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Amana Bank was recently honoured with the prestigious title of ‘Bank of the Decade’ at the 10th Islamic Finance Forum of South Asia (IFFSA) Awards held in Colombo, reaffirming its position as the pioneer and leader in the region’s non-interest-based Islamic banking and finance industry.

Recognising outstanding institutions from Sri Lanka, Pakistan, the Maldives, Bangladesh and India, the IFFSA Awards has become a premier platform celebrating excellence and innovation within South Asia’s Islamic finance landscape. The accolade for ‘Bank of the Decade’ stands as a testament to Amana Bank’s consistent growth, resilience, and commitment to advancing people friendly and development focussed banking model over the past decade.

Adding to its achievements, the Bank also received the prestigious ‘Social Upliftment Project of the Decade’ award for its flagship CSR initiative OrphanCare. The project, founded on the principle of preventing a ‘second abandonment’ when orphans leave institutional care at the age of 18, ensures that every enrolled child receives financial assistance and continued support for a secure transition into adult life. All enrolments adhere to Article 2 of the United Nations Convention on the Rights of the Child, ensuring equal care and opportunity without discrimination based on religion, race, ethnicity or gender. Notably, Amana Bank bears all administrative and operational costs of the initiative, enabling every rupee donated to go directly into the accounts of the orphans.

In recognition of its continued efforts in promoting financial literacy and inclusion, Amana Bank was also awarded the ‘Social Upliftment Project of the Year 2024’ for its Knowledge Marketing and Financial Literacy programmes. These initiatives were designed to empower individuals and communities with essential financial management skills, particularly focusing on underbanked segments, entrepreneurs, women and youth, thereby contributing to long-term socio-economic empowerment.

The Bank’s in-house Sharia Advisor, Ash-Sheik Nazhan Naurooz, was also recognised with the newly introduced ‘Best Sharia Scholar Award 2025’, highlighting his invaluable contribution to maintaining Sharia compliance and fostering awareness on Islamic finance principles across the industry.

Further underscoring its responsible banking practices, Amana Bank once again secured the Gold Award for ESG (Environmental, Social and Governance) excellence, reaffirming its commitment to sustainability, ethical governance, and community wellbeing.

Amana Bank’s Managing Director/CEO Mohamed Azmeer said: ‘Being recognised as the Bank of the Decade is not just an honour, but also a validation of our unwavering commitment to deliver financial services that are both people friendly and development focussed. These awards inspire us to continue driving inclusive growth, uplifting communities, and promoting a value-based banking model that truly makes a difference in line with our mission of enabling growth and enriching lives.’

Sampath Bank recently marked the groundbreaking ceremony of five more tanks under its flagship sustainability initiative, the ‘Wewata Jeewayak’ tank restoration program, reaffirming its long.standing commitment to empowering rural farming communities across Sri Lanka. This new phase of the initiative is set to uplift the livelihoods of 1,112 farming families while rejuvenating 2,182 acres of paddy lands.

The restoration effort spans five strategically vital tanks such as the Divuldamana Wewa – Damminna, Manik Wewa – Dimbulagala, Awwadukulam Wewa – Senapura, Ketthapahuwa Wewa – Maho, and Ketan Wewa – Hambantota. The Divuldamana Wewa will support 637 farming families and revitalise 1,575 acres of paddy land, while Manik Wewa in Dimbulagala and Awwadukulam Wewa in Senapura are set to benefit 65 and 150 farming families cultivating 161 and 155 acres, respectively, with technical support provided by the Sri Lanka Mahaweli Authority. Meanwhile, Ketthapahuwa Wewa in Maho and Ketan Wewa in Hambantota will uplift 160 and 100 farming families across 131 and 160 acres of paddy land, under the guidance of the Department of Agrarian Development.

The restoration work across these tanks will include repairing tank bunds and sluice gates, removing accumulated sludge, clearing invasive aquatic plants, and constructing water distribution canals to ensure consistent irrigation.

