Shibly Aziz PC, Former Attorney General as the Chief Guest. Many other notable financial institutions too participated and were feted for their excellence in the industry.

Commenting, Mr. Krishan Thilakaratne, General Manager, Al-Falaah IBU said, “These accolades validate the untiring efforts and dedication put in by our LOLC Teams to ensure that our products and services are of the highest caliber, even going beyond industry standards. To support that, we have a strong infrastructural network, IT processes and a team of highly skilled professionals who dispense diverse and customized financial solutions to the masses.”

Also sharing his views, Mr. Conrad Dias, Managing Director/CEO of LOLC Technologies said, “We are honoured to be recognized as the Best Islamic Finance Solutions Provider and we dedicate this award to our customers who are the driving force behind our continuous progress and innovation. This award recognizes our commitment to the industry.”

The winning LOLC Group Companies have previously demonstrated their outstanding performance and innovative contributions to the Islamic Finance Industry by winning three major accolades at last year’s awards ceremony.

The winning LOLC Team : (from L-R) Mr. Harshan Senadhira, Team Lead – Solution Delivery, LOLC Technologies Ltd ; Ms. Chamini Attanayake, Head of Business Development, LOLC Technologies Ltd ; Mr. Dineth Chinthaka, Head of Business Solutions – Banking, LOLC Technologies Ltd ; Mr. Krishan Thilakaratne, General Manager, Al-Falaah IBU ; Mr. Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC; Mr. Shiraz Refai, Assistant General Manager, Al-Falaah IBU; Mr. Rehan Mussadiq, Junior Executive , Al-Falaah IBU and Mr. Zifan Zahir, Officer – IBU Operations.



The LOLC Group completed a year of consolidation and steady growth in Profits recording a Profit before Tax (PBT) of Rs. 4.5Bn, a 22% growth over last year. The Profits of the Group is mainly derived from its core business of financial services, complemented by the rest of the businesses. To achieve the 22% growth profits, the Group made a Rs. 45Bn Gross income and interest income of Rs. 28Bn which is a 20% growth over last year. The year 2013/14 was considered a year of consolidation for the Group with strategies taking shape in all sectors to gear for growth and long term profitability. The operating environment was full of challenges for the financial services business as well as for other sectors. The lowering interest rates in the latter part of the year was welcome as the Group believes that this positive move will trigger an increase in SME lending which will positively impact the Group’s lending business.

LOLC continued in its strategy of deleveraging itself which is now fully converted into a holding company. LOLC was the pioneering leasing company in the country and in 2011, the Company opted to move out of the leasing business gradually transferring its lending and borrowing book to its flagship finance company Lanka ORIX Finance PLC (LOFC). The Company embarked on diversification in 2009 and entered into potential growth sectors, leisure, manufacturing and trading, construction, renewable energy, agriculture and plantations.

LOLC’s financial services businesses experienced a 20% increase in interest income in line with the expansion of the portfolio. Finance costs too increased by 13% to reach Rs. 16.4Bn from 14.5Bn recorded in the previous year mainly due to the higher quantum of borrowing required for the lending business of LOFC, Commercial Leasing and Finance PLC (CLC) and LOLC Micro Credit Ltd (LOMC). However the growth in interest costs slowed down due to the lowering of interest rates on short term borrowing and SWAP costs. The two listed finance companies and the leasing company recorded steady growth in profits despite provisions made on bad and doubtful debts required as a result of the pressure on collection ratios experienced by the financial services industry.

LOFC increased its profit signature by 45% which is remarkable despite higher provisions made during the year on possible defaults. The Company’s deposits grew by 33% clearly demonstrating the confidence placed by the public on LOFC’s financial stability.

CLC recorded Rs. 1.2Bn as profits and continues to be strong in its business sector and is experiencing a positive impact from reducing interest rates even as the quantum of borrowing is increasing to support the growth in the portfolio.

LOMC remains strong in its profits signature contributing well to the Group. The Company’s micro business is performing well despite the clients facing two years of bad weather impacting the agriculture business affecting collections. The company posts strong results despite these challenges and also seeing benefits from the reducing interest rates and SWAP costs. The company continues to source 100% of its borrowing from the bilateral and multilateral funding partners who have lined up further funding for the Company’s next phase of growth. LOMC’s profit contribution to the Group was Rs. 1Bn.

LOLC Insurance Company which completed its third year of operation shows great potential in profits contribution to the Group with both the life and general businesses performing well in growing the book. The Company contributed Rs.82Mn as profits to the Group.

LOLC’s strategy to expand its business in the region brings strong profits from its associate PRASAC Micro Finance Company in Cambodia and the Group’s total associate company profit share was Rs. 1.5Bn for the year.

Despite the challenging market conditions in the consumer durable market and the agriculture equipment market, the trading sector with Brown & Company contributed a profit of Rs. 541Mn. The leisure sector recorded a loss of Rs. 334 Mn though the operating hotel - Eden Resort and Spa contributed profits to the Group. The loss mainly comes from the hotels which are being constructed. Two hotels of the group are expected to be commissioned in the first and the second quarter of 2014 and the resort construction in Beruwala is estimated to be completed in 2016. With the completion of these projects LOLC will have one of the largest numbers of keys in the country’s leisure business.

LOLC Group is currently positioned to strengthen its presence in each of the business sectors while positioning its long term strategies to derive profitability and leadership in each sector.

Mr. Kapila Jayawardena, Group Managing Director/CEO in his concluding remarks said that “the Group has performed up to the expectations and all segments are showing a healthy growth trend. A strong Balance sheet and P&L will improve the long term potential of the Group”.

LOLC Group Managing Director/CEO and LOFC Chairman, Mr. Kapila Jayawardena



Extending its island wide foot print further, Lanka ORIX Finance PLC (LOFC) opened its latest branches in Digana and Kuliyapitiya recently.

