Business

Asgi Akbarally appointed Amãna Bank chairman

Published

6 years ago

2020/08/21

Ali Asghar (Asgi) Akbarally has been appointed as Chairman of the Board of Directors of Amãna Bank upon the retirement of the Bank’s Founder chairman Osman Kassim. Leaving a strong legacy in the Islamic banking industry in Sri Lanka, Osman Kassim retired from Amãna Bank having completed the maximum 9 year statutory period of holding a directorship in a Licensed Commercial Bank as per CBSL directions. Despite retiring from the bank, Osman Kassim continues to be one of the bank’s top 10 shareholders.

Asgi Akbarally joined the Board of Amãna Bank in July 2020 as the nominee director from Akbar Brothers, taking over the position vacated by Tyeab Akbarally, who also retired upon completing the maximum 9 years of directorship as per CBSL regulations.

Asgi Akbarally is an Executive Director of Akbar Brothers (Pvt) Ltd, one of Sri Lanka’s largest diversified corporates, globally renowned for its tea exports. Asgi Akbarally holds directorship in multiple subsidiaries and affiliates of the Akbar Group covering sectors such as Manufacturing, Property Development, Hotels & Leisure, Healthcare, Power Generation, Packaging & Printing, Logistics and Environmental Services. He is the Managing Director of Renewgen (Pvt) Ltd and chairman of Windforce (Pvt) Ltd, Hermitage Resorts (Pvt) Ltd, Uthurumaafaru Holding (Pvt) Ltd Maldives, Lhaviyani Holdings (Pvt) Ltd and Cocoon Investments (Pvt) Ltd Maldives. He is also a director of Alumex PLC.

Asgi Akbarrally is currently the Honorary Consul of the Hashemite Kingdom of Jordon. He holds a BSc Degree in Industrial Engineering from the California State University and is a Fellow Member of the Institute of Certified Professional Managers. A classic car enthusiast, Asgi Akbarally has authored a coffee table book on “Classic and Vintage Automobiles of Ceylon” and is the Patron of the Classic Car Club of Ceylon.

Commenting on his retirement and appointment of the new Chairman, the Bank’s outgoing Chairman Osman Kassim said “Serving Amãna Bank as its Chairman since inception has been a great honour, specially seeing firsthand how the Bank has grown amidst various challenges to where it stands today. I would like to extend my heartfelt gratitude to my fellow retiring directors Tyeab Akbarally, Harsha Amarasekera and Jazri Magdon Ismail who completed the regulatory tenure of 9 years in 2020. They have been great pillars of strength to the Bank since its formation. I am happy to welcome Asgi Akbarally to take over the stewardship of the Bank. It is heartening to know that Asgi, whose business acumen and experience gained through building and guiding a homegrown company to become a world renowned tea brand, will be leading the Bank’s forward journey. I would also like to take this opportunity to thank the other Board Members, CEO Mohamed Azmeer, the Management Committee and Staff of the Bank for their continuous contribution, dedication and commitment towards the Bank’s growth and wish them all the best in taking Amãna Bank to greater heights.”

Also sharing his views newly appointed Chairman Asgi Akbarally said “Amãna Bank will be truly indebted for the visionary thinking and guidance of its Founder Chairman Osman Kassim. Stepping in to fill this void will be no easy task, but I am thankful for the foundation laid, from which we eagerly look forward to build upon to achieve the Bank’s strategic goals and continue making our ‘People Friendly’ banking model available for all Sri Lankans with wider reach and accessibility.”

With the recent changes, 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 and Khairul Muzamel Perera bin Abdullah.

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 its unique flagship CSR venture, the ‘OrphanCare’ Trust. Retiring directors Osman Kassim, Tyeab Akbarally, Harsha Amarasekera and Jazri Magdon Ismail will continue to serve as trustees on the ‘OrphanCare’ Trust.

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Business

Oil at $150 will trigger global recession, says boss of financial giant BlackRock

Published

10 hours ago

2026/03/25

Priyan

Larry Fink was speaking exclusively to BBC business editor Simon Jack (BBC)

If the price of oil hits $150 a barrel it will trigger a global recession, the boss of US financial giant BlackRock has told the BBC.

