Business
LOLC Al-Falaah empowers savings accounts with an upgraded International Debit Card
In a groundbreaking initiative that reaffirms its position as a leading Islamic financial service provider in Sri Lanka, LOLC Al-Falaah the Alternate Financial Services unit of LOLC Finance proudly announces the re-launch of its new upgraded International Debit Card. This latest offering is designed to deliver enhanced convenience, security, and financial empowerment while staying true to the principles of Islamic banking.
The upgraded LOLC Al-Falaah International Debit Card features EMV chip technology, ensuring every transaction is encrypted and protected, giving customers peace of mind as they navigate physical and digital financial landscapes, whilst processing local and international transactions. The Card is a dual-interface Visa Debit card, allowing customers to perform contact and contactless transactions across various local and international payment platforms. With dual-network functionality, customers can now access ATM services and perform debit card transactions locally and globally. The card is accepted at all VISA merchant outlets across Sri Lanka and overseas, offering users a convenient and borderless payment solution.
LOLC Al-Falaah’s Debit Card is cost-effective to use and is the only debit card in the market that includes zero joining fees, annual fees, ATM withdrawal charges, hidden transaction fees for usage, giving account holders full access to their actual account balance. Customers can also benefit from real-time SMS alerts for all transactions along with exclusive discounts and special offers lined up with over 100 merchants, positioning the card as a practical and rewarding financial tool, going forward.
The introduction of the latest Debit Card stands as a core component of LOLC Al-Falaah’s broader strategy to enhance the banking experience of existing investors as well as potential new customers across Sri Lanka. The card promotes ethical and responsible spending while expanding financial inclusion, particularly in underserved and rural communities. It offers access to digital payments through its expansive branch network, ensuring modern, secure banking for all customers regardless of geography or income in a manner aligned with their values.
Sharing his thoughts on this milestone launch, Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, stated, “Managing one’s finances effectively while staying true to one’s beliefs and moral values is essential. At LOLC Al-Falaah, we have long believed in enabling our customers to pursue financial independence without compromising their faith. Through this debit card upgrade, we take yet another step towards building an inclusive, ethical, and accessible financial ecosystem, one where every Sri Lankan, whether a seasoned investor, small-business owner, or daily wage earner, has the tools and guidance needed to thrive. Our commitment goes far beyond just providing services; we build relationships. We stand by our customers in times of need, guiding them toward regulated financial accessibility and away from exploitative, unregulated lending practices. We invest in communities through educational initiatives and financial literacy programs, empowering them with the greatest wealth of all: knowledge. The introduction of this upgraded debit card represents not just a payment tool, but a meaningful leap toward financial dignity, inclusivity, and sustainable prosperity for all.”
Adding to this Shafin Iqbal, Manager-Institutional Marketing, remarked “We are excited to announce the launch of our re-branded and upgraded high-tech debit card, a breakthrough in delivering secure, convenient, and inclusive financial services. This launch represents a significant milestone in our brand’s ongoing transformation toward becoming a technology-driven, customer-centric financial institution. Beyond its technological advancements, this card exemplifies LOLC Al-Falaah’s core brand values of trust, innovation, and social responsibility. By expanding access to digital payments, we are empowering underserved communities to participate more actively in the formal economy. This contributes not only to individual financial empowerment but also to broader societal progress through improved financial inclusion and economic development. With our commitment in transforming the way financial services support and uplift society, the new debit card is a vital step in realizing this vision, offering customers a safer, smarter way to manage their finances while fostering greater economic participation across the communities we serve.
The LOLC Al-Falaah Debit Card is now available at any of the 200+ LOLC branch locations island wide. This launch marks another chapter in LOLC Al-Falaah’s steadfast mission to provide complete and innovative alternate financial solutions that serve people from all walks of life creating meaningful impact, trust, and progress.
Business
GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy
Western Province maintains its dominant position, accounting for 42.4% of nominal GDP
The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.
The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.
In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.
The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.
The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.
by Sanath Nanayakkare
Business
Sri Lanka Insurance supports 1,000 families in flood-affected areas
Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.
Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.
Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”
In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.
Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.
Business
Jaffna Hindu College wins regional AIA Healthiest Schools award
Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.
The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.
The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.
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