Imagine you are 58 years old, financially stable with a decent pension plan, and finally ready to build your dream home in the suburbs of Colombo. You walk into a bank, application in hand, only to be told: “Sorry, your repayment period would extend past 60. We can’t help you”. In Sri Lanka, this scenario plays out daily, leaving thousands of mature, creditworthy citizens locked out of homeownership. But, step outside our shores, you’ll find a drastically different story.

From the gleaming towers of Singapore to the countryside cottages of the United Kingdom, older borrowers aren’t just tolerated; they’re actively courted by lenders who understand that age doesn’t determine creditworthiness. While Sri Lankan banks remain trapped in outdated policies that effectively discriminate against anyone over 50, the rest of the world has moved on, creating flexible, dignified pathways for seniors to access home loans.

Role of the Central Bank and the Government

The Central Bank of Sri Lanka has failed in its fiduciary duty by not directing financial institutions to refrain from arbitrarily denying home loans, solely on the basis of age. The Ministry of Finance, therefore, the government, is equally responsible for this failure.

This regulatory vacuum enables systematic discrimination against creditworthy older citizens, contradicting modern banking principles and harming an ageing population desperately needing progressive, not punitive, financial policies.

The Global Picture: Where Age is Just a Number

Many advanced economies, such as the United States and Canada, etc., there is no maximum age limit, whatsoever, for obtaining a 30-year mortgage. The Equal Credit Opportunity Act explicitly prohibits age discrimination, meaning an 80-year-old American can walk into a bank and apply for the same three-decade loan term as a 30-year-old, provided they meet income and credit requirements. Lenders evaluate based on current financial stability, not birth certificates. A 65-year-old Canadian with a solid pension can secure a mortgage extending well into their seventies, with the understanding that income, not age, determines repayment capacity.

Australia sets the typical retirement age benchmark at 65-75, and borrowers, over 65, can still obtain mortgages by demonstrating an exit strategy; a credible plan for repayment that might include downsizing, superannuation funds, or ongoing retirement income. The system acknowledges that life doesn’t end at 60, and neither should financial opportunity.

Global Home Loan Conditions:

A Comparative Analysis

The following table ranks countries from most to least affordable for older home loan applicants, based on maximum age limits, flexibility of terms, and accessibility of financing (Table 1).

What Makes These Systems Work?

The countries at the top of our affordability ranking share several key characteristics. First, they recognise that retirement doesn’t mean financial incapacity. Banks in these countries evaluate total financial health, not just employment status.

Second, they embrace the concept of exit strategies, in Australia, for instance, acceptable exit strategies include downsizing property, selling investment assets, or using superannuation (retirement) funds. These strategies are actually considered and evaluated, not dismissed out of hand. Australian lenders assess whether someone’s superannuation balance is sufficient to clear the debt, or if their investment property provides adequate cash flow. It’s a conversation, not a closed door.

Third, many of these countries offer specialised products for older borrowers. The UK, for example, has retirement interest-only mortgages where borrowers pay only interest during their lifetime, with the principal cleared when the property is eventually sold.

Australia provides reverse mortgages for those aged 60 and above. Under this arrangement, the bank pays the homeowner, rather than the homeowner paying the bank, using the house as security. The full outstanding balance is then recovered when the property is eventually sold.

These may not be perfect solutions, but they represent creative thinking about how to serve an ageing population’s housing needs.

The Hidden Cost of Age Discrimination

Sri Lanka’s rigid age-60 cutoff carries consequences that ripple far beyond individual borrowers. In a nation where life expectancy now exceeds 77 years, we’re telling people they are 17 years of ‘too old’ to be trusted ahead of them. This isn’t just unfair; it’s economically counterproductive.

Consider the broader impact. Sri Lanka has one of Asia’s fastest-aging populations. By 2050, one in four Sri Lankans will be over 60. These aren’t economic liabilities; many are professionals with decades of experience, stable incomes, and substantial assets. A 58-year-old doctor with thriving practice and pension security poses less default risk than a 28-year-old in an uncertain job market, yet our banking system treats them as if the opposite were true.

