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Citi joins Manudam Mehewara by Dialog, MAS, Hemas & CBL

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Photographed left to right - Shanaka Waduge, Head Corporate Affairs, Citi, Ravin Basnayake, Managing Director / Citi Country Officer Sri Lanka, Supun Weerasinghe, Group Chief Executive, Dialog Axiata PLC, Hong Zhou Wong, Group Chief Financial Officer, Dialog Axiata PLC, Mohammed Niswi, Director, Project Management Unit, Sarvodaya Shramadana Movement.

Citi recently joined forces with the ‘Manudam Mehewara’ programme initiated by Dialog Axiata PLC, MAS Holdings, Hemas Holdings PLC, CBL Group, Sarvodaya Shramadana Movement, and PwC Sri Lanka, in a mission to provide emergency relief to the most vulnerable communities across the country impacted by the ongoing economic crisis.

 Joining hands with like-minded partners including its execution partner Sarvodaya and accountability partner PwC Sri Lanka, the ‘Manudam Mehewara’ initiative funded by Dialog, MAS, Hemas, CBL, and Citi aims to provide emergency relief to more than 200,000 vulnerable families across the country. Emergency relief is currently being distributed across all 25 districts, where over 10,000 families in need have been assisted to date. The Manudam Mehewara programme will conduct its relief efforts for 60 – 90 days until a sustainable benefit transfer system is established in the country through an effective economic recovery plan.

Commenting, Ravin Basnayake, Managing Director/Citi Country Officer-Sri Lanka said, “The impact of the current unprecedented financial crisis is felt acutely across the country and the struggles are more than ever. With rising food prices, food assistance for the adversely affected has never been more vital. This is why Citi decided to join forces with the humanitarian effort ‘Manudam Meherawa’. We recognise our responsibility and believe that it is time for like-minded corporates to work together in collaboration to ease the burden on our people. I also would like to thank our corporate partners and Sarvodaya for initiating this project and letting us be a part of this much-needed and timely initiative”.

Expressing his views on the new partnership, Hong Zhou Wong, Group Chief Financial Officer of Dialog Axiata PLC stated “On behalf of all the partners, I would like to thank Citi for joining us in this humanitarian effort. To date, we have distributed emergency relief to over 10,000 vulnerable families impacted by the current crisis. We aim to do more and reach 200,000. We call upon more like-minded corporate partners to join us in taking this cause forward. We need to work together to help alleviate strain on our people and as the widest network in Sri Lanka with a subscriber base of over 17 million, we see ourselves responsible for supporting the families across Sri Lanka in this hour of need.”

Manudam Mehewara invites all Corporates to join this effort and help expand the Emergency Relief distribution operations.



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‘Landmark moment for Islamic Finance in Sri Lanka’

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Dignitaries at the ‘Sukuk’ launch

When Vidullanka PLC announced it was launching Sri Lanka’s first listed Sukuk—a Shariah-compliant, asset-backed debt instrument—it wasn’t just another financial product hitting the market. It was a landmark moment for Islamic Finance in the country. At the helm of this groundbreaking initiative was Riyaz Sangani, Chief Executive Officer of Vidullanka PLC, who, along with a visionary team of arrangers and advisors, ushered in a new chapter in Sri Lanka’s capital market history.

“We believe renewable energy and Islamic finance are natural partners,” Sangani remarked in the press briefing in Colombo recently underscoring how Vidullanka’s asset-rich, sustainability-driven operations make it an ideal candidate for structuring Shariah-compliant financing. This alignment not only enhanced Vidullanka’s funding options but opened the door for a new class of investors seeking ethical and interest-free investment vehicles.

With Sri Lanka’s financial sector still emerging from a turbulent period marked by instability and credit tightness, Vidullanka’s Rs. 500 million Sukuk issue signals a calculated pivot toward financial innovation. For Sangani, the move is more than strategic—it’s symbolic. “This issuance is a stepping stone, he said, expressing hope it would inspire further diversification in Sri Lanka’s Islamic finance ecosystem.

The two-tranche Sukuk—offered in both fixed and floating rate structures—has been rated A+ (lka) by Fitch Ratings and secured by tangible assets and designated cash reserves. It also adheres strictly to Shariah principles, certified by a panel of reputed scholars, including Prof. Aishath Muneeza and Moulavi Mohammed Siraj Najubudeen.

Behind the scenes, the Sukuk’s success was driven by the unwavering dedication of partners like Eshani Thenuwara, Senior Vice President at NDB Investment Bank. Her team had begun work on the product long before formal regulatory frameworks were in place.

