Business

HNB Al Najaah underpins a decade of Islamic banking excellence

Published

5 years ago

2022/02/28

Hatton National Bank PLC’s Islamic Banking business, celebrates a decade of successful operations under the ‘Al Najaah’ brand.

A specialist in Islamic Banking with deep expertise in performing large ticket and complex transactions, HNB Al Najaah is now gearing up for a new phase of growth, leveraging on HNB’s advanced tech capabilities in order to streamline service delivery in the new normal.

“By its nature, Islamic Banking enables opportunities for steady growth. Particularly at a time of such severe volatility, this stability is immensely valuable. Taking into consideration the fact that globally, Islamic finance is estimated to have a value of US$ 2.2 trillion, we see potential for Islamic Banking to make vital contributions in accelerating Sri Lanka’s economic revival. I take this opportunity to express my sincere gratitude and congratulate the Al Najaah team on reaching this vital milestone, and I look forward to working closely with the team to help them gear up for our next phase of growth,” HNB Managing Director/CEO, Jonathan Alles said.

Established in 2012 as a small unit with five staff members under the capable leadership of HNB AGM- Head of Islamic Banking, and local pioneer in the field of Islamic banking and finance, Hisham Ally, the division has enjoyed strong growth over the past decade. Today, the HNB Al Najaah has grown to 40 staff with a dedicated office in Marine Drive, Colombo 03 and a further six Islamic Banking centers in Pettah, Kandy, Kalmunai, Beruwela, Akurana and Kattankudy.

“HNB has a proven track record in serving the needs of diverse business segments and communities. For 134 years we have proven our commitment by aligning ourselves to the needs of the Sri Lankan economy and its development. In this manner, we have been a partner in the progress of generations of Sri Lankans from all walks of life. Al Najaah is a testimony how we have embraced being part of this global banking proposition.

“Our Islamic banking proposition has supported many of the country’s SME’s with evolving products and services. We have also won many accolades over the past decade, in recognition of the outstanding contributions and remarkable growth achieved in Islamic Banking,” HNB DGM – Wholesale Banking Group, Damith Pallewatte said.

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

1 hour ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

1 hour ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

1 hour ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.