Sampath Bank Managing Director and Chief Executive Officer Sanjaya Gunawardana said: ‘As a bank deeply rooted in the heart of our communities, we recognise the transformative power of water in shaping resilient livelihoods. Through the ‘Wewata Jeewayak’ initiative, we are breathing new life into our irrigation system that sustain generations of farmers, enabling them to cultivate with confidence and contribute to our nation’s food security. This commitment reflects our unwavering dedication to creating sustainable value while honouring the heritage and vitality of rural Sri Lanka.’

This initiative also reflects Sampath Bank’s strong commitment to Environmental, Social, and Governance (ESG) principles, where environmental stewardship and community empowerment go hand in hand. Through its investment in sustainable agriculture and rural development, the bank continues to play a vital role in building a more inclusive and resilient future for Sri Lanka.

Since its inception in 2001, the ‘Wewata Jeewayak’ program has revitalised numerous tanks across the island, reaffirming Sampath Bank’s dedication to driving socio-economic progress while preserving Sri Lanka’s rich agrarian heritage.

As work begins on these five tanks, the bank continues its journey of nurturing communities, empowering farmers, and strengthening the nation’s agricultural future.

The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKIIRSS) held the 3rd session of the month for the lecture series titled ‘Admiral’s Morning’ on 21 October at the Lighthouse Auditorium in Colombo. The series began in September, with the aim of building awareness regarding Sri Lanka’s maritime issues.

The lecture was delivered by the LKIIRSS Board member and Sri Lanka Navy’s former Chief Hydrographer Rear Admiral Y.N. Jayarathna (Retd), who presented on the topic of ‘Maritime Domain Awareness (MDA)’. He spoke particularly on the varying international definitions of Maritime Domain Awareness as per respective national interests, the Sri Lankan Navy’s evolution of MDA through the Network Centric Warfare System developed during the separatist terrorism, the Navy’s entry in to new technology like High-Frequency Surface Wave Radar (HFSWR) system used for maritime surveillance of up to 200 nautical miles from land, and the introduction of Information Fusion Centre (IFC) Colombo in 2019 and the Marine Spatial Data Infrastructure (MSDI) in 2000 as parts of wider MDA umbrella for the island nation.

The session also featured an introduction to a plethora of web-based sources through which real-time and near-real-time updates regarding weather patterns, changing temperatures and maritime threats are provided for better decision making whilst understanding the maritime domain better.

The session also had several scenario-based demonstrations on the usage of MDA tools by the Navy, explaining how capable the navy is in maintaining the domain awareness using both Restricted and Commercial platforms. These included usage of MDA tools such as SeaVision, IORIS, VMS and commercial sources, to track, detect, and coordinate the rescue missions, as well as providing technical evidences.

The audience raised questions and sought further elaborations on matters disclosed during the session, and one such was on the wide availability of data within Sri Lanka’s maritime domain, and the need for further collaboration within the government agencies in order to further enhance the development of the island nation’s own research and data acquisition on our seabed, reducing reliance on other nations. The discussion further encompassed inquiries on practical, legal and international relations aspects of this issue, including managing the threat of piracy, balancing international incentives to share data, the use of MDA in warfare and so on.

The LKI’s final ‘Admiral’s Morning’ session of the month will take place on the 28 October on the ‘Bay of Bengal and Gulf of Mannar; Strategic Neighbourhood of Sri Lanka’ and will be free and open to the public. This will conclude the series of eight lectures under the banner ‘Admiral’s Morning’ conducted for two months at LKI. These lectures covered the very essence of this island State’s maritime interests, giving a greater understanding of why we should invest in our maritime affairs.

HNB Investment Bank (HNBIB), acting as the independent adviser, has recommended that shareholders of Myland Developments PLC (MDL) not accept the mandatory offer made by Ambeon Capital PLC, citing that the offer price of Rs. 8.50 per share is below most of the company’s fair-value estimates.

