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Amãna Bank Board fortified by four versatile directors

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Experienced chartered accountant Tishan Subasinghe, fintech entrepreneur Omar Kassim, legal luminary Mohamed Adamaly and Islamic finance legal professional Paul Mercer recently joined the Board of Directors of Amãna Bank.

The appointment of Omar Kassim is in the interest of the Bank’s former chairman Osman Kassim, who retired after completing the maximum 9 year period of directorship of a Licensed Commercial Bank as per CBSL directions, but continues to be amongst the top 10 shareholders of the Bank. Tishan Subsasinghe replaces retired senior director Jazri Magdon Ismail who also retired after completing the regulatory 9 year period while Mohamed Adamaly was appointed as the replacement to Harsha Amarasekera PC who resigned from the Board in the beginning of 2020 in lieu of his imminent retirement having served the board since its inception. Paul Mercer’s appointment fills the vacant position of the second nominee director from ICD, the Bank’s strategic shareholder. While Tishan Subasinghe will function as a Non-Executive Independent Director, the trio of Omar Kassim, Mohamed Adamaly and Paul Mercer will serve as Non-Executive Non-Independent Directors.

Commenting on their appointment the Bank’s chairman Asgi Akbarally said “We are honoured to have our Board of Directors strengthened by four versatile directors in Tishan Subasinghe, Omar Kassim, Mohamed Adamaly and Paul Mercer. Their collective experience and business insight will be of valuable benefit in guiding the Bank towards achieving its strategic goals.”

Tishan Harendranath Subasinghe, is a Fellow and Council Member of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the Managing Director and Joint Managing Partner of Moore Stephens Consulting (Private) Limited and Moore Stephens Aiyar respectively. Before that he was the Head of Audit and Assurance at BDO Partners. He is also the chairman of Sanasa General Insurance Company Limited and is also a Council Member of the University of Moratuwa. His profession also expands overseas where he had work experience with PricewaterhouseCoopers (PwC) in New York, Philadelphia, Chicago and Botswana spanning several years. These were supported by the international training that he has undergone in USA, Hong Kong, Bangkok, Hyderabad, Mumbai, Malaysia, Indonesia and Rome. As a member of CA Sri Lanka, Tishan has served as the chairman of the Annual Report Awards Committee, National Conference Committee and Examinations Committee. He also held the post of Vice President of the Young Chartered Accountants Forum (YCAF). Tishan is a Certified Information Systems Auditor (CISA-USA) and has an MBA in Finance by the University of Colombo with a Gold Medal and has earned an LLB (Hons.) degree from the Buckinghamshire New University. He is also a visiting lecturer at several government universities and had also conducted international training in Maldives and Bhutan.

Omar Kassim is a fintech focused technology entrepreneur, who specialises in conceiving, building, and exiting interesting technology ventures. Omar is the Co-Founder and Chief Executive Officer of Nomod, a London headquartered startup building a highly efficient, scalable, business banking platform to empower millions of entrepreneurs and startups around the world to start and grow their businesses with inventive payment and banking tools. Omar also Co-Founded and was the Chief Executive Officer of Esanjo, a trading, investment, and technology business based in Dubai, where he remains a member of the Board. Omar previously founded and exited JadoPado, a highly regarded e-commerce technology platform addressing the Middle East, North African, and South Asia. Omar holds a BsC in Electronics Engineering and Business Studies from the University of Warwick in the United Kingdom.

Mohamed Adamaly is a leading legal professional in Sri Lanka having a wide Civil Law practice in the Original Courts and Appellate Courts, with a focus on Commercial Law, Labour Law, Insurance Law, and Banking & Credit related laws. Adamaly also specializes in Investment Advisory, Business Set-up/Restructuring Services and Corporate Acquisitions. Adamaly graduated from the Faculty of Law University of Colombo with Honours while also achieving First Class Honours from the Sri Lanka Law College before being admitted as an Attorney-at-law of the Supreme Court of Sri Lanka in 1994. Adamaly has served as a visiting lecture at the University of Colombo and at the Sri Lanka Law College. He also holds a Postgraduate Diploma in Marketing from the Chartered Institute of Marketing (CIM UK) and is a leading lecture for CIM and formerly for CIMA, in Sri Lanka. Due to his vast legal expertise coupled with his business acumen, Adamaly holds and has held directorships in several public and private companies including in the David Peiris Group, Bogala Graphite Lanka PLC, Assetline Leasing Company Limited and Sinwa Holdings Limited. Adamaly is also a leading thespian in the country and has received the National TOYP Award for his contribution to Drama and Literature.