Larry Fink, who leads the world’s largest asset manager, said if Iran “remains a threat” and oil prices stay high it will have “profound implications” for the world economy.

In a wide-ranging exclusive interview, he also denied there was an AI bubble, although he said the new technology meant too many people were pursuing university degrees and not enough doing technical training.

BlackRock is a financial colossus, controlling assets worth $14 trillion (£10.5tn), and is one of the biggest investors in many of the world’s largest companies.

Its size and spread gives Fink – who is one of the eight co-founders of the business, which started in 1988 – a unique insight into the health of the global economy.

The conflict in the Middle East has triggered wild moves on financial markets as people try to assess what will happen to energy costs.

For Fink, it is too early to determine the ultimate scale and outcome of the conflict, but he believes it will be one of two extreme scenarios.

In one, if the conflict is settled and Iran becomes a country that can be accepted again by the international community then the price of oil could fall back to below where it stood before the war.

But if not, he says, then there could be “years of above $100, closer to $150 oil, which has profound implications in the economy” and an outcome of “a probably stark and steep recession”.

The surge in energy costs has led to some in the UK to argue that it should be focusing more on producing its own oil and gas.

On Tuesday, industry body Offshore Energies UK said that without more domestic production, the country risks becoming reliant on imports “at a time of rising global instability”.

Fink says countries need to be pragmatic about their energy mix by using all sources available to them, but providing cheap energy is key to driving growth and raising living standards.

“Rising energy prices is a very regressive tax. It affects the poor more than the wealthy.”

While the UK already has some solar and wind power and hydrocarbons, if oil prices were to rise to $150 for three or four years, “you would have so many countries moving so rapidly towards solar and maybe even wind”.

Countries should not depend on just one source, he says.

“Use what you have unquestionably, but also aggressively move towards alternative sources too.”

Some analysts have suggested that there are some echoes of the run-up to the 2007-08 financial crisis in the markets at the moment.

Energy prices are surging and some have flagged signs of cracks in the financial system. BlackRock itself is one of several firms to have limited withdrawals by nervous investors from private credit funds.

But Fink is adamant there is no chance of a repeat of the financial trauma seen in 2007-08, when several banks around the world collapsed or had to be rescued, as he believes financial institutions today are more secure.

“I don’t see any similarities at all,” he says. “Zero.”

The issues affecting some funds account for a small fraction of the overall market and investment from institutions remains strong, he says.

Fink also rejects suggestions that the surge in investment in AI, which has seen billions of dollars invested in the new technology, has been overblown.

“I do not believe we have a bubble at all,” he says.

“Could we have one or two failures in AI? Sure, that I’m fine with.”

Last year, BlackRock was part of a consortium that bought one of the world’s largest data centre providers, Aligned Data Centres, in a $40bn deal.

“I believe there’s a race for technology dominance. I believe that if we do not invest more, China wins. I believe it’s mandatory that we are aggressively building out our AI capabilities.”

The biggest issue he feels that is hindering the expansion of AI in the US and Europe is the cost of energy.

While China is investing hugely in solar and nuclear power, in Europe “I just see a lot of talk and no action”, he says, while in the US “as much as we are energy independent, we better start focusing on solar… because we need to have cheap, inexpensive power to move into AI”.

Earlier this week, in his annual letter to shareholders, Fink said the boom in artificial intelligence risked widening inequality, with only a small number of firms and investors seeing the benefits.

However, speaking to the BBC, he emphasised AI was going to create an “enormous amount of jobs”.

He said that in his letter he had written about how many jobs would be created “related to electricians and welders and plumbers”.

In contrast, there might not be as much demand for some office jobs as AI evolves and this could lead to a rethink about what roles are needed as “society is changing and evolving”.

“We really put judgement on so many jobs and so many people who probably should not have gone into banking or media or law, [who] probably should have been a great worker with their hands, and we need to now rebalance that approach,” he says.

In the US, he says, after World War Two “we built the foundation of education, and we said to all the young people, go to college, go to college, go to college. And we probably overdid it”.

“We need to balance that out, and we need to be proud that… a career can be just as strong in these fields of plumbing and electricians.”

