Business
How the University of Peradeniya has weathered the politico-economic storms of the decades
Extracts from the speech delivered by one of Sri Lanka’s most eminent historians, Emeritus Professor W.I. Siriweera, on being conferred the Degree of the Doctor of Letters by the University of Peradeniya at its convocation of August 22nd, 2024.
Peradeniya University began in 1952 when sections of the old University College in Colombo including the Faculties of Law, Arts, Oriental Studies, Agriculture and Veterinary Science were shifted there with around 1200 students. They were accommodated in five Halls of Residence: Jayatilake, Arunachalam, Marrs, James Peiris and Hilda Obeysekara. Halls of Residence have proliferated subsequently and according to the UGC statistics the internal student population at Peradeniya in 2022 was 15108. Student profile has also changed substantially. The sex ratio of the Arts Faculty in 1960 was 56.5 per cent males and 43.5 per cent females. This has changed over the years and in 2008/2009 the approximate percentage of females has increased to 79 per cent and by 2022 to 81 per cent. The percentage of girls in Agriculture, Dental Sciences, Veterinary Science and Allied Health Sciences is also relatively high.
In student politics, the traditional left was powerfully represented in the campus until late 1960’s. The Fourth International Trotskyites dominated the scene while there were quite a few Moscow wing or Peking wing communists. They agitated against and highlighted global events. For example, in June 1960, the untimely demise of the African leader Patrice Lumumba was sufficient reason for the anti-imperialist, anti bourgeois, socialist to the core intellectuals in training, to march to Kandy in a massive procession to let the people of Kandy know of the great injustices perpetrated by the imperialists on the people of Africa.
It was a long procession carrying placards and banners with strong anti-imperialist slogans. We were crying out slogans asking the Imperialists to go home. But we did not know who these Imperialists were or where they were. Those who did not know the slogans cried out whatever that came to their mind: even the titles of popular Indian films at the time.
By 1968/69 all other Marxist or leftist groups were overtaken by the Janatha Vimukthi Peramuna and also later by its offshoot: the Peratugami Samajavadi Pakshaya. These two groups have dominated student politics up to now. Unlike the earlier left-wing politicians, they have focused attention on local problems within a Marxist framework. Agitations against student suppression, against limited financial allocations, against efforts to privatize education have been their main concerns.
Food culture in Halls of Residence has also changed considerably since the beginning of the university. Professor Halpe, one of the first undergraduates has stated that “life was luxurious”. According to him food served in the Halls of Residence was better than home cooked ones.
Campus meals in 1950’s and 1960’s were of a high standard. For breakfast, toast and eggs or boiled chick peas were served. Those who did not like eggs, got a sizeable chunk of Kraft cheddar cheese. For lunch, rice and curry with beef or fish with several vegetables were served. Dinner was varied with fish or beef alternated with western food like vegetable soup, beef steaks with mashed potatoes and bread. Dessert followed both lunch and dinner.
However, as everything else, food situation too has gradually deteriorated over the years. By early 1970’s serving meals at the dining tables was discontinued and students had to queue up with their meal tickets to be served at the food counters. Even this practice was stopped in the early eighties and since then undergraduates, academic staff living in Halls of Residence and sub-wardens purchase meals from canteens or prepare their meals in rooms.
Drama activities were at their best in mid nineteen fifties and early nineteen sixties. Professor E.F.C. Ludowyk had played a key role in this development. He had persuaded the university authorities to hire Jubal, an East European, on contract basis to promote Western drama. About the same period, professor Sarathchandra was instrumental in establishing the Open Air Theatre with the surrounding terraces.
His dramas such as Maname and Sinhabahu mesmerized the crowds in that balmy atmosphere. In the case of reviving Tamil folk theatrical traditions, professor Vidyanandan played a key role.
After mid nineteen sixties, Golden era of Peradeniya university came to an end. Cultural as well as academic activities declined. But the university has been resilient in trying circumstances and has faced up to challenges and realities of the time. Amidst changes, the university has survived with some of its spirit intact.
It is up to the academic staff, students and administrators to retain its spirit irrespective of the vicissitudes of the campus environment and campus life.
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 ✍️
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.
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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