Digana is an emerging economy located in the Central Province of Sri Lanka vastly abundant with natural mineral deposits such as Dolomite, whilst Kuliyapitiya is renowned for agro based economy and crop cultivation in the Kurunegala district. 

Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC and Chairman of LOFC ; Mr. Brindley de Zylva, Managing Director/CEO of LOFC ; Mr. Ashan Nissanka, Chief Executive – Branch Network were in attendance as Chief Guests and Guests of Honour during the opening ceremonies of the new branches together with customers, members of staff and well-wishers.

Commenting on this significant occurrence, Mr. Kapila Jayawardena said, “With the opening of the two new service points in Digana and Kuliyapitiya, our island wide network of 134 touch points has further improved and strengthened. We are fully equipped to dispense diversified financial solutions to meet the requirements of the entrepreneurially active SME segments of the central province of Sri Lanka, and we have plans of upgrading our footprint further to offer customers the best of service”.

The new LOFC branches are spacious and modern in interior and will provide financial solutions spanning from Leasing, Hire Purchase to Fixed Deposits & Savings, Foreign Currency Business, and Microfinance among others.

The interior layout of the new Lanka ORIX Finance branch in Kuliyapitiya



First customer transactions at the new LOFC branch in Kuliyapitiya. (L-R) Mr. Brindley de Zylva, Managing Director/CEO of LOFC and Mr. Ashan Nissanka, Chief Executive – Branch Network



First customer transactions at the new LOFC branch in Digana. (L-R) Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC and Chairman of LOFC ; Mr. Brindley de Zylva, Managing Director/CEO of LOFC and Mr. Ashan Nissanka, Chief Executive – Branch Network



Establishing yet another revolutionary bench-mark for rewarding customer loyalty in the industry, Al-Falaah, the Islamic Business Unit of Lanka ORIX Finance PLC (LOFC) launched its privileged discount card - “Empress”.

The ‘Empress’ discount card is exclusively offered to all customers of Al-Falaah Ladies which caters to the financial needs of its lady customers. This was introduced as a way of rewarding ladies on their multiple roles in life as mothers, entrepreneurs, housewives, workers, caregivers etc.

The “Empress” special discount card is the first of its kind to be offered by an Islamic Bank or Financial Institution in Sri Lanka. It enables card holders to shop and save simultaneously, manage household expenditure and avail themselves of exclusive seasonal and year-round offers.

Moreover, it offers attractive special discounts, discount vouchers and special privileges from an island-wide network of over 60 partner-merchant brands spanning from household items, electronics, pharmaceuticals, opticians, leisure, clothing and accessories, telecommunication, jewelry, personal care to insurance and many more.

The “Empress” card is issued free of charge and is available to both new and existing lady customers from all LOFC and Al-Falaah branches located island wide. Card holders will receive updates and notifications on special offers through email, SMS and twitter (@LankaORIX).

Al-Falaah Ladies was launched in April 2013 to offer specialized ‘Financial Services’ for lady entrepreneurs, employed and self-employed ladies, as well as busy housewives with increasing family commitments and responsibilities in the household. A dedicated business unit was established by the company to cater to this niche segment, becoming the first ever financial institution exclusively dedicated towards offering financial solutions to ladies.

Commemorating the launch of “Empress”, a special event was organized by Al-Falaah at the LOLC Head Office Auditorium earlier this week. The event was graced by Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group as Chief Guest and Mrs. Kalsha Amarasinghe, Executive Director of the LOLC Group as the Guest of Honour.

Also in attendance were Mr. Ishara Nanayakkara, Deputy Chairman of the LOLC Group ; Mr. Kapila Jayawardena, Group Managing Director / CEO of the LOLC Group and Chairman of LOFC ; Mr. Brindley de Zylva, Managing Director/CEO of LOFC ; Mr. Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit ; Mr. Shiraz Refai, Chief Manager, Al-Falaah Islamic Business Unit ; Ash-Shaikh Zaid Nooramith, in-house Shari’ah advisor for Al-Falaah ; Senior Management members of LOLC and LOFC ; valued customers and distinguished invitees representing partner-merchant brands ; staff members and well-wishers.     

Speaking at the occasion, Chief Guest - Mrs. Rohini Nanayakkara said, “I am happy to unveil the Empress Card today and I wish to congratulate the Al-Falaah team for introducing this new value addition in recognition and appreciation of our esteemed lady customer base. The Al-Falaah Ladies brand recognizes and financially empowers the woman of the 21st century. It encourages women to achieve their ambitions and aspirations driven by the spirit of enterprise and rewards them in return for their achievements. In addition, it provides long term value to all our stakeholders and builds lasting relationships whilst in keeping with religious beliefs.”

Also speaking, Guest of Honour - Mrs. Kalsha Amarasinghe said, “I am deeply honoured and privileged to be a part of this historic milestone. Al-Falaah is probably the first among the Islamic banking and financial services sector to introduce such a novel and exclusive discount card, ‘Empress ’ with a very large number of valued business partners and brands, island-wide. In doing so, Al-Falaah is living up to its brand value - Success - by extending it to its lady customers.  With a superior customer service and a trailblazing innovative spirit, Al-Falaah is moving well beyond the industry standards to offer unique products and services tailor made to specific customer requirements.”

