Notes

Lolc Basic Insurance Coverage
LOLC Insurance Company which completed its third year of operation reveals great potential in earnings contribution to the Group with both the life and basic businesses performing nicely in rising the e-book. LOFC increased its profit signature by 45% which is remarkable despite higher provisions made during the yr on potential defaults. The Company’s deposits grew by 33% clearly demonstrating the boldness placed by the public on LOFC’s monetary stability. LOLC Technologies was awarded the Gold Award for “Best Islamic Finance IT Solutions Provider” while 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”.
Undoubtedly, this has added years of worth to our brand’s longevity and success, which has been our best achievement to date”. Now, their menu has doubled with the launch of two more products in July—Spiced Plain Tea & Spiced Lime Tea. Pak Oman Microfinance Bank has been providing a variety of micro credit score and micro financial savings services to the individuals of Pakistan, since its inception in May 2006. In addition to these providers, LOLC Motors also holds the dealership in Sri Lanka for FIAT vary of motor automobiles via its wholly owned subsidiary Speed Italia.
Under the terms of the agreement, Club Med will model, market and manage the property as one of its many exotic Club Med destinations attracting affluent vacationers from Europe and Asia to Sri Lanka. This development will additional the industrys aspirations to develop the island as a magnet for high spending tourists while simultaneously creating a big number of direct and oblique employment alternatives. Club Mditerrane SA, generally known as Club Med, is a French firm specialising in working Club Resorts at a quantity of unique locations all over the world. Both LOLC General Insurance and LOLC Life Assurance follow a buyer focussed strategy, backed by the power and stability of the mom company - the LOLC Group. Both entities have leveraged on the strengths of the Group, significantly its department community and the broad spectrum of sectors the corporate is engaged in. With the experience and support of the LOLC Group, LOLC Life and LOLC General proceed to forge ahead with a imaginative and prescient to turn out to be the most innovative, buyer focussed insurance coverage firms of Sri Lanka.
We are highly excited to enterprise into Solar energy generation, first of its type and magnitude by the personal sector, reflecting our true ardour for a greener tomorrow, mentioned Mr. Ishara Nanayakkara, Deputy Chairman, LOLC Group. In 2008, LOLC became a signatory to the United Nations Global Compact strategic coverage initiative which seeks to promote sustainable and responsible companies all through the world. Maco super plaster have all the time been extensively practiced in all LOLCs core businesses since its early inception. The LOLC Groups sustainability journey isn't a mere effort to improve its methods and operations however an effort to positively influence the processes beyond the boundaries of the corporate. Commenting on LOLCs ongoing Renewable Energy efforts, Mr. Kapila Jayawardena, LOLC Group Managing Director/CEO stated, We are extraordinarily happy with the level of enthusiasm and engagement demonstrated by our staff, primarily based right throughout the country. This also demonstrates that by way of collective action we can confront the widespread, central challenges and obtain lasting change.
Sri Lanka Kollo Wasai
A metropolis that dates back to the 5th century BC, Anuradhapura is world renowned for its wealthy assortment of architectural wonders. It was one probably the most powerful kingdoms of historical Sri Lanka, boasting a rich economic and cultural heritage. Anuradhapura which was a central point of ancient Sri Lankan civilization is type of synonymous with Sri Lankas irrigation system which dates back over 2000 years. Sri Lankas hydraulic civilization primarily developed in the course of the Anuradhapura era, paving the way to an agricultural and cultural revolution. Named a UNESCO World Heritage Site, Anuradhapura today continues to make nice strides in the course of becoming a contemporary, economically vibrant city.
LOLC General Insurance Ltd is regulated by the Insurance Board of Sri Lanka and within a short span of 5 years has risen to be amongst the top leagues of the Insurance Industry. This achievement has totally manifested the continuous effort and commitment of our workers and their focus on building long-term relationships with shoppers. Commenting on Al-Falaahs win, Mr Krishan Thilakaratne, General Manager, Al-Falaah Islamic Business Unit of LOLC Finance said, We are actually pleased to see our efforts in making a significant and broader impact on the Islamic Finance industry of Sri Lanka, being recognised in this manner. It is also heartening to see how the business players in the complete South Asian area have come together to encourage and support one another while exploring new avenues for future progress. Meanwhile, Sampath Kulatunga, Director / CEO of Trillion Securities Limited , the arranger and lead manager of the problem mentioned, The challenge to us was that this issue was the primary ever Sukuk Al Ijarah receivable securitisation transaction, structured in the Sri Lankan capital market. The first ever Sukuk Al Ijarah securitisation transaction became a actuality as a outcome of effort of all stakeholders who labored tirelessly to make sure the profitable launch of this issue.
Culture Of Sri Lanka
Mr. Ashan Nissanka, Chief Officer Branch Network of LOLC lighting the traditional oil lamp on the Udappuwa department opening ceremony. LOLC continued its positive stride in profit growth recording robust bottom line results as at September 2011 with Rs. 7.5Bn as PBT and Rs. 6.7Bn as PAT. The Profits before tax records a growth of 66% and the resultant income after tax information a gain of 75% over the previous 12 months. The victorious Signature Cocktail, presented by Mr Roshan Chaminda of Eden Resort & Spa, was formally offered at the event graced by a large and distinguished gathering which included well-known hoteliers, celebrity chefs, local sponsors in addition to outstanding officials representing Sri Lanka Tourism. To serve a widening Micro/SME customer base in Neluwa, the new department was ceremonially opened by Brindley de Zylva, Managing Director/CEO of LOFC who attended as Chief Guest. Last yr's inaugural ceremony saw the participation of 40 children from varied communities throughout the country.

LOLC's monetary providers have led to life-changing financial inclusion in MSMEs in Sri Lanka, empowering regularly marginalized communities to construct a better future for his or her households - driving girls'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 permitting for a strong degree of threat mitigating provisions amounting to Rs. 30Bn for unhealthy and uncertain money owed on a very conservative foundation in opposition to Rs. 17Bn final yr. Livelihoods of individuals in all sectors have been badly affected by the COVID 19 pandemic and on the request of the regulators of each nation, the Group's Financial Services Companies have extended moratoriums to affected prospects - extending a safety-net to these in need. LOLC, a premier Total Financial Solutions Provider in Sri Lanka is well-known for its innovative spirit and dynamism. Similarly, they've now joined hands with LIOC to offer prospects access to financial solutions at gasoline stations. This arrangement will create the chance for LOLC to address the financial needs of shoppers within the regions and play a extra lively function in rural growth.
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