Paul Mercer is an English law qualified lawyer with over 20 years of experience working in banking, particularly in Islamic Finance. Paul has extensive experience in corporate governance and has used his skills and experience as a Director on a number of boards representing the Kuwait Finance House Group. Paul was the Chairman of Bahrain Investment Bank, Ibdar Bank, and as Chairman of the Board, he oversaw a three-way bank merger involving Elaf Bank, Capital Management House and Capivest. In recent years Paul has been actively engaged on Islamic Banking regulation in Bahrain, Saudi Arabia and Kuwait and the implementation of capital and governance requirements. While working as a lawyer in private practice and as in-house legal counsel at Kuwait Finance House (Bahrain), Paul has advised on a full range of legal issues relating to Islamic Finance and helped in the preparation of transactional documentation designed to comply with Islamic Law. Paul is a member of the Chartered Institute of Arbitrators and is registered as an arbitrator on the GCC Commercial Arbitration Centre Roster of Arbitrators.

With the recent appointments Amãna Bank Board of Directors constitute as follows : Ali Asghar (Asgi) Akbarally (Chairman), Rajiv Nandlal Dvivedi, Pradeep Dilshan Rajeeva Hettiaratchi, Aaron Russell-Davison, Mohammed Ataur Rahman Chowdhury, Syed Muhammed Asim Raza, Khairul Muzamel Perera bin Abdullah, Tishan Harendranath Subasinghe, Omar Kassim, Mohamed Adamaly and Paul Mercer. Retired directors Osman Kassim, Tyeab Akbarally, Harsha Amarasekera and Jazri Magdon Ismail will continue to serve as trustees on the Bank’s unique flagship CSR venture, ‘OrphanCare’ Trust.

Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated (S&P, Moody’s & Fitch) multilateral development financial institution with a membership of 57 countries. In June 2020 Fitch Ratings Sri Lanka declared an upward revision of the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than the ‘OrphanCare’ Trust. 



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Foreign Minister defends India pacts, sidesteps transparency demand

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The press conference held at the Foreign Ministry in Colombo yesterday. From left:Arun Hemachandra, Deputy Minister of Foreign Affairs, Vijitha Herath, Minister of Foreign Affairs and Tourism and Prof. Ruwan Ranasinghe, Deputy Minister of Tourism

In a press conference marked by both clarity and pointed omission, Foreign Affairs and Tourism Minister Vijitha Herath, yesterday offered a robust defence of two controversial bilateral agreements with India but conspicuously avoided committing to tabling their full texts in Parliament.

The minister’s appearance, billed as a year-opening briefing, took a sharp turn when questioned on the strategic implications of the India-Sri Lanka Defence Cooperation Agreement and Sri Lanka’s acceptance of the Indian Pharmacopoeia.

“No Indian military camps on our soil”

Responding in Sinhala to a question posed in English, Minister Herath moved first to allay what he suggested were widespread misapprehensions about the defence pact.

“This agreement is especially for data and information exchange purposes regarding drug trafficking, drug mafias, human trafficking, and any terrorist activities that could threaten regional security and peace,” Herath stated.

He emphasised that it would also facilitate “various support related to the defence sector.”

In his most definitive assertion, aimed at quieting a persistent national anxiety, the Minister declared: “We must clearly say that there is no plan or possibility of setting up Indian defence camps on Sri Lankan soil.” He categorised the pact not as a “defence agreement” but a “defence cooperation agreement in its real sense,” claiming it creates an “advantageous position” for Sri Lanka.

He linked recent post-‘Ditwah’ cyclone disaster support from India, as well as U.S. aerial support during recovery efforts, to the frameworks established by such cooperation agreements, arguing they have proven beneficial.

Indian Pharmacopoeia: A reputation-based advantage

On the equally contentious acceptance of the Indian Pharmacopoeia – a standard synopsis for drug manufacturing – Minister Herath framed it as a logical step that formalises existing practice.

“We already import a significant share of medicines from India,” he noted. The agreement, he explained, signifies the acceptance of medicines exported by a “reputed Indian pharmaceutical company” approved by its national regulators.

He assured the public that Sri Lanka’s National Medicine Regulatory Authority (NMRA) will continue to remain the monitor. “By entering into this, no disadvantage will happen to us. Only an advantage will happen… it will only be beneficial to us,” he emphasised.

The unanswered question

Despite the detailed assurances, the Minister pointedly ignored the final and arguably most critical part of the question posed by The Island Financial Review : whether the government would table the full text of the two agreements in Parliament for transparent debate and discussion.

This omission is likely to fuel further controversy, as opposition parties, civil society groups, and independent analysts have repeatedly demanded full parliamentary scrutiny, arguing that agreements touching on sovereignty and public health mandate the highest level of public transparency.

Tourism Pride

Shifting to his tourism portfolio, Minister Herath struck an optimistic note, citing record tourist arrivals and foreign remittances in 2025 as a sign of resilient recovery post-Ditwah.

