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Sharia-compliant financial solutions for TRI-ZEN customers

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John Keells Properties (JKP) has partnered with HNB Islamic Banking to offer a Sharia-compliant financial solutions for customers looking to invest in their upcoming TRI-ZEN residential development in Colombo, a joint news release said.

“The collaboration will offer attractive rates which are competitive in the current mortgage market through the Islamic Banking Finance system, which utilizes an asset-backed equity-based alternate financing method,” the announcement said.

It explained the principle used is “Diminishing Musharakah”, a rental based investment where the customer and bank jointly invest in a tangible asset. A key feature is that it does not involve ‘interest’ and is, therefore, an attractive option for people from faiths that prohibit interest or for those seeking alternate financing options.

“As the country’s leading property developer, John Keells Properties has always been at the forefront of innovation and introduced attractive financial solutions for our customers. This is our first collaboration to offer Sharia-compliant financial solutions and we are excited to have a leading institution such as HNB Islamic Banking on board,” said Nadeem Shums, JKP Head of Sales & Marketing and John Keells Holdings Vice President.

“HNB Islamic Banking is equipped with years of experience in Sharia-compliant financial solutions. Customers will be able to avail of the full suite of HNB Finance’s financial facilities and services in order to purchase a TRI-ZEN apartment in the heart of Colombo on affordable terms,” explained Hisham Ally, AGM Islamic Banking at HNB.

Hatton National Bank Plc is the first top tier bank to enter into Islamic banking. HNB Islamic Banking commenced operations in 2012, began winning multiple awards in many local and international forums from its second year of operation, and now stands as the most sought-after Islamic banking service provider currently in the market.

“HNB Islamic Banking has a highly experienced staff with a dedicated office located at Marine Drive, Colombo 03. Customers can simply walk into the Islamic Banking office at Colombo 03 or any other HNB Branch to experience its supreme service and offerings,” the release said.

“TRI-ZEN is a highly anticipated joint venture between Indra Traders (Pvt) Ltd. and John Keells Holdings PLC. It is expected to be completed in 2023. Located in Union Place, Colombo 02, the 53-storey residential development will house 891 one, two, and three-bedroomed apartments and will be equipped with smart-living features and state-of-the-art facilities. A key feature of TRI-ZEN is its competitive pricing – with two-bedroomed apartments starting at LKR 35 million,” it added.

The development is located in the heart of Colombo 02 with easy access to public transport terminals, offices, leading schools, hospitals, hotels, and F&B and retail arcades in Colombo.

For more information on TRI-ZEN, visit: www.trizen.lk



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President outlines a bold vision for Sri Lanka tourism at THASL’s 58th AGM

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Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.

“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.

The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.

(PMD)

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Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)

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The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.

Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.

The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.

Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.

Free ETA under this scheme can be applied up to 31-03-2024.

The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.

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Sri Lanka and Saudi Arabia prioritize economic ties in apparel and tourism sectors

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The Minister of Economy and Planning for the Kingdom of Saudi Arabia. Faisal F. Alibrahim, met with President Ranil Wickremesinghe on Monday (27) at the Presidential Secretariat.

During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including apparels and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.

President Ranil Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.

(PMD)

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