Krishan Thilakaratne, LOLC
group head of Islamic Finance, said, 'LOLC
Al-Falaah is truly honoured and humbled to have been voted as the Best Islamic Bank in Sri Lanka.
LOLC, in an effort to he more customer-focused, had gone through a reengineering process in 1997, and as a result now deal with their entire customer needs in one spot.
LOLC considers on-the-job training of employees more important than book learning.
LOLC states that near relations of directors are not recruited and Seylan states that they have no bias towards any particular ethnic or religious group, leaving recruitment to be done solely on merit.
The LOLC Group said it has secured all necessary regulatory approvals which including clearances 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 deal.
Deputy Chairman of the LOLC Group, Ishara Nanayakkara, said the Group's business development strategy aims to strengthen its core financial services business further.
BRAC, one of the world's largest micro financing providers and LOLC is one of the largest conglomerates whose core business is financial services.
6 % stake of Nanda Investments to BRAC with LOLC taking a stake of 33.
In other developments, country's premier private sector conglomerates and financial firms are now exploring possibilities of venturing into hotel sector developments with locally run Japanese financial giant LOLC
buying the Confifi Hotel Group entering to run the 'Goden Mile' hotels in Bentota to Beruwala, while Hayleys bought Ceylon Continental and Softlogic bid to buy the Ceylinco owned Ceysands Hotel.
Seylan, Nations Trust Bank, DFCC, HNB, Pan Asia, LOLC
and Vallibel Finance were the major contributors to the sector.
is the top price gainer for the week gaining 46.
, Three Acre Farms, Morisons (X) have also recorded significant price gains week on week.