Giving an overview of Al-Falaah’s achievements, Chief Manager - Mr. Shiraz Refai, said “Al-Falaah’s journey has been an immensely successful one since inception in 2007. Our exponential growth over the years has been largely due to our business unit offering 360 degree financial solutions catering to individual customer needs whilst integrating the business, customer and business community beyond the scope of banking and finance. Key elements in our journey of success are the strict guidelines we adhere in maintaining transparency in transactions, equality in all business relationships and conscious efforts at Corporate Social Responsibility, supported by our team of fully trained and certified members of staff across the channel network, who ensure that all transactions are done in accordance with the principle guidelines at all times. ”

All “Al-Falaah Ladies” products and functions are designed in accordance with Islamic principles of economics and are supervised and periodically audited by Al-Falaah’s eminent Shari’ah Supervisory Board. Accessibility to their services are provided via LOFC’s 66 main branches and 5 dedicated Al-Falaah branches, with access to over 600 ATM machines island wide.

The “Empress” discount card launched by Al-Falaah Ladies





Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group and Mrs. Kalsha Amarasinghe, Executive Director of the LOLC Group handing over the first set of “Empress” discount cards to lady customers.



 

Eden Resort & Spa of LOLC Leisure Ltd laid the foundation stone for a new building at the Moragalla Junior School in Beruwala. Upon completion, the new school building will comprise of 08 additional classrooms, which would be constructed at a total investment of approx Rs. 16 Mn.

This project is part of Eden’s CSR initiative to uplift and develop the Beruwala community at large, by focusing on fulfilling its immediate requirements in areas such as education, youth employment, health, community wellbeing and other.

The construction project of the two-storey new school building is expected to be completed in two stages. The 1st phase would be completed with the initial financial assistance provided by Miss Chris McGrail, a frequent visitor to the Eden hotel hailing from West Midlands, UK.  She is affiliated to the Redhill School of England as the Deputy Head Teacher, and funding for the new building in Moragalla Junior School has been raised through various fund raising activities conducted by the students of Redhill, UK. The 2nd phase of the project would be completed with fund raising activities which Eden Resort & Spa is aiming to initiate in the coming months.

A formal ceremony was organized by the Hotel to lay the foundation stone to this new school building. The auspicious activities were presided over by General Manager, Mr. Eksath Wijeratne together with Religious Leaders; Key officials from the Kalutara Zonal Education Office, Beruwala Divisional Secretariat and Sanasa Development Bank; Principal of Moragalla Junior School together with teachers and students; Hoteliers from Bentota-Beruwela area; Community Members; Management and Staff members of Eden Resort & Spa.

Commenting, Mr. Eksath Wijeratne said, “It is with deep gratitude that I commend the generosity of our honoured guest, Miss Chris McGrail and the students and staff of the Redhill School. Ms. McGrail expressed her keen interest to partner Eden’s CSR initiatives, and together we identified that the Moragalla Junior School was immediately in need of financial assistance. With her school’s contribution, we will complete the first phase of the project and look at other possibilities of partnering with well-wishers, aiming at an early completion of the new school building.”

 

Moragalla Junior School at present provides education to 210 students, with 20 teachers and staff members on its cadre. In previous years too, Eden Resort & Spa has provided financial assistance and held educational programs aimed at providing greater educational facilities and development opportunities for the children of this school.

In the picture : Mr. Eksath Wijeratne, General Manager - Eden Resort & Spa ; Mrs. C. D. Kumarasiri, Principal - Moragalla Junior School ; Ms. Inosha Anuradhi Edirisinghe, Secretary – School Development Society ; Ms. Inoka de Silva, Development Director - Kalutara Zonal Education Office ; Ven. Moragalle Chandawimala Thero from Purana Sri Gangaramaya Temple of Moragalla ; Mr. Upali Jayaratne, Director - Sanasa Development Bank; Ms. Mary Nolan – visiting English Development Teacher from UK; students; well-wishers and officials participating in auspicious activities.



Lanka ORIX Finance PLC (LOFC) aiming to provide an enhanced service and convenience to customers relocated its branches in Vavuniya and Kohuwala to spacious new homes. The Vavuniya branch was relocated to No. 27, 2nd Cross Street, Vavuniya whilst the Kohuwala branch was moved to No. 176 & 176 1/1, Dutugamunu Street, Kohuwala.

Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group participated as Chief Guest at the ceremony in Vavuniya whilst the ceremony at Kohuwala was attended by Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC and Chairman of LOFC. Also in attendance were, Mr. Brindley de Zylva, Managing Director/CEO of LOFC, Mr. Ashan Nissanka, Chief Executive – Branch Network and other senior officials of both LOLC and LOFC.

In a statement to press, Mr. Kapila Jayawardena said, “When relocating our branches, we have looked at providing a renewed interior which welcomes our customers to an open, friendly and modern world of superior customer service. Together with an enhanced service and a wide ranging portfolio of products, we are poised to serve the entrepreneurial communities of Vavuniya and Kohuwala better.”

Chief Guests, LOLC Group Chairperson, Mrs. Rohini Nanayakkara and LOLC Group Managing Director/CEO and LOFC Chairman, Mr. Kapila Jayawardena engaging in customer transactions at the relocated branches in Vavuniya and Kohuwala.



 

LOLC, achieving yet another milestone, laid the foundation stone for a spacious new regional office, on own land, located at No. 242, Maithripala Senanayake Mawatha, Anuradhapura recently.
A formal ceremony was organized, at which Mr. Gunendra Jayasena, Chief Administration Officer - LOLC Group; Mr. Gamini Jayaweera, Assistant General Manager – North and North Central Regions – LOLC Group and Mr. Sumeda Kulathilaka, Branch Head – Polonnaruwa – Lanka ORIX Finance PLC together with religious leaders, staff members and well-wishers took part in auspicious activities.
This four-storeyed new building will deliver a dual function: it will serve as the regional administrative hub of the Group’s service network located within the North and North Central regions and house service units of Lanka ORIX Finance PLC, LOLC Micro Credit Ltd and LOLC Insurance Ltd among others.
The new Regional Office would be constructed at an approximate cost of Rs. 130 Mn and is scheduled to be completed by the 3rd quarter of 2015. Features consist of spacious three storeys dedicated for office and administrative functions, a conference hall, a spacious roof terrace, open lobby areas on each floor and ample parking facilities. The contemporary design of this building was conceptualized and executed by renowned architect, Mr. Thusara Waidyasekara together with Sierra Property Development Pvt Ltd. -end-

 

LOLC, achieving yet another milestone, laid the foundation stone for a spacious new regional office, on own land, located at No. 242, Maithripala Senanayake Mawatha, Anuradhapura recently.

