Business
DFCC Bank among top 100 consumer brands in Sri Lanka for 2021
DFCC Bank has been rated among the top 100 most valuable consumer brands in Sri Lanka for the year 2021. Ranking 27th in the analysis conducted by Brand Finance Sri Lanka, DFCC Bank was able to climb up a notch to the 27th position, following last year’s position as the 28th most valuable consumer brand in the country.
This is an indication of DFCC Bank’s stellar performance, despite the raging pandemic which upset the progress of numerous businesses both locally and globally. DFCC Bank was able to successfully strategize and make the best of the unfortunate scenario, which is now reflected in this in-depth analysis conducted by Brand Finance Sri Lanka.
Brand Finance is the world’s leading independent brand valuation consultancy. Brand Finance was set up in 1996 with the aim of ‘bridging the gap between marketing and finance’. For more than 20 years, the institution has helped companies and organisations of all types to connect their brands to the bottom line.
Voicing his thoughts on this achievement, DFCC Bank CEO Lakshman Silva said, “DFCC Bank has gone through brand transformations over the years. Often, this is a challenge for institutions to endure as public perception of the brand will change, sometimes resulting in the identity of the brand becoming unclear. However, throughout our transformation from a development bank to a Bank for Everyone, we have managed to keep the public and our customers well informed of who we are and what we stand for as a brand. This achievement is certainly a reflection of our strife in this regard,”
DFCC Bank’s Head of Marketing Nilmini Gunaratne also added, “DFCC’s brand value and strength are extremely useful measures for tracking our brand performance. As a strong brand, we have been resilient in the face of these trying times and have withstood the uncertainties of this period with great confidence. We will continue to increase the strength of our brand so that DFCC Bank will be able to create even more value for its customers,”
Given the current pandemic situation, DFCC has been able to build brand awareness by conducting a series of ethical campaigns which address the concerns of the hour due to the ongoing pandemic. One such example is a campaign which supported the Central Bank of Sri Lanka’s ‘Go Cashless’ campaign. Further, DFCC Bank’s Virtual Wallet campaign informed the public that physical contact with cash is not required to carry out day-to-day financial transactions which also re-emphasised the need to adapt to digital platforms for transactions and contactless banking.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
Navy seize an Indian fishing boat poaching in Northern waters
Allen, Seifert and bowlers combine to hand NZ 2-0 lead in rain-shortened contest
Israel launches ‘extensive strikes’ on Gaza with more than 100 reportedly killed
-
Foreign News3 days agoSearch continues in Dominican Republic for missing student Sudiksha Konanki
-
Features5 days agoRichard de Zoysa at 67
-
News6 days agoAlfred Duraiappa’s relative killed in Canada shooting
-
Midweek Review6 days agoRanil in Head-to-Head controversy
-
Features2 days agoThe Royal-Thomian and its Timeless Charm
-
Features5 days agoSL Navy helping save kidneys
-
News3 days agoDPMC unveils brand-new Bajaj three-wheeler
-
Features2 days ago‘Thomia’: Richard Simon’s Masterpiece