Business
Introducing another first – LOLC Al-Falaah launches Wakalah Speed-Draft
LOLC Al-Falaah, the Alternate Financial Services Unit of LOLC Finance PLC, which is renowned for introducing many ground-breaking financial services has unveiled yet another innovative product option branded ‘Wakalah Speed Draft’. This latest product addition is an alternate financial solution that compliments the most popular conventional ‘LOLC Speed-Draft’ or permanent and temporary overdraft facilities offered by commercial banks. As the name denotes, LOLC Al-Falaah customers can now obtain a speedy cash-advance conveniently with the ‘Wakalah Speed Draft’ service from any of the LOLC Finance branches located countrywide.
LOLC Al-Falaah ‘Wakalah Speed Draft’ is formed within the precepts of the Wakalah-bil-isthismar concept. The Customer is appointed as an agent of LOLC Al-Falaah, with an undertaking that the funds advanced are utilized for the purposes of trading transactions and working capital requirements for businesses. The Customer is provided with short to mid-term finance to which repayment methods are flexible and are based on a methodology of profits share.
LOLC Al-Falaah ‘Wakalah Speed Draft’ is most suitable for businesses that are engaged in trading and manufacturing that requires short to mid-term working capital. It is a flexible option that caters to a multitude of financing needs such as asset purchases, trading stock & raw-material replenishments, factory renovations and expansions as part of business growth. One of its main features is its ability to draw-down funds in flexible quantums based on the customer’s cash-need and repayment capabilities. ‘Wakalah Speed Draft’ helps increase the liquidity of the business and facilitate a greater level of business activity allowing greater flexibility of usage and repayment as and when the Customer requires it. It is also structured to be less costly and more feasible for business purposes as profit-mark-up will be accrued purely based on usage or draw-down on funds.
Speaking about LOLC Al-Falaah’s latest product addition, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Wakalah Speed Draft is an extremely flexible financial solution, and it is ideal for the corporate and SME sector businesses that are in need of short to mid-term working capital solutions to meet dynamic requirements. In my view, it is a very useful and a versatile product, especially considering the competitive business climate as more and more businesses require pre-approved financial services that can be drawn-down easily on a need-basis and settled based on existing cash-flows, instead of long term commitments. We saw a gap in the market, and decided to step in with a solution, in keeping up with LOLC Al-Falaah’s reputation for introducing financial solutions that are innovative as well as in line with the needs of the modern Customer. The product is also coupled with the most advanced technology to ensure that the customer experiences greater convenience, speed and security”.
Commenting about LOLC Al-Falaah’s latest product initiative, Yanik Fernando, DGM, LOLC Finance East & Uva Region & Product Head of Speed Draft said, “This solution was introduced to bridge the gap between conventional products and Alternate Financial Services products in the local Non-Banking Financial Institution (NBFI) sector. It is a unique value added option to the conventional speed draft, covering all segments of the market. Having experienced the phenomenal response, we received for the conventional ‘Speed Draft’, we believe that the ‘Wakalah Speed Draft’ introduced for the first time by LOLC Al-Falaah too will experience the same positive response from its clientele, island wide”.
LOLC Al-Falaah, with over a decade of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd.
Business
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
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