A formal ceremony was organized, at which Mr. Gunendra Jayasena, Chief Administration Officer - LOLC Group; Mr. Gamini Jayaweera, Assistant General Manager – North and North Central Regions – LOLC Group and Mr. Sumeda Kulathilaka, Branch Head – Polonnaruwa – Lanka ORIX Finance PLC together with religious leaders, staff members and well-wishers took part in auspicious activities.

This four-storeyed new building will deliver a dual function: it will serve as the regional administrative hub of the Group’s service network located within the North and North Central regions and house service units of Lanka ORIX Finance PLC, LOLC Micro Credit Ltd and LOLC Insurance Ltd among others.

The new Regional Office would be constructed at an approximate cost of Rs. 130 Mn and is scheduled to be completed by the 3rd quarter of 2015. Features consist of spacious three storeys dedicated for office and administrative functions, a conference hall, a spacious roof terrace, open lobby areas on each floor and ample parking facilities. The contemporary design of this building was conceptualized and executed by renowned architect, Mr. Thusara Waidyasekara together with Sierra Property Development Pvt Ltd. 

 

 

Architect’s sketch of the proposed new LOLC regional office in Anuradhapura



(L-R) Mr. Gamini Jayaweera, Assistant General Manager – North and North Central Regions – LOLC Group ; Mr. Gunendra Jayasena, Chief Administration Officer - LOLC Group and Mr. Sumeda Kulathilaka, Branch Head – Polonnaruwa – Lanka ORIX Finance PLC partaking in auspicious activities.



LOLC Micro Credit Ltd (LOMC) was recently conferred the “Smart Campaign Client Protection Certification”, becoming the first ever Sri Lankan MFI (Microfinance Institution) to be evaluated and presented with this top global honour.

This certification guarantees that LOMC and its members of staff subscribe to set Principles designed to practice good ethics, sound business and protection of clients set out by this global initiative of over 4,000 endorses. The Smart Campaign unites worldwide MFIs around a common goal: to protect clients and to ensure their continuity as the driving force of the microfinance industry.

This initiative, together with its panel of established certifiers, analyzes and evaluates the compliancy levels of organizations against a set code of principles. These are: Appropriate Product Design and Delivery, Prevention of Over-Indebtedness, Transparency, Responsible Pricing, Fair and Respectful Treatment of Clients, Privacy of Client Data and Mechanisms for Compliant Resolution.

LOMC, in this regard, has been guaranteed by Micro-Credit Ratings International Limited (M-CRIL) - a licensed certifier of the Smart Campaign’s Client Protection Certification Program - as compliant, including fulfilling all 30 standards of care in the treatment of their clients.

The Smart Campaign initiative encourages MFIs to incorporate client protection principles and practices into their institutional culture and to the overall operations of the microfinance industry. It encourages MFIs to foster strong relationships with clients, increase client-retention, ensure healthy returns, reduce financial risk and thereby, sustain a robust microfinance industry.

Commenting, Mr. Ravi Tissera, Director/CEO of LOMC said, “It is indeed an honour to have been the first Sri Lankan Micro Finance Institution to be conferred this prestigious accolade amongst 13 other International Establishments. This demonstrates our commitment to responsible lending and I would encourage all microfinance providers to obtain this certification and recommend that industry authorities develop this into a process.”

Adding further he said, “This distinction also manifests our deep commitment to our staff members. As an organization bestowed with the Great Places to Work award, this achievement is a testament to their dedication and passion to place the LOLC Micro Credit brand in par with global standards.”

Ms. Isabelle Barres, Director, Smart Campaign observed the following; “Certified financial institutions have demonstrated their commitment and practice to treat the people they serve fairly. They contribute to a microfinance industry that prioritizes client care”.

Mr. Kapila Jayawardena, Group Managing Director/CEO of the LOLC Group stated that, “Aligning the Group’s business strategy with the national vision to fully harness Sri Lanka’s post war potential, has always given rise to

our companies to grow. This certification has been bestowed upon LOLC Micro Credit as a true sentiment of its vision to empower people to achieve their dreams, with a focus on the practices and policies of Client Protection.”

LOLC Micro Credit Ltd, which commenced operations in 2009, is at present crowned an industry leader in microfinance in Sri Lanka. Its unique business model is founded on the triple bottom line approach which is further enhanced by its socially focused business strategy. LOMC has been consistently dedicated towards uplifting the micro segment of the country as demonstrated by its growing borrower base of 200,000 and total portfolio of Rs. 20 Bn.

Backed by the financial strength and technical support of bilateral and multilateral funding agencies as well as the LOLC Group, the Company has taken greater measures to ensure continued development and protection of their clients, whilst paving the way for peers and industry authorities to implement stronger client protection measures and systems within the overall financial services landscape of the country.



Mr. Kapila Jayawardena, GMD/CEO of the LOLC Group



Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit Ltd.



Lanka ORIX Information Technology Services Ltd (LOLC Tech), a subsidiary of the LOLC Group, was recently certified against the ISO/ IEC 20000:2011 standard, covering services rendered through its Service Desk. In this regard, LOLC Tech is conferred the rare distinction of being the first and only institution predominantly serving the banking and financial service sector to have the ISO 20000:2011 certificate.

