Business
LOLC Al-Falaah wins multiple golds at the slibfi-awards 2022
LOLC Al-Falaah was felicitated with two prominent awards within the Islamic Banking and Finance services sector in Sri Lanka, at the 11th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Institution) awards. Securing the GOLD award for ‘Leasing Company of the Year’ and GOLD award for ‘Window of the Year’ were significant, as LOLC Al-Falaah have won these awards consecutively over the years. Whilst receiving the Bronze award for ‘Entity of the Year’, an innovative product option ‘Wakalah Speed-Draft’ launched earlier in the year secured the Bronze award for ‘Product of the Year’. With the newest additions, Al-Falaah reaffirms the trust placed in them persistently, as the ‘Most awarded Alternate Financial services provider in Sri Lanka.
LOLC AL-Falaah is the alternate financial services brand of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate with operations in 22 countries in Asia and Africa. The brand dominates the alternate financial services segment in Sri Lanka, as a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), Sri Lanka’s largest Non-Banking Financial Institution (NBFI). LOLC Al-Falaah, has a strong brand identity and brand acceptance with a history of over 15 years within the industry. Al-Falaah performed strongly in 2021/22 to record an impressive Finance portfolio growth of over 51% reaching Rs. 23.44 Bn from its previous year’s book of Rs. 15.47 Bn while sustaining a Deposits portfolio of Rs. 12.52 Bn. Committed to safeguarding investors, LOLC Al-Falaah has distributed Profits to Depositors amounting to Rs. 735 Mn, and secured a 36% increase in Profit before Tax, demonstrating a strong stature despite the volatile economic conditions during the year.
Commenting on the remarkable achievement Director/ Chief Executive Officer of LOLC Finance PLC, Krishan Thilakaratne said; “these constant awards we receive reinstates that LOLC Al-Falaah is ahead of the curve in terms of market leadership, innovation and trust, under the umbrella of the largest NBFI in the country, LOLC Finance. We compete even with other banks because of its sound portfolio quality which is 100% asset backed. Our non-performing loans too are the lowest in the industry which reflects the credit quality and professional management of our finances”.
Also commenting, Mr. Shiraz Refai, Head of Alternate Financial Services, LOLC Finance said, “Our commitment to ensuring our Customers financial needs are tailor-made to modern-day complex requirements, together with emphasis on determination and attention-to-detail, customer care service offered by LOLC Finance staff are the key reasons that we were honoured by these multiple awards. On behalf of the Team, we’re honoured to receive ‘Leasing Company of the Year–Gold’ and ‘Window of the Year-Gold’ for the third and second consecutive years respectively and recognition for both Entity of the Year and Product of the Year’. I believe that our performance and recognition roots from the trust and confidence that our Customers have placed in us, together with the untiring efforts of our professional staff members.”
The awarding ceremony was concluded on the 14th of October 2022 at Ramada Hotel, Colombo. The awarding body, UTO EduConsult (UTO), an organization with a long-reputed history, has initiated this awarding event to acknowledge and to recognise the efforts made by the Islamic Banking and Financial sector in Sri Lanka. In awarding the titles, the applicants profiles have been reviewed and accessed based on their audited financial data pertaining to the year under consideration, by a reputed panel of judges.
Business
The government is taking steps to streamline trade facilitation, customs processes, investment approvals, and improving export facilities – Prime Minister
Prime Minister Dr. Harini Amarasuriya stated that the government is taking steps to strengthen local exporters by making trade facilitation, customs procedures, and investment approvals more efficient, and by improving export services.
The Prime Minister made these remarks while addressing the 27th Presidential Export Awards 2024/25 ceremony organized by the Ministry of Industries and Industrial Development together with the Export Development Board.
At this ceremony, which was held to recognize the best exporters of Sri Lanka for the financial year 2024/2025, a total of 107 awards including 15 overall awards and 92 sectoral awards for products and services were presented. Merit awards were also presented to eligible sectors based on applicants’ performance and their contribution to national economic development. Awardees were selected on several criteria such as export market diversification, job creation, growth in export revenue, repatriation of export income, environmental sustainability, institutional social responsibility, and value addition.
Institutions that demonstrated outstanding performance in the export sector were presented with the prestigious Presidential Export Awards for the year under the patronage of Prime Minister Dr. Harini Amarasuriya and Minister of Industries and Industrial Development, Mr. Sunil Hadunnetti.
