He has been recognised and awarded the CIMA INSTITUTE PLAQUE, CIMA CITATION and the Institute of Chartered Secretaries UK CITATION. He was awarded CIMA Business Leader Award in the year 2003,Entrepreneur of the year 1994-Second Place in the Western Province by the FCCISL and was given the 2008 Tourism Legend Award by the President of Sri Lanka. In addition to his business interests, Prof. Furkhan has maintained regular long standing interest in the academe.
While being a regular Lecturer in Accountancy And Management subjects, he has held the position of Principal of Zahira College, Colombo and Professor of Management Accounting of the University of Sri Jayawardenepura, Sri Lanka. Prof. Furkhan has held office in various professional bodies, Government Institutions, State Corporations and Private Sector Business Associations, including the Chamber of Commerce, Federation Chamber of Commerce and Industry and as President of the Tourist Hotels Association of Sri Lanka.
Prof. Furkhan has been a member of the independent National Police Commission of Sri Lanka and the Finance Commission of Sri Lanka. He was a member of the Council of the Postgraduate Institute of Management and the Council of the South Eastern University of Sri Lanka.
In recognition of the Services rendered to education and generally to the country the President of Sri Lanka awarded him the title of Deshabandu in 1987 and was later conferred the title of Desamany in 2005.