Learning from Singapore: A Regional

Success Story

We don’t need to look to distant Western nations for alternatives. Singapore, our regional neighbour facing similar demographic challenges, has crafted a more balanced approach. While Singapore’s Monetary Authority hasn’t imposed a hard age limit, banks do apply careful scrutiny to loans extending past age 65.

A Singaporean borrower, over 65, can still obtain financing, but with reduced loan-to-value ratios. If you’re buying a property worth one million dollars and you’re under 65, you might borrow up to 75 percent. Over 65, that drops to 60 percent. It’s more conservative, certainly, but it preserves opportunity.

This approach acknowledges risk without eliminating possibility. It says to older borrowers: Yes, we’ll lend it to you, but we need you to have more equity in the game. Compare this to Sri Lanka’s approach, which effectively says: “We don’t care how much equity you have or how stable your income is, you’re too old”.

A Path Forward for Sri Lanka

The Central Bank of Sri Lanka could issue guidelines similar to Singapore’s loan-to-value adjustments. For borrowers whose loan terms extend past 65, reduce the maximum LTV from 90 percent to 70 or 75 percent.

This protects banks from excessive risk while allowing creditworthy older borrowers to access financing. It’s a middle ground that respects both prudent lending standards and individual dignity.

Additionally, Sri Lanka could develop specialised products for its ageing population. Retirement interest-only loans, similar to those in the UK, could serve retirees who have substantial home equity but limited monthly income. Reverse mortgages, properly regulated with strong consumer protections, could help elderly Sri Lankans tap into home equity without monthly payments.

Beyond Banking: A Cultural Shift

Ultimately, changing Sri Lanka’s approach to older borrowers requires more than policy adjustments; it demands a cultural reckoning with how we value our ageing citizens. The countries that lead in age-friendly lending, the United States, Canada, Australia, share a broader commitment to recognising that people can remain economically active and financially responsible well into their later years.

These nations have moved beyond viewing retirement as an endpoint and recognised it as a transition. A 65-year-old today might have 20 or more active years ahead, years in which they’ll continue working part-time, managing investments, drawing stable pensions, and yes, making mortgage payments. Our banking sector needs to catch up to this reality.

Conclusion: Time for Change

As our table demonstrates, Sri Lanka stands alone at the bottom of the global ranking for age-friendly home lending. We’re more restrictive than Turkey with its 15-year maximum terms, more inflexible than Singapore with its sliding loan-to-value scales, and incomparably more rigid than the United States, Canada, or Switzerland, where age barely factors into lending decisions at all.

This isn’t about being soft on risk or abandoning prudent lending standards. Countries with no age limits still assess income, evaluate debt-to-income ratios, and verify creditworthiness. They simply don’t use age as a crude proxy for financial competence. The initiative lies with the Ministry of Finance, which must direct the Central Bank accordingly.

For Sri Lanka’s 58-year-old aspiring homeowner, the current system isn’t just frustrating; it’s a form of systematic discrimination that would be illegal in most developed economies. As our population ages and life expectancy increases, maintaining this policy becomes increasingly untenable. The question isn’t whether Sri Lankan banks will change their approach to older borrowers, but when and how many dreams will be deferred or destroyed in the meantime.

The world has shown us better ways forward. It’s time Sri Lanka joined the 21st century in recognising that 60 isn’t the end of financial opportunity for many, it’s just the beginning.

(The writer, a senior Chartered Accountant and professional banker, is Professor at SLIIT, Malabe. The views and opinions expressed in this article are personal.)

The impact of Cyclone Ditwah was asymmetric. The rains and floods affected the central hills more severely than other parts of the country. The rebuilding process is now proceeding likewise in an asymmetric manner in which the Malaiyaha Tamil community is being disadvantaged. Disasters may be triggered by nature, but their effects are shaped by politics, history and long-standing exclusions. The Malaiyaha Tamils who live and work on plantations entered this crisis already disadvantaged. Cyclone Ditwah has exposed the central problem that has been with this community for generations.

A fundamental principle of justice and fair play is to recognise that those who are situated differently need to be treated differently. Equal treatment may yield inequitable outcomes to those who are unequal. This is not a radical idea. It is a core principle of good governance, reflected in constitutional guarantees of equality and in international standards on non-discrimination and social justice. The government itself made this point very powerfully when it provided a subsidy of Rs 200 a day to plantation workers out of the government budget to do justice to workers who had been unable to get the increase they demanded from plantation companies for nearly ten years. The same logic applies with even greater force in the aftermath of Cyclone Ditwah.