In addition, LOLC Tech is already ISO/ IEC 27001: 2005 and ISO 9001: 2008 certified and with this recent achievement, the Company joins an elite and exclusive group of few institutions to have all three certificates in good standing – an achievement which is the first of its kind in Sri Lanka.

ISO/IEC 20000 is the first international standard for IT service management. It was developed in 2005, by ISO/IEC JTC1 SC7 and revised in 2011. It is based on and intended to supersede the earlier BS 15000 that was developed by the BSI Group. ISO/IEC 20000, like its BS 15000 predecessor, was originally developed to reflect best practice guidance contained within the ITIL (Information Technology Infrastructure Library) framework, although it equally supports other IT service management frameworks and approaches including Microsoft Operations Framework and components of ISACA's COBIT framework.

"This achievement shows our continuous commitment to standardization, service delivery and management, assurance to quality, due diligence and risk mitigation whilst benchmarking against the world's best", said Conrad Dias, Managing Director/CEO of LOLC Tech.

In addition, Parakum Pathirana, Principal Consultant said; “The ISO Management System gives the ability to have flexible and measurable objectives, actionable conversations and continues improvement. Combined, these three management systems provide a holistic approach to information assurance and information security”.



 

LOLC Technologies Ltd, the Information Technology Services arm of the LOLC Group, in strategic partnership with Oracle Corporation Singapore PTE Ltd held an awareness session under the theme “Information Security, Threats and Opportunities” among C-level corporate officers from Banks and Licensed Finance Companies in Sri Lanka, at the Cinnamon Grand Hotel recently.
This high-level gathering included Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka (CBSL) as the Honoured Chief Guest. The participants included the highest echelon of distinguished Banking Executives – Chairpersons and Chief Executive Officers - from renowned banks and financial establishments such as the Hatton National Bank, Commercial Bank, Peoples Bank, Bank of Ceylon, and Union Bank among others.
Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group ; Mr. Kapila Jayawardena, Group Managing Director of the LOLC Group and Mr. Conrad Dias, Managing Director / Chief Executive Officer of LOLC Technologies Ltd together with officials from the LOLC Group and Oracle Corporation Singapore PTE Ltd were also present.
The aim of the program was to create a broader discourse and an understanding in the Financial Services community about securing the integrity of Information Services within their organizations and the Financial Services sector, whilst taking measured responses against cyber threats and exploring opportunities.
Mr. Ajith Nivard Cabraal, Governor, CBSL shared his views in this regard, “As we prepare to reach 4,000 USD per capita income and to fulfill the next phase of our country’s development, we have taken the necessary steps in all sectors of our economy to progress ahead seamlessly. In this endeavor, to sustain a resilient Banking and Financial Services sector in Sri Lanka, we have taken timely measures to be ‘IT Ready’. All efforts in this regard are made to prepare and strengthen ourselves for the future and to progress forward.”
Providing an insight into the program, Mr. Kenneth Hee, Director, Identity Management and Security, Oracle Asia-Pacific explained as follows; “We see more targeted cyber-attacks on systems now where attackers have an understanding about their targets and their vulnerabilities. The key is not to view cyber-attacks in fear; as problems which require immediate technical solutions, but to approach them as opportunities to take measured steps to strengthen the existing systems and strategically prepare them well in advance.”
He further went on to encourage participants to view cyber threats from the perspective of Risk Management and to understand them as long term opportunities for business enhancement.
“The key is to identify vulnerabilities in your systems and strategically prepare them to mitigate threats from within. By adopting a Security Inside Out approach, you can understand how resilient your security structures are and thereby transform these threats into opportunities that create long term value for your business.” he concluded.
Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group also shared his views; “This is indeed a timely event to have a discussion about mitigating cyber threats. Business leaders in the financial services sector, especially those in the banking sector, will require the necessary resources to prepare and upgrade their IT processes and procedures. We are privileged to have begun an initial dialogue as a step forward in this direction.”
LOLC Technologies Ltd is at the forefront of providing a comprehensive portfolio of IT services with a special focus on banking and financial services sector of the country. The Company partners with principles such as Oracle, Microsoft and VM Ware® to provide integrated ICT solutions and services, while maintaining strategic alliances with other delivery partners in the region. LOLC Technologies Ltd has a special focus on Information Security Consultancy with its InfoSec division. The Company also holds the IP (Intellectual Property) Fusion Financial Solution Suite (FusionFSS), a specialized Non-Banking Financial Services System that is deployed in many NBFIs in the country. Further, the company provides implementation and consultancy services as system integrator for other enterprise software applications such as Oracle Enterprise Resource Planning (ERP), Customer Relationship Software Solutions (CRM) and Business Intelligence Solutions.

 

LOLC Technologies Ltd, the Information Technology Services arm of the LOLC Group, in strategic partnership with Oracle Corporation Singapore PTE Ltd held an awareness session under the theme “Information Security, Threats and Opportunities” among C-level corporate officers from Banks and Licensed Finance Companies in Sri Lanka, at the Cinnamon Grand Hotel recently.

This high-level gathering included Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka (CBSL) as the Honoured Chief Guest. The participants included the highest echelon of distinguished Banking Executives – Chairpersons and Chief Executive Officers - from renowned banks and financial establishments such as the Hatton National Bank, Commercial Bank, Peoples Bank, Bank of Ceylon, and Union Bank among others.

Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group ; Mr. Kapila Jayawardena, Group Managing Director of the LOLC Group and Mr. Conrad Dias, Managing Director / Chief Executive Officer of LOLC Technologies Ltd together with officials from the LOLC Group and Oracle Corporation Singapore PTE Ltd were also present.