HNBIB’s valuation placed MDL’s fair value above the offer price under several methodologies: the discounted cash flow (DCF) valuation yielded Rs. 9.57 per share; peer price-to-book value (P/BV) multiple suggested a higher value of Rs. 12.74 per share, benchmarked against Prime Lands Residencies PLC; the volume-weighted average price (VWAP) of MDL shares over the past month was Rs. 18.86, more than double the offer price; and net asset value (NAV) per share stood at Rs. 3.97, implying the offer carried a 114% premium to book value but a discount to market and earnings-based valuations.

‘The offer price of Rs. 8.50 is at a discount to most valuation methods, including the DCF and VWAP benchmarks. Given the recent trading levels and forecast improvements in performance, shareholders should not accept the offer,’ the report stated.

On Friday, the MDL share closed at Rs. 17.50, up by Rs. 0.60 from the previous week. The public float of the company is 18% held by 826 shareholders.

In September, Ambeon Capital, together with ATX Partners Ltd., Arcasia Investment and Trading Ltd., and Sujeewa Mudalige, acquired 81.73% of MDL, purchasing 29.6 million shares at Rs. 8.50 per share.

The consortium has extended a mandatory offer to acquire the remaining 18.27%, or 6.6 million shares, at the same price, the highest paid within the past 12 months.

Under Ambeon’s management, MDL plans to accelerate its real estate projects, targeting the completion of the Belummahara project this year and launching four new developments annually from 2026 onwards.

The company forecasts revenues to rise from Rs. 48.8 million in FY2025 to over Rs. 640 million by FY2029, with gross profit margins stabilising near 32%.

MDL, which went public in 2021, focuses on land acquisition and development primarily in Sri Lanka’s Western Province.

The Future Marketers Association of the Department of Marketing Management, University of Kelaniya, held its flagship knowledge-sharing initiative Great Minds|EntreTalks recently at the Faculty of Commerce and Management Studies Auditorium, powered by Dialog Finance.

The event served as a dynamic platform that brought together the academic and industry communities, creating space for critical discussion, shared learning, and inspired action in the field of entrepreneurship.

The panel discussion brought together some of Sri Lanka’s most dynamic business leaders including Lassana Group Chairman Dr. Lasantha Malavige, Signature Clothing CEO Amjad Hameed, FCV Group of Companies and Inmarc Incorporation Founder/CEO Dhanushka Fernando, Idea Bloom Creative Director Raffealla Fernando, and F.O.A Clothing Founder/CEO Arshard Ilyas. Their contributions underscored critical themes emphasising adaptability in volatile markets, the importance of sustainable business models, strategies for global brand building, and the resilience required to overcome entrepreneurial challenges. The initiative attracted a broad audience comprising undergraduates, students from leading schools, and entrepreneurs from the SME sector, while its online broadcast expanded the reach beyond the university, positioning the event as a national forum for entrepreneurial dialogue.

By curating such platforms, the Future Marketers Association continues to move beyond classroom learning, not only enriching the academic journey of its undergraduates but also serving the broader public. Through knowledge-sharing and mentorship, the Association fosters a culture of entrepreneurship, empowering Sri Lanka’s youth and business community to build resilient and future-ready enterprises.

Fintech Forum Sri Lanka (Guarantee) Ltd., recently marked its first anniversary and inaugural Annual General Meeting (AGM) in Colombo, celebrating a year of uniting the country’s fragmented financial ecosystem under one platform.

The milestone capped a transformative 12 months for the Forum, which has successfully brought together banks, non-bank financial institutions (NBFIs), fintech companies, regulators, and technology innovators in pursuit of the shared vision of positioning Sri Lanka as a regional fintech hub and driving a national shift toward a less-cash economy. When the Fintech Forum launched a year ago, its mission seemed simple but ambitious: to bridge the long-standing gaps between stakeholders working in silos and with competing priorities. A year later, the results speak for themselves.