A discussion last week hosted by the Centre for Policy Alternatives on relief and rebuilding after Cyclone Ditwah brought into sharp focus the major deprivation continually suffered by the Malaiyaha Tamils who are plantation workers. As descendants of indentured labourers brought from India by British colonial rulers over two centuries ago, plantation workers have been tied to plantations under dreadful conditions. Independence changed flags and constitutions, but it did not fundamentally change this relationship. The housing of plantation workers has not been significantly upgraded by either the government or plantation companies. Many families live in line rooms that were not designed for permanent habitation, let alone to withstand extreme weather events.

Unimplementable Promise

In the aftermath of the cyclone disaster, the government pledged to provide every family with relief measures, starting with Rs 25,000 to clean their houses and going up to Rs 5 million to rebuild them. Unfortunately, a large number of the affected Malaiyaha Tamil people have not received even the initial Rs 25,000. Malaiyaha Tamil plantation workers do not own the land on which they live or the houses they occupy. As a result, they are not eligible to receive the relief offered by the government to which other victims of the cyclone disaster are entitled. This is where a historical injustice turns into a present-day policy failure. What is presented as non-partisan governance can end up reproducing discrimination.

The problem extends beyond housing. Equal rules applied to unequal conditions yield unequal outcomes. Plantation workers cannot register their small businesses because the land on which they conduct their businesses is owned by plantation companies. As their businesses are not registered, they are not eligible for government compensation for loss of business. In addition, government communication largely takes place in the Sinhala language. Many families have no clear idea of the processes to be followed, the documents required or the timelines involved. Information asymmetry deepens powerlessness. It is in this context that Malaiyaha Tamil politicians express their feeling that what is happening is racism. The fact is that a community that contributes enormously to the national economy remains excluded from the benefits of citizenship.

What makes this exclusion particularly unjust is that it is entirely unnecessary. There is anything between 200,000-240,000 hectares available to plantation companies. If each Malaiyaha Tamil family is given ten perches, this would amount to approximately one and a half million perches for an estimated one hundred and fifty thousand families. This works out to about four thousand hectares only, or roughly two percent of available plantation land. By way of contrast, Sinhala villages that need to be relocated are promised twenty perches per family. So far, the Malaiyaha Tamils have been promised nothing.

Adequate Land

At the CPA discussion, it was pointed out that there is adequate land on plantations that can be allocated to the Malaiyaha Tamil community. In the recent past, plantation land has been allocated for different economic purposes, including tourism, renewable energy and other commercial ventures. Official assessments presented to Parliament have acknowledged that substantial areas of plantation land remain underutilised or unproductive, particularly in the tea sector where ageing bushes, labour shortages and declining profitability have constrained effective land use. The argument that there is no land is therefore unconvincing. The real issue is not availability but political will and policy clarity.

Granting land rights to plantation communities needs also to be done in a systematic manner, with proper planning and consultation, and with care taken to ensure that the economic viability of the plantation economy is not undermined. There is also a need to explain to the larger Sri Lankan community the special circumstances under which the Malaiyaha Tamils became one of the country’s poorest communities. But these are matters of design, not excuses for inaction. The plantation sector has already adapted to major changes in ownership, labour patterns and land use. A carefully structured programme of land allocation for housing would strengthen rather than weaken long term stability.

Out of one million Malaiyaha Tamils, it is estimated that only 100,000 to 150,000 of them currently work on plantations. This alone should challenge outdated assumptions that land rights for plantation communities would undermine the plantation economy. What has not changed is the legal and social framework that keeps workers landless and dependent. The destruction of housing is now so great that plantation companies are unlikely to rebuild. They claim to be losing money. In the past, they have largely sought to extract value from estates rather than invest in long term community development. This leaves the government with a clear responsibility. Disaster recovery cannot be outsourced to entities that disclaim responsibility when it becomes inconvenient in dealing with citizens of the country with the vote.

