Amana Takaful Life Insurance partners with Orient Finance for fixed depositor insurance
Amana Takaful Life Insurance, which excels in providing innovative and tailor-made long-term insurance solutions has partnered with Orient Finance PLC (OFP), a top-player in the finance sector with successful operation for over four decades. The collaboration, signed recently as a Memorandum of Understanding (MoU), brings protection benefits of life insurance and critical illness insurance from Amana Takaful Life, to fixed depositors of OFP.
The MoU was signed by Gehan Rajapakse, Executive Director/CEO, Amana Takaful Life Insurance PLC, and K. M. M. Jabir, Executive Director/CEO, Orient Finance PLC on the 23rd of November, in Colombo.
Elaborating on the new collaboration, the CEO of Amana Life, Gehan Rajapakse said: “We are pleased to partner with Orient Finance PLC, a highly reputed finance company in Sri Lanka with a history of four decades of operations. Depositors of such a reputed finance institution belong to multitudes of demographic and geographic segments. We are pleased to be entering into this partnership, which will enable us to serve the diverse segment Orient Finance fixed deposit holders. OFP’s choice of Amana Life is a clear testimony to our brand strength, as a reliable provider of quality insurance to a wide range of clientele. We are looking forward to extend our best insurance services to Orient Finance’s clientele.”
The Amana-Orient MoU implements a unique and exclusive value addition to the Fixed Deposit account holders of OFP. At the time of opening a new FD account each account holder is eligible for a life insurance plan, offered at a special premium rate. Each OFP FD account holder will be eligible for two covers; Basic Life Cover and Critical Illness Cover. Policy values will be decided based on the total value of the fixed deposit placed at Orient Finance PLC. All customers receiving this benefit will be receiving a specially designed co-branded insurance card that indicates their life insurance cover.
CEO Gehan Rajapakse further adds: “Amana Life, being a fully-fledged long-term insurance provider, builds a culture of ensuring claims to all its clients. Our relationships are completely based on trust and mutuality. Hence we highly value the trust of our clients and partners, at all times.”
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
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Prices of sixty essential drugs to be reduced from 15th June
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