Chairman Channa de Silva is proud of how the Forum has transformed collaboration across the financial ecosystem from banks and NBFIs to global payment networks, local and international solution providers, startups, and regulators. Together, they are laying the groundwork for a digitally enabled economy and aligning the industry around the same objective: reducing reliance on cash. ‘The main purpose was to get the entire industry to work together. Previously, everyone was doing their own thing – banks in one corner, finance companies in another, technology firms elsewhere, while fintech and startup companies were nowhere. The Central Bank’s national payments roadmap provided some direction, but it lacked cohesive industry buy-in and participation,’ said de Silva.

Having overcome its first major hurdle – unifying the sector, showcased at the Sri Lanka Fintech Summit 2025 – the Forum is now focusing on building international partnerships and driving financial inclusivity, the next step toward its overarching goal of establishing Sri Lanka as a regional centre of excellence in fintech. One of the Forum’s most significant achievements at the recently concluded Summit was securing industry-wide participation and consensus around a shared national goal: to reduce the country’s dependency on cash by bringing down the currency in circulation-to-GDP ratio from 4.5% to 3.5% within three years.

‘This goal represents a transformational shift in how our economy functions. It’s ambitious yet achievable and it gives us a measurable way to track real progress as the economy grows. To achieve this, all stakeholders must work closely and cohesively.’ noted de Silva. The foundation for this collaboration was built through the Forum’s year-long program of knowledge-sharing sessions, networking events, and capacity-building workshops, which enabled cross-pollination of ideas and best practices across the industry.

LankaPay, the national payment network, serves as the Forum’s institutional member, providing formal structure and long-term continuity. The Central Bank of Sri Lanka (CBSL), represented on the Forum’s Advisory Council, offers regulatory oversight and policy-level guidance. The Forum is also developing structured engagement with the Securities and Exchange Commission, Colombo Stock Exchange, BOI, Port City Colombo, EDB, and others to promote dialogue on fintech investment and regulatory readiness.

‘We are aligning industry initiatives with the national digital agenda,’ de Silva, who also serves as CEO of LankaPay, explained. ‘Fintech is not just about payments, it’s about enabling a modern and inclusive digital economy.’ The Forum’s regional collaboration is driven through the Asia Fintech Alliance, linking Sri Lanka with 14 other fintech associations across Asia. Through this platform, Sri Lanka gains visibility in cross-border dialogues on innovation, regulation, and investment – strengthening its position as an emerging fintech hub in South Asia.

The Forum’s first year culminated in the Sri Lanka Fintech Summit 2025, which drew a full house from the very beginning – a rare show of early-morning punctuality in Colombo.

The event brought together global leaders, industry experts, policymakers, and fintech visionaries, including NPCI, India CEO Dilip Asbe, GFTN Singapore and MAS former Chief Fintech Officer Group CEO Sopnendu Mohanty, PhonePe, India CEO Ritesh Pai, PictureWealth, Australia Co-founder and ex-DBS Bank, Singapore Neal Cross, Better Than Cash Alliance, Rwanda Managing Director Nshuti Mbabazi, and Boost, Malaysia Group CEO Sheyantha Abeykoon setting the stage for strategic collaboration. The Summit also enabled the Forum to forge international partnerships and connect local innovators with global investors. Startup pitching sessions gave Sri Lankan fintech entrepreneurs the opportunity to present their solutions to international investors and regional accelerators, opening doors for collaborations, funding, and market access.

In addition to plenary sessions, closed-door roundtables brought together key stakeholders, regulators, fintech companies, banks, NBFIs, payment platforms, investors, and development partners to shape a shared action plan for Sri Lanka’s fintech journey.