The NPP government was elected on a promise of system change. The principle of equal treatment demands that Malaiyaha Tamil plantation workers be vested with ownership of land for housing. Justice demands that this be done soon. In a context where many government programmes provide land to landless citizens across the country, providing land ownership to Malaiyaha Tamil families is good governance. Land ownership would allow plantation workers to register homes, businesses and cooperatives and would enable them to access credit, insurance and compensation which are rights of citizens guaranteed by the constitution. Most importantly, it would give them a stake that is not dependent on the goodwill of companies or the discretion of officials. The question now is whether the government will use this moment to rebuild houses and also a common citizenship that does not rupture again.

by Jehan Perera

(This is an adapted version of the Bishop Cyril Abeynaike Memorial Lecture delivered on 14 June 2025 at the invitation of the Cathedral Institute for Education and Formation, Colombo, Sri Lanka.)

In 1977, addressing the Colombo Diocesan Council, Bishop Abeynaike made the following observation:

‘The World in which we live today is a sick and hungry world. Torture, terrorism, persecution seem to be accepted as part of our situation…We do not have to be very perceptive in Sri Lanka to see that the foundations of our national life are showing signs of disintegration…While some are concerned about these things, many more are mere observers…A kind of despair seeps into us like a dark mist. Who am I to carry any influence, anyway? (The Colombo Diocesan Council Address by the Rt Revd C L Abeynaike at the Diocesan Council 1977, ‘What the World Expects’ Ceylon Churchman (January/February 1978) 11.)

Nearly five decades later, it feels like not much has changed, in the world or in how we perceive our helplessness in relation to our public life. Many of us saw the crisis of 2022 in Sri Lanka as a crisis of political representation. We felt that our elected representatives were not only failing to act in our interests but were, quite boldly, abusing their office to serve their own interests. While that was certainly one reason for that crisis, it was not the only one. Along with each elected representative who may have abused their power, there were also a number of other public officials who either enabled it or failed to prevent that abuse of power. For whatever reasons, such public officials – whether in public administration, procurement or law and order – acted in ways which led to our loss of trust in public office. When we look further, we can also see that systems of education, religious institutions and cultural practices nurtured and enabled public officials to act in ways that caused this loss of public trust. We often doubt whether this system can be salvaged. However, speaking in 1977, Bishop Abeynaike reminds us that these are challenges that we ought to face collectively, and I quote again:

‘But the longest journey begins with the first step. In politics, as in religion, faith without works is dead. We are caught up with unifying faces that create proximity and with divisive faces that disrupt community. We have to discover how to build community in proximity.’ (The Colombo Diocesan Council Address by the Rt Revd C L Abeynaike at the Diocesan Council 1977, ‘What the World Expects’ Ceylon Churchman (January/February 1978) 11-12)

In my view, that task of building ‘community in proximity’ includes reviving and strengthening our public discourse about public office that focuses on securing public trust. This is why I proposed to provide a Christian perspective on Securing Public Trust in Public Office for this year’s Abeynaike memorial lecture. In the next 50 minutes, I will suggest to you that public officials ought to nurture and cultivate five attributes: truthfulness, rationality, conviction, critical introspection and compassion. To illustrate the scope of these five attributes, I have chosen four examples. Let me present them to you now and as I present the five attributes, I will selectively refer back to these examples.

Example 01 : In 2002, in Kandy, a group of persons threw acid at Audit Superintendent Lalith Ambanwela. The reason for this attack was Ambanwela’s disclosure of a fraud of Rs 17.5 million in purchasing computers for the Central Province Dept. of Education in 2002 (Daily Mirror 25 May 2021). This acid attack caused Ambanwela grave and life-threatening harm. Unusual for cases of this nature, the accused were tried and convicted by the Kandy High Court. Referring to this judgement, Ambanwela said, and I quote, ‘This is a good judgment given on behalf of the future of the country. This is not my personal victory. It is a victory gained by government servants on behalf of good governance’(Judgement promoting good governance, TISL, 25 October, 2012). In 2004, the Sri Lanka chapter of Transparency International awarded Mr Ambanwela the National Integrity Award.