“It has been a fulfilling journey of learning and overcoming many obstacles,” Thenuwara noted. “Vidullanka was the perfect partner—dedicated to Shariah-compliant finance as a matter of policy, not just convenience.” NDB Investment Bank served both as Manager and Joint Arranger for the issue, alongside Adl Capital.

Ishrat Rauff, Managing Director of Adl Capital, offered a broader view of the accomplishment. “This is a product that has been on the industry’s wishlist for decades, he said, pointing to the perseverance it took to get regulatory buy-in from the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC). He described the structuring exercise as “the most complex” in his nearly 30-year career.

Adl Capital’s involvement went beyond technical advisory—it helped bridge gaps between regulatory expectations, investor confidence, and religious compliance. “We sincerely hope this sets a precedent for more ethically aligned financial products in the market, Rauff added

By Ifham Nizam ✍️

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ICC unveils sustainable, cost-effective housing solution with innovative Durra Kit Houses

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In a bold move to revolutionise the construction industry, International Construction Consortium (Pvt) Limited (ICC), one of Sri Lanka’s leading engineering and construction companies, has introduced an innovative, eco-friendly housing solution aimed at shaping a more sustainable future.

Celebrating 40 years of construction excellence, ICC remains true to its vision of being the most innovative and responsible developer, contractor, and engineering solutions provider on a global stage. Its latest venture—Durra Kit Houses—embodies this vision, offering a modern alternative to conventional building methods through cutting-edge design and environmental responsibility.

Durra panels, a remarkable construction material made from compressed straw bound with a zero-emission adhesive, form the foundation of the prefabricated Durra Kit Houses. They deliver superior thermal insulation that maintains stable indoor temperatures while dramatically reducing energy consumption. Homeowners can expect significantly lower heating and cooling costs, alongside a reduced carbon footprint.

Beyond energy efficiency, Durra panels offer excellent soundproofing, creating a peaceful and comfortable indoor environment. Their fire resistance, pest-proofing, and mould resistance ensure safety and durability, making these homes as practical as they are sustainable.

A standout feature of the Durra Kit Houses is their cost-effectiveness. The prefabrication process enables rapid assembly, reducing construction times and labour expenses. Additionally, the energy-efficient design offers long-term savings on utility bills.

The design is highly customisable, allowing for a variety of aesthetic and functional preferences—from sleek modern styles to more traditional layouts. Its flexible structure also simplifies future expansions or modifications.

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DFCC Bank unveils iConnect 2.0: A banking platform built for the future of business

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DFCC Bank PLC has officially relaunched its flagship digital corporate banking platform, DFCC iConnect 2.0, reinforcing its commitment to delivering digitally advanced, client-centric solutions. Engineered for speed, security, and precision, iConnect 2.0 now includes TradeConnect, a robust trade finance module that fully integrates both cash management and trade services into a single, integrated platform.

Created in direct response to the evolving needs of Sri Lanka’s corporate and SME sectors, DFCC iConnect 2.0 goes beyond standard digital banking. It is a strategic enabler that helps clients simplify financial operations, gain greater control, and scale with confidence. By consolidating daily banking and complex trade workflows into a single, secure, and real-time interface, the platform empowers businesses to focus on growth while managing their finances with transparency and efficiency.

Sohantha Wijesingha, Senior Vice President – Head of Corporate Banking at DFCC Bank PLC, stated,

“At DFCC Bank, our approach to digital banking is built on the principles of service, simplicity, and trust. iConnect 2.0 has been reimagined to support our clients not only with advanced functionality but also with the flexibility and responsiveness they need to succeed. Whether through enterprise-level user controls, real-time mobile authorisations, or dedicated relationship support, every element of the platform is designed to reduce complexity and enhance the client experience.”

DFCC iConnect 2.0 delivers a comprehensive suite of enhancements that elevate the corporate banking experience. Features include multi-tiered approvals, group-level access, customisable alerts, real-time dashboards, and mobile transaction authorisations. Clients also benefit from a dedicated client service team, providing end-to-end support throughout the onboarding and operational journey.

The introduction of TradeConnect marks a significant leap forward for DFCC iConnect 2.0, transforming it into a truly end-to-end digital trade platform for businesses. It brings together a comprehensive suite of trade finance facilities—including Letters of Credit (LC), Import and Export Loans, and both Local and International Bank Guarantees—while supporting multiple payment terms such as Advance Payments, Open Accounts, Documents Against Payment (DP), and Documents Against Acceptance (DA).

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