Discussions focused on aligning national priorities, identifying regulatory enablers, and setting measurable goals for innovation, inclusion, and digital adoption. ‘As we move forward, we’re not just talking about possibilities; we are defining clear strategies and assigning responsibilities. The roundtables gave everyone ownership of the next steps in multiple areas, so the momentum from the Summit translates directly into progress and concrete action on the ground. The Summit was our finale for the year – and also our launchpad for what comes next.’ added de Silva.

Recognising that innovation begins with people, the Forum launched Finnovation Lab, an initiative that brought together over 200 interns, university students, and young entrepreneurs for hands-on mentoring and exposure. Participants also gained special access to the Fintech Summit, experiencing firsthand the industry they will soon shape.

‘We, as the older generation, must lay a strong foundation. The next generation must take it forward. That’s how we build a sustainable ecosystem.’ de Silva said, and added that the Forum’s focus will be on charting a niche for Sri Lanka in the regional fintech landscape. ‘If we want to be a regional hub, we don’t necessarily need to compete head-on with regional giants. We must identify our niche, the areas where Sri Lanka can lead with innovation, agility, and quality. The key is for the industry to come together, identify our strengths, and consolidate our efforts in those areas.’ he said.

The Forum envisions a focused, high-value regional fintech hub leveraging Sri Lanka’s skilled workforce, proven technology capabilities, and newly aligned ecosystem. Through international partnerships, regional investment engagement, and startup ecosystem development, Sri Lanka can position itself as the go-to destination for specialised fintech solutions in South Asia.

With new BOI initiatives and potential Port City Colombo offerings encouraging international fintech players to establish regional headquarters, the Forum aims to ensure local participation and knowledge transfer, maximising Sri Lanka’s current window of opportunity. For investors, policymakers, and industry players, the message is clear: the groundwork and direction for a collaborative, innovation-driven digital economy are now in place.

‘The country’s vision is finally coming together. From government to industry, everyone is moving in the same direction. If we stay united and focused, Sri Lanka can carve its own niche in the global fintech landscape.’ opined de Silva. In one year, the Fintech Forum of Sri Lanka has done more than build connections, it has built momentum. With a shared purpose, measurable targets, and growing global partnerships, it is turning the promise of a digital economy into a national movement.

UK-listed Capital Metals PLC recently issued 638,029 ordinary shares to its financial adviser Hannam and Partners as payment for commission and advisory services related to its operations, notably in Sri Lanka.

Capital Metals, listed on the London Stock Exchange AIM Board under the ticker CMET, is developing the Taprobane Minerals Project in Sri Lanka, located about 220 kilometres east of Colombo.

The project contains deposits of industrial minerals such as ilmenite, rutile, zircon, and garnet, which are used in manufacturing and engineering industries. In May 2025, Ambeon Capital PLC said it was investing Rs. 600 million for an initial 14% stake in the project located in the Eastern Province.

According to earlier assessments, the project ranks among the higher-grade mineral sands deposits globally, with an estimated net present value of between $ 155-235 million.

The company has said it expects to generate over $ 150 million in royalties and taxes for Sri Lanka and create around 300 direct jobs once production begins.

The shares were issued at 2.8610 pence per share, amounting to £ 18,254, and are based on the 30-day volume-weighted average price of the company’s stock.

The company also granted 150,000 warrants to Hannam and Partners, exercisable at 2.75 pence per share after 12 months and valid for five years. The shares began trading on London’s Alternative Investment Market (AIM) around 20 October, bringing Capital Metals’ total issued share capital to 491.8 million ordinary shares.

Sri Lanka stands at a moment when political intent, social demand, and institutional opportunity align. The people have given the new Government a decisive majority and a clear mandate for change. With a two-thirds majority in Parliament, a largely cooperative opposition, and an expectant population, the Government now has a unique opportunity to deliver on its promises of system change and to move forward on long-delayed justice and reconciliation.