Example 02 : In 2014, South Africa’s Public Protector, Thuli Madonsela, published a report titled ‘Secure in Comfort’ (Report No 25 of 23/24, March 19, 2014). This was a report that concluded that the then President of South Africa had, among other things, enriched himself and his family by excessive spending to improve his private family home – purportedly to improve security. The President rejected the report and refused to comply with the decision that the misused public funds should be paid back. Over the next two years this battle for accountability continued. As Thuli Madonsela ended her term in October 2016, she finalised and fought to release another report, titled ‘State of Capture’ (Report No: 6 of 206/17). This report documented entrenched corruption involving a leading business family and President Zuma in which the public protector recommended a judicial inquiry commission. By early 2018, President Zuma resigned under threat of facing a no-confidence motion in Parliament, primarily over these two matters.

Example 03 : William Wilberforce was a British politician who lived in 18th century England. He was a member of the British Parliament, a leading figure in the Anit-Slavery movement of that time and, relevant for this lecture, a Christian. His first unsuccessful attempt at proposing the adoption of a law to prohibit the slave trade was in 1789. Since then, he failed 11 times in trying to bring about this law and eventually, 15 years later, he succeeded on the 12th occasion, in 1807. He then went on to push for the abolition of slavery itself but retired from politics in 1825. In 1833, 44 years since he began his anti-slavery work in Parliament and three days before his death, slavery was abolished in the United Kingdom (Slavery Abolition Act 1833).

Example 04 : In April 2022, Sri Lanka declared its first ever default from sovereign debt repayment. This default was a result of a worsening balance of trade over decades and due to a series of political and expert decisions that led Sri Lanka into a debt. As we all know, this was a time when the people mobilised peacefully, reacting to the systematic institutional failures and demanding a ‘system change’, particularly, but not limited to, a change in a system of governance headed by an Executive President. Much has been said about the events of 2022, but for the purposes of today’s talk, I would like to recall the several failures on the part of public officials, including of our elected representatives, that led us to this crisis point. People died, while waiting in queue, to pay and obtain fuel or gas. Such was the extent of that tragedy. Today, much of the cost of the mismanagement, negligence, abuse of power and recovery are borne by you and me, including for example the losses incurred by SriLankan Airlines.

Before I use these examples to present the five attributes of public office, permit me to explain what I mean by public office, the idea of securing public trust and describe what I understand to be a Christian perspective on both.

Public Office

We often associate elected representatives, or public servants, with the term public office. But I will use this term in a broader sense today. For the purposes of today’s talk, I include within the idea any office that requires the person holding that office to exercise power or authority under public law. This description would cover members of Parliament, the President, members of the Judiciary, the police and public servants. In the Sri Lankan context, it would also include university academics and members of what we commonly describe as independent commissions such as the Human Rights Commission and the Election Commission.

When we consider all these personnel at this general level, we must bear in mind that different limitations and protections apply to different types of public officials. For instance, the role of judges is unique and comes with extensive limitations and protections in contrast with the role of an elected representative. Members of the judiciary are diligently required to avoid not only actual conflicts of interests but also perceived conflicts of interest and, therefore, are often very selective in their public engagements unlike legislators. University academics enjoy academic freedom, a freedom not available to public servants. Doctors in the public health system enjoy professional discretion while members of the police are subject to a unique form of order and discipline. Broadly speaking, different types of public officials play a unique and essential role in sustaining our collective life which is why public trust on public officials assumes great significance.

Public Trust

Public trust is a concept that I have worked with for about 15 years in relation to public law in Sri Lanka. (The basic idea here is that anyone who exercises public power ought to exercise that power only for the benefit of the People. The ‘Public Trust Doctrine’ is a public law concept that seeks to enforce this idea in the law. In several jurisdictions in the world, the Public Trust Doctrine has been invoked by judges to recognise rights of the natural environment or rights to the natural environment and a corresponding duty on the state to respect such rights. In Sri Lanka, however, the public trust doctrine has been developed much more broadly by judges to review the exercise of executive discretion and to decide whether such discretion has been exercised for the benefit of the people or not. Examples of executive discretion would include the discretion that lies with the Executive President to grant a pardon to a convict, the discretion that lies with the Governor and Monetary Board of Sri Lanka to determine Sri Lanka’s monetary policy and the discretion that lies with the Cabinet of Ministers to manage state assets. Over the last three decades, Sri Lanka’s Supreme Court has developed the public trust doctrine to recognise that the exercise of public power must be reasonable, that it cannot be arbitrary and that it must only be for the benefit of the people. I draw from this idea of the public trust doctrine to ask a more ethical question as to what can be done to secure public trust, by public officials.