Further expressing her views, the Prime Minister stated:
“The Presidential Awards Ceremony for exporters reminds us that Sri Lanka’s progress depends not merely on policies or administration, but on the ability to produce, to create value, and to compete internationally.
Over the past year, we faced numerous challenges. As a result, global markets and supply chains were disrupted. Economic uncertainty prevailed. We faced natural disasters. Despite this, many exporters had to adjust to these changes, reorganize production processes, diversify customers, and adopt digital technologies in order to remain competitive in the market.
The impact of the Ditwah cyclone also affected several industries within the export sector. Production facilities, storage facilities, and transportation routes in affected areas were damaged. Production chains and delivery schedules were disrupted.
Under such a difficult situation, some exporters experienced significant setbacks while trying to meet international export demands.
The government is taking steps to support exporters by assessing the damages they suffered due to the emergency situation, restoring their operations, and helping them recover. The government is also working to strengthen resilience against future natural disasters and to rebuild affected areas in a way that minimizes the risk of similar situations arising again.
Sri Lanka is currently undergoing a new economic transformation. For many years, instability, policy inconsistencies, and administrative inefficiencies hindered the progress of the country. This weakened investor confidence and made it difficult for businesses to plan ahead.
However, the present government is committed to governance based on stability, transparency, and accountability. This is not a short-term approach. It is a long-term process to ensure that the country does not fall back into uncertainty.
For this purpose, the government is implementing strong fiscal management, predictable policies, clear and simplified regulations, anti-corruption measures, major institutional reforms, measures that allow businesses to plan ahead, instill investor confidence, minimize unnecessary barriers, and support the development of the private sector.
For a long time, we relied heavily on international loans to sustain national expenditures. However, this is not leading a path toward a stable future. Our progress depends on our ability to earn through trade, innovation, and global engagement.
Your ability to take Sri Lankan expertise and creativity to the world is a strength for the entire nation. The government is ready to extend the necessary support to achieve this.
We understand that issues such as policy inconsistencies, delays that increase operational costs, limited access to competitive financing, gaps in infrastructure and technology, weaknesses in trade facilitation, and slow progress in expanding market access have impacted you. I would like to assure you that the government is directly addressing these challenges.
The focus of the government has drawn to build efficient, transparent, and predictable systems, streamlining trade facilitation, customs processes, and investment approvals, improving export facilities, and minimizing the gap between local businesses and global markets.”
This event was attended by Ministers Kumara Jayakody, Ramalingam Chandrasekaran, Sunil Kumara Gamage; Deputy Ministers Chathuranga Abesingha, Eranga Weerarathna, Arun Hemachandra, Nishantha Jayaweera, Muditha Hansaka Wijayamuni; Governor of the Central Bank Nandalal Weerasinghe; Secretary to the Ministry of Industries and Industrial Development Tilaka Jayasundara; Chairman of the Export Development Board Mangala Wijesinghe, along with ambassadors, foreign delegates, exporters, and a large gathering.
[Prime Minister’s Media Division]
Business
India unveils future of South Asia’s construction industry
South Asia’s largest construction equipment exhibition began December 9 in Bangalore, India showcasing a broad range of next-generation machinery and technologies. Equipment and tools demonstrated improved productivity, advanced controls, energy-efficiency, telematics integration, IoT-enabled monitoring and predictive maintenance. These innovations support better project outcomes across roads, highways, rail, and metro. Sea ports. Airports, mining and development.
The event stands as a platform for collaboration, knowledge exchange and business engagement. It brings together stakeholders who are shaping India’s transition towards infrastructure that is smarter, greener and aligned with global standards.
“India continues to strengthen its position as one of the world’s most dynamic growth engines supported by decisive policy direction and a renewed national focus on infrastructure” said Rajiv Memani President Confederation of Indian Industry (CII) at the inauguration of EXCON 13th edition held at Bangalore International Exhibition Centre, Bengaluru. Memani further stated that as investment expands across transportation, logistics, urban development and manufacturing, EXCON 2025 becomes a vital platform to showcase how industry and innovation are shaping this momentum.
Speaking at the inauguration R Mukundan President designate CII and Chairman EXCON 2025 noted that ‘’India is on a historic growth trajectory aiming to become a $30 trillion economy by 2047 under the Viksit Bharat vision and Infrastructure will be the backbone of this transformation with INR 11.21 lakh crore allocated for Financial Year 2025/26. Projects such as Bharatmala, high-speed rail and Smart Cities under PM Gati Shakti are driving connectivity and urban development.” He said Excon supports this by bringing innovators, policymakers and industry leaders together to introduce automation, IoT, AI-driven machinery and green technologies to improve execution and competitiveness. He added, “Every edition sets benchmarks and will continue to empower stakeholders and drive modernisation.”