The conference also touched on global affairs. When asked about the U.S. arrest of Venezuelan President Nicolás Maduro, Herath presented a nuanced governmental position. He stated that while his party, the JVP, condemns the action, the government’s official stance is to urge respect for national sovereignty in line with the UN Charter – a reflection of the coalition’s delicate balancing act between ideological roots and diplomatic pragmatism once in governance.

Minister Herath’s explanations provide the government’s clearest public rationale yet for the India agreements, directly confronting fears over militarisation and pharmaceutical quality. However, the deliberate sidestepping of the transparency query left a communication deficit at the heart of the press conference.

High-stakes diplomacy

It reflected a perception that while the administration is willing to defend its policy outcomes, it remains reluctant to subject the processes of high-stakes diplomacy to the full glare of parliamentary and public scrutiny. As these agreements continue to shape Sri Lanka’s strategic and health landscape, the call for their full disclosure is now accompanied by a louder question about the government’s commitment to open governance.

by Sanath Nanayakkare

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‘Vehicle-Testing Can Save Lives’

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Dharmasiri Gamage, Director, Presidential Secretariat, (4th from left), receiving the proposal from Prasanna De Zoysa (2nd from left), AAC Sectoral Chairman, Road Safety and Devapriya Hettiarachchi (3rd from left), Secretary, AAC at the Presidential Secretariat.

Automobile Association of Ceylon (AAC), in collaboration with the Federation Internationale de L’ Automobile (FIA) and under the UN Decade of Action for Road Safety has been consistently engaging in road safety enhancement programs for all citizens of Sri Lanka.

Current data indicates that while over 08 million vehicles are registered in the country, only heavy vehicles (less than 20% of the vehicle population) are subjected to compulsory road-worthiness tests.

Fatal accidents due to technical failures in vehicles are on the rise and the damage to lives and property is severe.

We also understand that there is a death every three hours and eight deaths per day in road accidents. This amounts to nearly 3000 deaths in road accidents per year.

AA of Ceylon has launched the “Vehicle Testing can Save Lives” project with the advice and support given to execute our campaign by the Minister of Transport, chairman, National Council for Road Safety (NCRC), Deputy Inspector General of Police (Traffic Division), Dr. Indika Jagoda, Deputy Director (Accident Service), National Hospital, president, Lions Club of Boralasgamuwa, Metro(Lions Club International – District 306 D 2) and other stake-holders to find a workable, low / cost solution for mandatory vehicle testing in Sri Lanka.

Therefore, this project aims to educate the public on the necessity of checking essential safety features in all vehicles and the benefits of same to all road users.

AAC has therefore respectfully requested Anura Kumara Dissanayake, President of the Democratic Socialist Republic of Sri Lanka, to consider implementing the proposal we have submitted to him, to minimize fatal accidents, injuries to people and damage to vehicles and property due to road accidents and to also implement a rule to have compulsorily road-worthiness checking of all vehicles. (AAC)

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INSEE Lanka appoints new Chief Executive Officer

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Eng. Thusith C. Gunawarnasuriya

Siam City Cement (Lanka) Limited (INSEE Lanka) has announced the appointment of Eng. Thusith C. Gunawarnasuriya as its new Chief Executive Officer, effective 01 January 2026. He succeeds Nandana Ekanayake, who will continue to serve as Chairman, ensuring leadership continuity and strategic stability for the organisation.

A long-standing contributor to INSEE’s journey, Thusith has worked with the company through its evolution under Holcim (Lanka) Ltd, LafargeHolcim and INSEE, playing pivotal roles that influenced both operational progress and strategic direction.

Rejoining INSEE Lanka in January 2025 as Chief Operating Officer, he has since demonstrated exceptional leadership, driving topline growth, improving EBITDA performance, and strengthening talent development initiatives that enhanced organisational capability and business outcomes.

His expertise in business strategy, operations excellence, and supply chain transformation is well-recognised, supported by over 25 years of multi-industry and multi-country leadership experience. His career includes senior positions at Lion Brewery (Ceylon) PLC, Hemas Manufacturing, Fonterra Brands Lanka, GlaxoSmithKline, MAS Active, and DMS Software Engineering. His international exposure spans India, Bangladesh, and Thailand.

Thusith is a proud alumnus of Dharmaraja College, Kandy, and holds a BSc (Hons) in Electrical & Electronic Engineering from the University of Peradeniya, an MBA from the University of Colombo, and an MSc in Business & Organizational Psychology from Coventry University, UK. He has completed executive leadership programs at IMD (Switzerland) and the National University of Singapore. He is also a member of IEEE (US), CILT (UK), ISMM (Sri Lanka), and IESL (Sri Lanka).

Chairman’s Quote – Nandana Ekanayake:

“Thusith’s deep understanding of our business, strong operational mindset, and proven leadership make him the ideal successor to lead INSEE Lanka into the next phase of growth. His experience within INSEE and across multiple industries, positions him well to deliver on our long-term ambitions and uphold the values that define the organisation.”

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