The aim of the program was to create a broader discourse and an understanding in the Financial Services community about securing the integrity of Information Services within their organizations and the Financial Services sector, whilst taking measured responses against cyber threats and exploring opportunities.

Mr. Ajith Nivard Cabraal, Governor, CBSL shared his views in this regard, “As we prepare to reach 4,000 USD per capita income and to fulfill the next phase of our country’s development, we have taken the necessary steps in all sectors of our economy to progress ahead seamlessly. In this endeavor, to sustain a resilient Banking and Financial Services sector in Sri Lanka, we have taken timely measures to be ‘IT Ready’. All efforts in this regard are made to prepare and strengthen ourselves for the future and to progress forward.”

Providing an insight into the program, Mr. Kenneth Hee, Director, Identity Management and Security, Oracle Asia-Pacific explained as follows; “We see more targeted cyber-attacks on systems now where attackers have an understanding about their targets and their vulnerabilities. The key is not to view cyber-attacks in fear; as problems which require immediate technical solutions, but to approach them as opportunities to take measured steps to strengthen the existing systems and strategically prepare them well in advance.”

He further went on to encourage participants to view cyber threats from the perspective of Risk Management and to understand them as long term opportunities for business enhancement.

“The key is to identify vulnerabilities in your systems and strategically prepare them to mitigate threats from within. By adopting a Security Inside Out approach, you can understand how resilient your security structures are and thereby transform these threats into opportunities that create long term value for your business.” he concluded.

Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group also shared his views; “This is indeed a timely event to have a discussion about mitigating cyber threats. Business leaders in the financial services sector, especially those in the banking sector, will require the necessary resources to prepare and upgrade their IT processes and procedures. We are privileged to have begun an initial dialogue as a step forward in this direction.”

LOLC Technologies Ltd is at the forefront of providing a comprehensive portfolio of IT services with a special focus on banking and financial services sector of the country. The Company partners with principles such as Oracle, Microsoft and VM Ware® to provide integrated ICT solutions and services, while maintaining strategic alliances with other delivery partners in the region. LOLC Technologies Ltd has a special focus on Information Security Consultancy with its InfoSec division. The Company also holds the IP (Intellectual Property) Fusion Financial Solution Suite (FusionFSS), a specialized Non-Banking Financial Services System that is deployed in many NBFIs in the country. Further, the company provides implementation and consultancy services as system integrator for other enterprise software applications such as Oracle Enterprise Resource Planning (ERP), Customer Relationship Software Solutions (CRM) and Business Intelligence Solutions.

 

 

Mr. Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka



Mr. Kapila Jayawardena, GMD/CEO of the LOLC Group



Mr. Kenneth Hee, Director, Identity Management and Security, Oracle Asia-Pacific



Mr. Conrad Dias, MD/CEO of LOLC Technologies Ltd



Distinguished Gathering : Chairpersons and CEOs from Banks and Financial Institutions in Sri Lanka













Expanding its outreach across Sri Lanka, Lanka ORIX Finance PLC (LOFC) opened its latest branch in the coastal city of Ambalantota recently. Offering a diverse product mix aimed at developing the SME and Micro sectors of this region, LOFC established this new branch with spacious and modern facilities together with a team of highly dedicated customer care officials.

The opening ceremony of the new branch was attended by Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group as Chief Guest and Mr. Brindley de Zylva, Managing Director / CEO of LOFC and Mr. Ashan Nissanka, Chief Officer – Branch Network as Honoured Guests.

Commenting, Mrs. Rohini Nanayakkara said, “Ambalantota is a vibrant city with a rich history of maritime trade. With prosperity rapidly seeping into all corners of the country, we have experienced a rise in demand for financial services among the people of this region. In order to uplift the enterprising businessmen and women of this city, we have upgraded our service center previously located at the Ambalantota Post Office to a fully-fledged branch. A range of financial products and services are available to fulfill their aspirations.”

This new LOFC branch will offer financial products such as Fixed Deposits and Savings, Foreign Currency Business, Speed Draft facilities, Hire Purchase, SME finance, Islamic Finance among others.

Mrs. Rohini Nanayakkara, Chairperson of the LOLC Group ceremonially opening the new LOFC branch at Ambalantota.



Mrs. Rohini Nanayakkara, Mr. Brindley de Zylva and Mr. Ashan Nissanka



 

With the dawn of peace in the country and spread of good news across the globe that Sri Lanka is a safe haven to all including tourists visiting this beautiful island, Eden Resort & Spa of LOLC Leisure Ltd - the newly renovated 5-star resort on the Golden Mile of Beruwela - was privileged with the opportunity and honour of accommodating guests from 41 nations worldwide.
These guests belonging to vibrant and diverse nationalities and ethnic backgrounds visited the hotel during the festive period and are scheduled to stay over until the end of the peak season.
They were hosted to a special New Year celebration on the topmost deck of the hotel - the “7th Heaven” - where they were served with Tea and Cakes during morning hours of 1st January 2014. The occasion was also graced by the Management Team and Executives of Eden – where both parties exchanged pleasantries.

 

With the dawn of peace in the country and spread of good news across the globe that Sri Lanka is a safe haven to all including tourists visiting this beautiful island, Eden Resort & Spa of LOLC Leisure Ltd - the newly renovated 5-star resort on the Golden Mile of Beruwela - was privileged with the opportunity and honour of accommodating guests from 41 nations worldwide.

These guests belonging to vibrant and diverse nationalities and ethnic backgrounds visited the hotel during the festive period and are scheduled to stay over until the end of the peak season.

They were hosted to a special New Year celebration on the topmost deck of the hotel - the “7th Heaven” - where they were served with Tea and Cakes during morning hours of 1st January 2014. The occasion was also graced by the Management Team and Executives of Eden – where both parties exchanged pleasantries.