A Christian Perspective

How do we identify a Christian perspective on securing public trust? There are at least two approaches: one is the evangelical approach where we draw from the life of Jesus, and the second is the broader Anglican approach which combines the first, with the teachings of the Church as well. Of course, Christ did not exercise public power nor did he hold public office. But through his ministry and the Bible more generally, we learn about the Kingdom of God – its purpose and its value commitments. The calling for Christians is to internalise and practice the values of the Kingdom of God in all we do, including in our public lives and to offer that perspective to the rest of the world. For this talk, therefore, I derive my Christian perspective from the Bible, the teachings of the Church and through that from our collective understanding of the Kingdom of God. It is important to bear in mind that much of what we draw from our faith may resonate with the other faiths that are practiced in Sri Lankan society or may be explained in secular terms too.

I now turn to the main task I have set up for myself today – which is to try to interpret what a Christian perspective may have to offer in securing public trust in public office. I present my ideas through five attributes: 1) truthfulness, 2) rationality, 3) conviction 4) critical introspection and 5) compassion. I chose these attributes drawing on my study of the deficit of public trust in our public officials here in Sri Lanka but also from my own experiences.

· Truthfulness

Of the five attributes that I present to you today, truthfulness might be the one that is most familiar to us. Truthfulness is a common demand placed on us by most religions and can have an internal and an external dimension.

What do the scriptures have to offer us in this regard? Consider the example of Jesus in relation to the adulterous woman in the Gospel of John 8: 1-9. In that account, Jesus had significant power to influence how the religious establishment and the broader public would react to her and indeed, determine how she should be punished for being adulterous. In that moment, rather than exercise a harsh power of judgement, Jesus intentionally chose to take the path of truthfulness. The truthfulness that he exercised there had an internal or personal dimension as well as an external and structural dimension to it. At the internal or personal level, through his act, he demanded that those who sought to punish this woman, be truthful about their own conduct. But in doing so, he truthfully drew attention to the religious and cultural structures of that society which sought to selectively penalise and condemn women. The woman did not get a free pass either. Jesus asked her too, to be truthful and leave her life of sin.

A helpful contemporary challenge that we can apply these principles to would be the responsibilities of public officials to be truthful about practices such as corruption, ragging or sexual harassment internal to our public institutions. What does it mean, for a public official, to be truthful in the face of these deeply problematic and entrenched injustices within our public institutions and in the way in which these public institutions offer their services to society? In the context of holding public office, being truthful about these issues is often inconvenient, uncomfortable and has too many implications for the status quo. Being truthful often requires too much work. It causes persons who hold public office to become unpopular, disliked, be made of targets for retaliation and in some instances to even have to risk losing their jobs. It is useful to recall here that speaking the truth about himself, that is his claim to be the Messiah, led Jesus ultimately to his crucifixion.

Speaking truth to power is equally difficult and often can attract serious risks. In his brief public life of three years, Jesus did not hold back from speaking truth to power. One of my personal favourites is his description of the Pharisees as graves painted in white (Matthew 23:27). For public officers, speaking truth to power may entail calling out the abuse of power, refusing to engage in or endorse illegal actions and being willing to take action against wrongdoing.

Recall here my first example of the acid attack against Lalith Ambanwela. He nearly paid for his truthfulness with his life, is reported to have lost sight in one eye and his face was permanently disfigured. Why then, should public officials be truthful and in what ways would it help to secure public trust? From a Christian perspective, there are two ways to justify the attribute of truthfulness. First, it is an attribute that we practice for its intrinsic value. As Christians, we believe that the God of the Bible is true and practices truthfulness and requires the same of those who follow him. Followers of Christ are required to be lovers and seekers of the truth. The second reason is consequentialist. The Christian perspective requires that we are truthful because the absence of truth is a lie, an injustice and God abhors the lie as well as injustice. (To be continued)

By Dinesha Samararatne
Professor, Dept of Public & International Law, Faculty of Law, University of Colombo, Sri Lanka and independent member, Constitutional Council of Sri Lanka (January 2023 to January 2026)