By Sanath Nanayakkare

Kandy, the largest city in the Central Province of Sri Lanka, will see the grand opening of a mega, cozy bookstore on 20th December 2024, equal in importance or quality to any highly patronized bookstore in Colombo, N.B. Basnayake, Managing Director of N.B. Basnayake Company Pvt. Ltd., told The Island Financial Review last week.

We listened to the entrepreneurial journey of the man born in Hasalaka and studied at Rahula Vidyalaya, Katugastota who had his nose buried in the library books during his school days and came up the hard way.

“In the mid-1990s, there was no hype or school entrepreneurship programmes or bank seminars about entrepreneurship. I simply had a love for books in my youth and I spent a great deal of my free time in the school library. This inspired in me a desire to build a supermarket-model bookstore in Kandy; a cozy place where those who live in Kandy as well as who visit there for work, business or leisure can walk in and buy a good novel, a biography, English translations of greatest books ever-written or the whole range of schoolbooks for the academic success of school going children, under one single roof in Kandy. The Rs. 70 million worth bookstore aptly named as Sipsayuri Poth Medura that we are opening on Dec. 20, in Tennekumbura, Kandy will be the largest of the kind outside of western province of Sri Lanka. It will have not only all type of books but also stationery, schoolbags, shoes, lunchboxes water bottles and all other school educational items,” he said.

N.B. Basnayake

Reflecting on the past he said,” As a young man, I first earned my own livelihood as a mathematics tutor for some years. In the meantime, I started distributing school textbooks printed by various publishers in the country to bookshops in all parts of the country. In addition to that, I organized bookfairs at many schools in the country where I saw firsthand the demand for high-quality schoolbooks. The market taught me that having a strong sales network, a pool of recognized authors for different subjects and a publishing house with high print quality would be the recipe for success in this domain. Taking insights from that ground-based experience and the funds I accumulated over the years from the distribution operation, I ventured into becoming a publisher making significant investments in infrastructure, human resource, transporting lorries and state-of-the art German machinery. Today, I have reason to believe that my company is among the top ten publishers of Sri Lanka,” he said.

When asked what today’s young people can learn from the entrepreneurial journey of a man born in Hasalaka, studied at Rahula Vidyalaya, Katugastota and distributed other publishers’ books for more than 20-years and built his own publishing house and mega bookstore, he replied,” Find your passion, be honest, be flexible, deliver quality, take risks, trust yourself and above all set goals beyond profit.”

Basnayake noted that if the policymakers explore ways to reduce the high taxes applicable to input imports for the publishing industry, the current prices of books and educational materials could be brought down by about 20%, which he said would ease the burden on struggling families and encourage the reading public to enhance their cognitive skills.

“Publishing is for reading. And reading maketh a full man,” Basnayake said referring to a quote by Francis Bacon, the famous English philosopher.

Kangaroo Cabs Pvt. Ltd. conducted a one-day training program, as a corporate social responsibility project recently, for its chauffeurs to inform them of the ills of dangerous drug addiction. The event was held at Hotel Viluxey, Maharagama, under the direction of the company’s top management with Director Operations Thushara Fonseka playing a key role in the venture.

The special training event also saw the participation of Deputy Director of the Police Narcotic Bureau (PNB) ASP Namal Perera, who imparted instructions to the chauffeurs under the direction of DIG Oshana Hewawitharana of the PNB.

LOLC Al-Falaah, the alternate financing unit of LOLC Finance, has once again cemented its legacy as a trailblazer in the Islamic finance landscape by being voted the “Best Islamic Leasing Provider (Global)” in the IFN Non-Banking Financial Institutions Poll 2024. This marks the third time in four years that Al-Falaah has achieved this No.1 position in this global accolade, underscoring its excellence as the most preferred alternate financial services provider.

The annual IFN Best NBFI Poll recognizes industry-leading providers of Islamic financial services across global markets and varied sectors. This year, it attracted record-breaking participation from voters in Asia, the Middle East, Africa, Europe, and North America, highlighting the vibrant global Islamic finance sector. The global winners of various categories listed in the IFN-NBFI Global Poll were announced on the 17th of November 2024, with the prestigious awarding ceremonies set to take place in Dubai, United Arab Emirates, and Kuala Lumpur, Malaysia, in mid-February 2025.

LOLC Al-Falaah’s innovative product portfolio, which spans nine key offerings—including investment instruments, leasing, trade finance, and real estate finance—continues to redefine industry standards. Notably, Al-Falaah pioneered Sri Lanka’s first Wadi’ah gold storage facility, providing a Shari’ah-compliant alternative to conventional gold loans, a portfolio that has surpassed an impressive LKR 2 billion this year. The company’s unwavering commitment to innovation, financial inclusivity, and exceptional customer care has resonated deeply with its clientele, earning it both local and global acclaim.

This recognition comes as LOLC Al-Falaah operates within the formidable framework of LOLC Finance PLC, which holds over 20% of Sri Lanka’s NBFI asset portfolio and boasts a robust balance sheet exceeding Rs. 200 billion. Through its 213-strong branch network and a team of dedicated professionals, Al-Falaah ensures that its tailored solutions are accessible to all Sri Lankans, irrespective of background. As the second-largest alternate finance provider in the country, Al-Falaah commands a total asset base of over Rs. 35 billion, serving more than 65,000 active clients.

Reflecting on this achievement, Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, shared, “This recognition is a testament to our steadfast focus on achieving excellence in every facet of our operations. From product innovation to customer care and social responsibility, we strive to set benchmarks that resonate with the needs and aspirations of our communities. Being voted the Best Islamic Leasing Provider is a humbling honour that inspires us to continue empowering lives and fostering economic stability through Shari’ah-compliant financial solutions.”

Adding to this, Shafin Iqbal, Manager, Institutional Marketing at LOLC Al-Falaah, expressed, “In the highly competitive and fast-paced industry, receiving a global award is a true testament to the creativity and the innovative impact of the brand’s communication efforts. LOLC Al-Falaah winning the prestigious IFN Award for the ‘Best Leasing Provider, Global’ category recognizes its approach in connecting with various stakeholders across multiple regions and also takes a closer look at the well-executed marketing communication strategies and cross-functional collaboration that led to this remarkable achievement. This win reflects the trust and loyalty of our customers and the support of our communities, whose voices have driven us to this pinnacle of success.”

LOLC Al-Falaah’s enduring success is a powerful affirmation of its comprehensive approach, combining exceptional financial performance with deep-rooted ethical values. This latest recognition not only celebrates its achievements but also reinforces its vision of driving sustained growth and inclusivity, ensuring a brighter future for all Sri Lankans.