 

 

Mr. Eksath Wijeratne, General Manager of Eden Resort & Spa and staff members together with the guests.



 

LOLC Micro Credit Ltd (LOMC) reiterating its commitment to uplift the educational standards of children of Sri Lanka, held its annual “Isuru Diriya Sisu Upahara Scholarship Award Program” at the Bishop’s College Auditorium in Colombo yesterday (19th December 2013).
This year’s event was held for the 4th consecutive year, at which LOMC awarded scholarships and gifts to over 550 students from diverse communities across the country. Out of this, 200 students who obtained top results were felicitated at the official ceremony held in Colombo.
Mr. Lalith Weeratunga, Secretary to His Excellency the President participated as Chief Guest along with Dr. P. N Weerasinghe, Deputy Governor, Central Bank of Sri Lanka ; Mr. H. B. D. Karunaratne, Additional Director, Department of Supervision of Non-Bank Financial Institutions, Central Bank of Sri Lanka ; Mrs. Rohini Nanayakkara, Chairperson, LOLC Group ; Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group and Chairman, LOLC Micro Credit Ltd ; Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group ; Mrs. Kalsha Amarasinghe, Executive Director, LOLC Group and Mr. Ravi Tissera, Director/CEO, LOLC Micro Credit Ltd.
Out of the children who scored high marks, Miss Malisha Parindi from Elpitiya obtained 190, Master Kaveesha Eshan Kumarasinghe from Balangoda obtained 189 and Miss Thabirasa Thenuka from Vavuniya scored 189 bringing great pride to their families and communities.
Commenting, Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit said, “Isuru Diriya Sisu Upahara is a sustainable CSR program of LOLC Micro Credit. In this endeavor, our vision is to provide opportunities for children from grass root communities to further their education. We recognize and reward exceptional achievements of Grade 5 scholars, from communities in which we operate, who excel at the annual Grade 5 National Scholarship Examination. When we commenced this program in 2010, our main objective was to felicitate and provide support to children of our group loan customers.”
Also, speaking, Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC said, “Education is one of the most powerful ways of improving and enhancing the lives of many. It provides immeasurable opportunities for these children to aspire for a better future and we provide them and their families the required support and encouragement to do just that.”
LOLC Micro Credit Ltd is the leading microfinance provider in Sri Lanka. The Company which commenced operations in 2009 is dedicated towards uplifting the micro segment of the country. Its unique business model comprises of a triple bottom line approach backed by the financial strength and technical support of bilateral and multilateral funding agencies.

LOLC Micro Credit Ltd (LOMC) reiterating its commitment to uplift the educational standards of children of Sri Lanka, held its annual “Isuru Diriya Sisu Upahara Scholarship Award Program” at the Bishop’s College Auditorium in Colombo yesterday (19th December 2013).

This year’s event was held for the 4th consecutive year, at which LOMC awarded scholarships and gifts to over 550 students from diverse communities across the country. Out of this, 200 students who obtained top results were felicitated at the official ceremony held in Colombo.

Mr. Lalith Weeratunga, Secretary to His Excellency the President participated as Chief Guest along with Dr. P. N Weerasinghe, Deputy Governor, Central Bank of Sri Lanka ; Mr. H. B. D. Karunaratne, Additional Director, Department of Supervision of Non-Bank Financial Institutions, Central Bank of Sri Lanka ; Mrs. Rohini Nanayakkara, Chairperson, LOLC Group ; Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group and Chairman, LOLC Micro Credit Ltd ; Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group ; Mrs. Kalsha Amarasinghe, Executive Director, LOLC Group and Mr. Ravi Tissera, Director/CEO, LOLC Micro Credit Ltd.

Out of the children who scored high marks, Miss Malisha Parindi from Elpitiya obtained 190, Master Kaveesha Eshan Kumarasinghe from Balangoda obtained 189 and Miss Thabirasa Thenuka from Vavuniya scored 189 bringing great pride to their families and communities.

Commenting, Mr. Ravi Tissera, Director/CEO of LOLC Micro Credit said, “Isuru Diriya Sisu Upahara is a sustainable CSR program of LOLC Micro Credit. In this endeavor, our vision is to provide opportunities for children from grass root communities to further their education. We recognize and reward exceptional achievements of Grade 5 scholars, from communities in which we operate, who excel at the annual Grade 5 National Scholarship Examination. When we commenced this program in 2010, our main objective was to felicitate and provide support to children of our group loan customers.”

Also, speaking, Mr. Kapila Jayawardena, Group Managing Director/CEO of LOLC said, “Education is one of the most powerful ways of improving and enhancing the lives of many. It provides immeasurable opportunities for these children to aspire for a better future and we provide them and their families the required support and encouragement to do just that.”

LOLC Micro Credit Ltd is the leading microfinance provider in Sri Lanka. The Company which commenced operations in 2009 is dedicated towards uplifting the micro segment of the country. Its unique business model comprises of a triple bottom line approach backed by the financial strength and technical support of bilateral and multilateral funding agencies.

 

Malisha Parindi from Elpitiya receiving her scholarship and gift from Mr. Lalith Weeratunga Secretary to His Excellency the President, Also, in the picture are: from L-R; Mr. H. B. D. Karunaratne, Additional Director, Department of Supervision of Non-Bank Financial Institutions, Central Bank of Sri Lanka ; Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group ; Dr. P. N Weerasinghe, Deputy Governor, Central Bank of Sri Lanka ; Mrs. Rohini Nanayakkara, Chairperson, LOLC Group and Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group and Chairman, LOLC Micro Credit Ltd.



Kaveesha Eshan Kumarasinghe from Balangoda receiving his scholarship and gift from Mr. Lalith Weeratunga Secretary to His Excellency the President. Also, in the picture are: from L-R Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group and Mrs. Rohini Nanayakkara, Chairperson, LOLC Group.



