Business
An account with Bonus Profits from LOLC AL- Falaah
LOLC Al-Falaah, the Alternate Financial Services Unit of LOLC Finance PLC – Sri Lanka’s largest non-banking Financial Institution (NBFI) unveiled yet another pioneering savings product with a host of features and benefits to suit the needs of its diverse clientele. Mudharabah Super Saver account (MSS), LOLC Al-Falaah’s latest savings product addition offers an exceptional benefit of a ‘bonus profit share ratio’ up to 15% from the standard profit sharing ratio for the money saved.
Al-Falaah Mudharabah super saver account offers a ‘Super bonus profit share ratio’ to Al-Falaah’s customers based on their progressive savings discipline. The Al-Falaah Mudharabah Super Saver account comprises of six saving tiers of step-up ‘Super bonus profit share ratio’ where the customers could choose to maintain their savings balance from. This unique and rewarding savings account comes with unlimited deposit and withdrawal limits with no penalty or conditions imposed on withdrawals.
The MSS is offered with a fully integrated passbook and the option of free-registration to LOLC Real Time internet banking, international Visa Debit card, island-wise ATM coverage and access via iPay digital banking giving accountholders convenient access to savings both locally and overseas. Other benefits include, free online transfers, higher safety and security with higher returns on a monthly basis. Customers can conveniently access the MSS account through any of Al-Falaah’s dedicated centres and through LOLC Finance’s island wide 100 plus branch network.
Commenting about the LOLC Al-Falaah Mudharabah Super Saver Account, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “This unique savings account is designed to encourage progressive savings, thereby rewarding the habit of savings. The bonus profit share ratio is allocated based on the several tiers of the super savings account balance, where the Depositors are motivated to reach their specific amount of target-savings while enjoying a tiered higher return that will fast-track reaching their savings goal. Usually to receive higher returns for deposits, the investor has to opt for a longer fixed-term option. But for the depositor who wants the benefit of instant access to cash and does not want to lock-away investments for a longer period and also expect a higher return in the short-term, this product is aptly suitable. We strive continuously to offer value added services to our clients and trust the LOLC Al-Falaah Super Saver Account will be a rewarding savings experience’’.
(LOLC)
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
Business
International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw
ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.
This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.
“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL
Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.
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