(BBC)

Business

Mahindra ldeal Finance’s Rs 1 Bn debut debenture issue oversubscribed on day 1

Published

12 hours ago

2026/03/25

Sahan Weerasooriya

Director/CEO, Mufaddal Choonia

Mahindra Ideal Finance Limited (MIFL) has announced the successful conclusion of its debut Rs 1 Billion debenture issue, which was oversubscribed on the first day of opening, marking a significant capital market milestone for one of Sri Lanka’s fastest-growing licensed Non-Banking Financial Institutions.

The Issue comprised up to Ten Million (10,000,000) Tier 2, Listed, Rated, Unsecured, Subordinated, Redeemable Debentures at a par value of LKR 100 per Debenture, raising up to Sri Lanka Rupees One Thousand Million (LKR 1,000,000,000), with a five-year tenure maturing in 2031.

Commenting on the outcome, MIFL Managing Director/CEO, Mufaddal Choonia said the proceeds of the Company’s inaugural debenture issue will be deployed to strengthen lending capacity across its core business segments, including vehicle leasing, gold loans, SME loans, and business loans.

“The success of our first debenture issue is testament of our performance so far and speaks of the confidence that investors have placed in our future growth story. The strong market response is also the best validation we can secure from the investor community on the strong fundamentals that underpin our business. We will honor that trust by deploying these funds to further provide accessible credit to enrich the lives of our customers and for the communities we serve.”

The capital raise also strengthens the Company’s Tier 2 capital base in compliance with the Central Bank of Sri Lanka’s Capital Adequacy Requirements.

The Debentures were offered in two structures — Type A, at a fixed rate of 12.00% per annum payable annually, and Type B, at a floating rate of the 364-Day Treasury Bill rate plus 3.50% per annum payable semi-annually.

The Issue carried a credit rating of A (lka) from Fitch Ratings Lanka Limited, with MIFL holding an entity rating of AA-(lka) with a Stable Outlook. The Issue was managed by NDB Investment Bank Limited, with Bank of Ceylon serving as Joint Placement Agent. (MIFL)

Business

SEC and CSE strengthen role of auditors of Watchlist Companies

Published

12 hours ago

2026/03/25

Sahan Weerasooriya

From Left to right: Kassapa Weerasekara, Ms. Manuri Weerasinghe and Ms. Nilupa Perera

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) jointly organized an awareness session recently, for auditors of companies which are currently on the CSE Watchlist. The session focused on enhancing awareness of enforcement actions and timelines, reducing prolonged Watchlist durations, and fostering a more coordinated regulatory approach among regulators, auditors, and listed companies.

Addressing the session, the Chairman of the SEC, Senior Prof. D.B.P.H. Dissabandara highlighted the core professional virtues of an auditor drawing from his own career beginnings, “At the heart of every auditor’s role lies three virtues: integrity, objectivity and confidentiality.” He reminded the gathering, that while an auditor may formally be recognized as a supplementary service provider under the SEC Act, their true value runs far deeper. Every time a listed company submits its financial statements, it is the auditor’s opinion that gives investors the confidence to trust those numbers. In that sense, auditors are not just ticking a regulatory box, they are the ones holding the line on transparency.

Senior Prof. D.B.P.H.
Dissabandara

Further, Professor Dissabandara drew attention to the current Watchlist situation, noting that while the inclusion of certain companies on the Watchlist is an appropriate regulatory measure, their prolonged presence on the Watchlist may send adverse signals to investors. He called for a structured connected approach involving auditors and listed company management to ensure incremental progress towards resolving Watchlist triggers, particularly those arising from going concern issues and the non-submission of financial statements.

The Head of Listed Entity Compliance at the CSE, Kassapa Weerasekara delivered a presentation focused on enforcement actions that can lead to securities being transferred to the watchlist. Weerasekara reminded the gathering “If companies take the right steps and obtain independent verification on the resolution of all matters giving rise to Modified Opinion and Emphasis of Matter on Going Concern, their securities can be fully reinstated.” He closed by emphasizing that the process is designed to give companies a fair and structured opportunity to correct course.