Thabirasa Thenuka from Vavuniya receiving her scholarship and gift from Mr. Lalith Weeratunga Secretary to His Excellency the President. Also, in the picture are: from L-R Mr. Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group ; Dr. P. N Weerasinghe, Deputy Governor, Central Bank of Sri Lanka and Mrs. Rohini Nanayakkara, Chairperson, LOLC Group.



Honoured Chief Guest and Guests of Honour: From L-R; Mr. H. B. D. Karunaratne, Additional Director, Department of Supervision of Non-Bank Financial Institutions, Central Bank of Sri Lanka ; Mr. Kapila Jayawardena, Group Managing Director/CEO, LOLC Group ; Dr. P. N Weerasinghe, Deputy Governor, Central Bank of Sri Lanka ; Mr. Lalith Weeratunga, Secretary to His Excellency the President ; Mrs. Rohini Nanayakkara, Chairperson, LOLC Group ; Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group and Chairman, LOLC Micro Credit Ltd ; Mrs. Kalsha Amarasinghe, Executive Director, LOLC Group and Mr. Ravi Tissera, Director/CEO, LOLC Micro Credit Ltd.



The famed 5-star luxury resort in Beruwala - Eden Resort & Spa - has re-opened its doors after briefly closing down operations for refurbishment in May earlier this year. The Hotel has infused an exciting new range of enhanced features to its existing facilities, offering a truly global 5-star leisure experience.

Speaking, Mr. Kapila Jayawardena, Chairman of LOLC Leisure Ltd said, “At Eden Resort & Spa, we have been consistently committed to providing our guests comfort and luxury. We felt that this was an opportune time to enhance and upgrade our hotel’s facilities and interior, to reflect the requirements of modern day luxury travel and leisure. We would like to make the discerning traveler – both local and international - feel that they are looked after with astute care.”

Many of the hotel’s key interior and exterior locations have been stylishly re-touched to resonate elegance and comfort. All rooms have been upgraded to Superior category, fully furnished with state-of-the-art equipment and fittings. The entire furniture supplies have been replenished with solid teak timber. The bed-head panel is the most decorative feature of this room category. The interior design of rooms has been renewed to match the plush interior of the hotel, providing holiday-makers a unique touch of class and sophistication.

Similarly, elegantly designed and spacious Super Deluxe Rooms are furnished with a private outdoor terrace for weary travelers to relax and unwind. This is an ideal place for guests to enjoy their meals in the comfort of their own, exclusive environment.

The modern-day traveler’s requirements too have been carefully looked at with a few new additions adorning all rooms - 42” flat screen TV, Blue-ray Player and Library, a sophisticated Media Hub unit, and a Bed-side Touch Panel system along with Mini Bar and Tea/coffee-making facilities, hair dryer, IDD facilities and many more. Attached washrooms too have been fully renovated using modern and stylish designs, enhancing the overall luxurious ambiance of rooms.

To provide a unique and contemporary dining experience, the newly refurbished Main Restaurant of the hotel speaks of class and sophistication by itself. This exclusive restaurant provides both indoor and outdoor dining facilities. Its latest add-on is the adjoining new timber-wood deck built on the edge of the hotel’s swimming pool, providing that ideal dining spot for a romantic rendezvous.

The new restaurant features two, built-in live-cooking stations, where guests will be given the option of having their dishes prepared instantly, to complement individual taste-buds. The adjoining new Pool Bar will offer facilities for guests to enjoy an assortment of food and beverages whilst having a refreshing dip in the renovated swimming pool.

The “7th Heaven Roof-Top Cocktail Bar” is a signature open-air bar of the hotel, which is overlooking the pool and the deep sea. “Amazing” is the very first word that is said to come to mind as visitors step into this ambient haven. A delectable cocktail menu will offer visitors best cocktails from around the world along with a variety of appetizing food.

Being attuned to the health and fitness requirements of modern travelers, Eden Resort & Spa has constructed a new, state-of-the-art Gym facility with a brand new set of fitness equipment for its resident guests.

The redesigned and landscaped Garden of the hotel provides holiday-makers one of the best views of the sea-frontage whilst offering simple pleasures of relaxing and dozing under Palm Trees.

Eden Resort & Spa is also offering a one-of-a-kind holiday cum entertainment package for revelers of all ages during the holiday weekend of 13th – 16th of December, inclusive of 40% off on full board basis, free corkage (only available on the 14th & 15th), soft drinks and beach parties.

With such amazing offers, an enhanced service offering, ample luxury; a unique experience and a touch of elegance await guests at this star class resort located on the Golden Mile of Beruwala.



















 

Financial powerhouse, Lanka ORIX Finance PLC (LOFC) understanding the immediate, short-term cash needs of consumers has introduced an innovative and revolutionary range of product extensions and epic benefits via the Speed Draft finance facility, which are aimed at fulfilling people’s specific finance needs.
This one-of-a-kind speedy finance facility allows individual customers and businesses to purchase goods for shop and import finance business, for home renovations and constructions, to purchase land or agri-equipment and to further educational needs.
Speaking about this unique finance solution, Mr. Kapila Jayawardena, Chairman of LOFC said; “Speed Draft is a finance solution similar to an overdraft facility, but with a range of exciting new product extensions and benefits added for customer convenience. Our main objective is to dispense finance solutions, to fulfill immediate and short-term cash requirements of individuals and businesses, without subjecting them to the hassle of lengthy processing times or exhaustive documentation procedures.”
“We have tailor made our existing services, enabling customers of all socio-economic strata to accomplish their specific finance needs and to improve every aspect of their lives. Unlike any other financing facility, Speed Draft brings peoples’ dreams and aspirations that much closer to reality at real time.” He said.
The benefits off