Business
Ideal Motors donates Mahindra Ambulance to fight against Covid-19

As part of its wide-ranging, empathetic response to the Covid-19 crisis, Ideal Motors (Pvt) Ltd has donated a Mahindra Ambulance valued at approximately Rs. Ten million to the Madura Vithana Foundation on 5th September 2021.
The fully-equipped ambulance was handed over by Nalin Welgama, the Founder and Chairman of the Ideal Group to Member of Parliament, Madura Vithana, Founder of the Foundation. The vehicle was donated primarily to enable the Foundation to support the vaccination of persons over 60 years of age and the disabled in the Colombo District.
The donation also coincided with the company’s Founders’ Day, the birthday of Nalin Welgama, the Founder and Chairman of the Ideal Group which was commemorated on 5th September. This ambulance will also support the country’s efforts in its fight against the Covid-19 pandemic and provide health services to affected citizens expeditiously.
As a company deeply committed and recognized for its series of corporate social welfare initiatives, Ideal Motors (Pvt) Ltd has relentlessly provided assistance during these unprecedented times, supporting vulnerable segments of the population and donating vital equipment.
Ideal Motors (Pvt) Ltd’s relief programme for Covid-19 included donating washing machines and waste bins to the Base Hospital Mulleriyawa which was an urgent requirement, presenting six laptops to the Cardiology Unit of the Colombo National Hospital which were crucial for recording patients’ data, and also providing the Ministry of Health a stock of personal protective clothing and accessories required for health service frontline staff which was handed over by Nalin Welgama to Ministry officials at the Gangarama Temple in Colombo.
In addition, among the social welfare programmes implemented by Ideal Motors are a drinking water project for 1500 severely affected families in the Namalpura area located in the Anuradhapura District, providing drinking water facilities to the school the Thalgaswewa Vidyaravinda Vidyalaya, Nonchchiyagama, in addition to presenting the students with school stationary such as books, bags, shoes and other necessities, constructing the courtyard for the Bo Tree of the Diyapattugama Temple in Kevitiyagala, and offering a Buddha statue while also donating necessary computers to the Diyapaththugama S.A. Welgama Junior School. Furthermore, Mahindra Electric three-wheelers were presented to the Kataragama Temple and the Atamasthanadhipati Thero of the Anuradhapura Temple. To-date, Ideal Motors has spent over Rs 30 million towards their social welfare projects in supporting communities across the island.
Commenting on the company’s social welfare programmes, Nalin Welgama, said, “Founders Day is a special event in the calendar of our company as September 5th marks the inauguration of our business. Over the years the company has engaged in countless social service programmes, however, we have not sought any publicity for our work.”
He added, “The pandemic has affected not only our country but has caused catastrophic results for the whole world. I believe, business leaders need to come forward and support the nation during these challenging times. I request all corporates and their leaders to come together and instead of blaming the government look inwards to see what we can do for our nation. This is our motherland and it is our duty to support the country, especially at this time. We are aware there are several companies that have made vast profits in the last two to three quarters this year due to coronavirus. My humble request is to come forward and dutifully work towards the development of the country.”
Commenting on receiving the ambulance for the Foundation, MP Madura Vithanage said, “We are extremely thankful to Ideal Motors and Nalin Welgama, in providing an ambulance to the Vithana Foundation. Our country is facing a severe shortage of ambulances due to the current corona epidemic. This noble deed will help transport all Public Health Inspection Officers in the Colombo District. We aim to coordinate with the police and the local authorities and ensure that those over 60 years and unable to go to vaccination centers can be visited at home and vaccinated.”
He also stated, “With the corona pandemic, dengue has also raised its ugly head and in coordination with the Public Health Officers, this ambulance will also be used for dengue patients, in addition to carry out Rapid antigen testing and PCR testing. The first phase of using the ambulance has already been planned and activities are being coordinated by the Chief Medical Officer of the Kotte Municipal Council. We are indebted to Nalin Welgama and Ideal Motors, for their exemplary actions in not seeking profits but genuinely coming forward and serving the country through social welfare projects especially in the fight against Covid-19.”
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
Business
LOLC Al-Falaah pioneers Sri Lanka’s first Wakalah-based factoring solution

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.
Business
Lumala emerges victorious at National Industry Brand Excellence Awards 2024

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.
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