Business
Appointment of new Executive Committee of the IIA Sri Lanka Chapter
The Institute of Internal Auditors (IIA) – Lanka Chapter which is an affiliate of IIA Global based in USA, elected its New Executive Committee at the virtual Annual General Meeting held on 30th November 2021. The inaugural Executive Committee Meeting of the Chapter was held on 22nd December 2021.
Numair Cassim of Amana Bank PLC was appointed as the President, Shermal Manamendra of Prima Ceylon (Pvt) Ltd. as the Vice President and Chamara Dissanayake of Ceylon Biscuits Limited as the Secretary, Dhananjaya Dayananda of Sanasa Development Bank PLC as the Assistant Secretary, Prabath Jayakody of People’s Merchant Finance PLC as the Treasurer and Niranga Gunasekara of Ernst & Young as the Assistant Treasurer.
The IIA Lanka Chapter has been in existence for almost 17 years since its inception in the year 2005. With approximately 200 members, the IIA Lanka Chapter has established itself as the primary body serving the needs of the Internal Audit profession in the country. Main objective of the Chapter is to enhance the standards and recognition of the Internal Audit profession in the country.
The Chapter strives to achieve the above objective through promotion of the certifications offered by IIA Global of which the Certified Internal Auditor (CIA) is the primary certification as well as through conducting of various events and educational sessions on diversified topics. These sessions provide members of the Chapter with valuable Continuous Professional Education (CPE) and networking opportunities. Further the IIA Lanka Chapter also collaborates with IIA Global and Regional IIA Affiliates to make their programs and publications available to its members. Additionally, the chapter also envisages to actively engage with the Private and Public sector organizations in the country to promote the standards and the recognition of the Internal Audit Profession in the country.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 11 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than a decade. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
-
Foreign News3 days agoSearch continues in Dominican Republic for missing student Sudiksha Konanki
-
Features5 days agoRichard de Zoysa at 67
-
News6 days agoAlfred Duraiappa’s relative killed in Canada shooting
-
Midweek Review6 days agoRanil in Head-to-Head controversy
-
Features5 days agoSL Navy helping save kidneys
-
News3 days agoDPMC unveils brand-new Bajaj three-wheeler
-
Features2 days agoThe Royal-Thomian and its Timeless Charm
-
Latest News4 days agoDebutant Madara, Athapaththu fashion Sri Lanka women’s first T20I win in New Zealand