“EXCON 2025 stands as a testament to India’s growing engineering excellence and global aspirations. As we embrace new technologies and sustainable practices, the Indian construction industry is poised shape the infrastructure landscape of tomorrow” said Deepak Shetty, President ICEMA and CEO/MD JCB India Ltd.
“The exhibition brings together Industry leaders, policy makers and innovators of South Asia to highlight the crucial role of advanced technologies, manufacturing strength and green practices in shaping the national growth as we move in to a new era of infrastructure” said Chandrajith Banerjee, Director General, CII.
Over one million business visitors are expected during this period. Over 1250 exhibitors display a wide range of construction equipment from across the world with 7 country pavilions from China, France, Germany, Italy, South Korea, Turkey and the United Kingdome. They showcase a wide spectrum of global construction technologies and equipment solutions. The presence of these pavilions reinforces EXCON’s role as a bridge between global innovation and South India infrastructure goals.
OTR Lanka and Laugfs Corporation (Rubber) Ltd took part as trade partners from Sri Lanka.
Event was sponsored by well reputed brands such as; AJAX, BKT, CATERPILLAR, conmar, JCB, KOBELCO, KOMATSU, MRCRUSHING IT, PUZZOLONA, RMX, SANY, SCHWING Stetter, TATA HITACHI, VENUS, ACE, Apollo, ARX, Bobcat, EMERALD, HAIL STONE. HYUNDAI, MAHAVEER DISTRIBUTORS, Parker, VELVEX, walavoil, wipro and WIRTGEN GROUP.
by Claude Gunasekera
Business
CHEC South Asia & Southeast Asia completes emergency clearing of A5 Highway
China Harbour Engineering Company Ltd South Asia & Southeast Asia, working in close coordination with the Sri Lanka Army, the Road Development Authority (RDA), local authorities and surrounding communities, has recently completed the emergency clearing of the A5 highway, restoring a vital transportation link that had been severely obstructed by landslides and debris in the aftermath of Cyclone ‘Ditwah’. The work was carried out from 04th December to 10th December over a continuous seven-day period.
The A5 highway, a key route for community connectivity, emergency service access and the transport of essential supplies, became impassable after the cyclone triggered extensive damage across multiple regions. Responding to urgent requests from relevant authorities, China Harbour South Asia & Southeast Asia mobilised its specialised rescue teams, heavy machinery and technical expertise to accelerate the clearance process and support national recovery operations. China Harbour has been working in Sri Lanka since 1998, marking 27 years of partnership with the country. The company noted that it has also actively participated in rescue and relief efforts during major national disasters such as tsunamis, bomb attacks and the COVID-19 pandemic, underscoring its longstanding commitment to Sri Lanka during moments of crisis.
A coordinated ground operation involving rescue personnel, 24 land-clearing machines and 36 trained workers was deployed to the affected areas. Working through unstable terrain and challenging weather conditions, the team removed large volumes of earth, fallen trees, rocks and damaged structures, allowing authorities to safely reopen the highway for public use.
The restoration of the A5 highway forms an important component of the company’s broader relief efforts following Cyclone ‘Ditwah’. These efforts included early rescue deployments, the distribution of emergency supplies and coordinated financial support through the Chinese Chamber of Commerce in Sri Lanka (CCCSL), reaffirming China Harbour South Asia & Southeast Asia’s commitment to supporting the country during times of national need.
-
Features4 days agoFinally, Mahinda Yapa sets the record straight
-
News6 days agoOver 35,000 drug offenders nabbed in 36 days
-
News5 days agoCyclone Ditwah leaves Sri Lanka’s biodiversity in ruins: Top scientist warns of unseen ecological disaster
-
Features7 days agoThe Catastrophic Impact of Tropical Cyclone Ditwah on Sri Lanka:
-
News6 days agoRising water level in Malwathu Oya triggers alert in Thanthirimale
-
Features4 days agoHandunnetti and Colonial Shackles of English in Sri Lanka
-
Business2 days agoCabinet approves establishment of two 50 MW wind power stations in Mullikulum, Mannar region
-
Business6 days agoSri Lanka betting its tourism future on cold, hard numbers