The National Peace Council (NPC) urges the Government to act with urgency and decisiveness to implement its transitional justice commitments as part of building a fairer and more inclusive state. Delivering justice now would rebuild trust among communities, restore Sri Lanka’s credibility internationally, and lay a foundation for renewed investment and rapid economic development. On the other hand, continued delay in addressing the grievances of communities affected by past violence not only erodes confidence in the Government’s sincerity but also risks allowing other issues to side-track the reform agenda.

Findings from the Sri Lanka Barometer, a national survey on reconciliation jointly funded by the EU and the German Government, with field work done in the early part of this year, shows that political trust had declined in the Northern and Eastern provinces and was the lowest among all provinces. The report notes that ‘longstanding justice claims related to the war remain unresolved, continuing to erode trust and reflecting the fractured relationship between Tamil communities and the State.’

At the community level, Tamil groups continue to demand reparations for losses suffered during and after the war. Reparations are not merely financial; they are acknowledgements that lives lost mattered and commitments to prevent recurrence. The Valvettithurai Citizens’ Committee has appealed to the Office for Reparations regarding the 1989 massacre in which 66 civilians were killed and 34 injured during operations by the Indian Peacekeeping Force. This makes clear that time does not heal wounds that have never been recognised.

In addition, Muslim civic groups continue to seek justice for those killed in massacres and riots that remain unresolved to this day-Kattankudy (1990), Palliyagodella (1992), Aluthgama (2014), and Digana (2018). These tragedies still cast long shadows over communities whose pain has yet to be acknowledged. The Catholic Church has also voiced deep disappointment at the slow pace of investigations into the 2019 Easter Sunday bombings and has renewed its call for an independent public prosecutor, a key election pledge. Many years after tragedy, justice remains elusive.

The NPC cautions against the danger of unjustified complacency following the UN Human Rights Council (UNHRC) resolution adopted last month in Geneva, which gives Sri Lanka two more years to fulfil its commitments on accountability, truth-seeking, and reparations. The resolution also de-emphasises the need for an international mechanism at this time. NPC stands prepared to support the Government in mobilising public and civil society support for reconciliation and transitional justice initiatives through national mechanisms and with international support. With the political power to legislate and the people’s demand for change clear, this is the moment for the Government to act.

Kemcare Technologies Ltd. has announced that it has been officially certified as a Great Place To Work in Sri Lanka, effective September 2025.

Awarded by Great Place To Work (GPTW), the global authority on workplace culture, this certification recognises Kemcare’s commitment to fostering an inspiring, inclusive, and people-driven work environment.

‘At Kemcare Technologies, our greatest strength lies in our people,’ said the Director. ‘This recognition reflects the trust, teamwork, and passion that define our culture and drive us to enrich lives through innovation and excellence.’

The company proudly shares this achievement with its employees, customers, and partners, reaffirming its dedication to setting new benchmarks in workplace culture and organisational growth.

Kemcare Technologies Pvt Ltd. – Together, we enrich lives.

Sri Lankans across the island rely on three-wheelers, vans, motorbikes, and small trucks not just for transport, but for income. They are delivery riders, distributors, small and medium scale entrepreneurs and self-employed workers, whose daily effort supports and uplifts local economies. Yet despite their contribution to the country’s economy their access to organised credit is limited and they have remained underserved by formal financial institutions.

Mahindra Ideal Finance Ltd., (MIFL), a licensed non-bank financial institution regulated by the Central Bank of Sri Lanka, is addressing this gap by offering leasing and loan products tailored for this segment of micro-entrepreneurs. The company focuses particularly on individuals who depend on vehicles for their daily income and offer structured, repeatable financing to help improve their earning potential.

Mahindra Ideal Finance Ltd., Managing Director and CEO Mufaddal A. Choonia said: ‘We work with customers who don’t fit conventional lending profiles but are the ones who drive real economic activity. Our goal is to offer the ‘earn and pay’ segment of customers, financial solutions that are serviceable by their earning patterns and we do not fit them into systems that weren’t built for them. This, we believe is the future of inclusive financial access in Sri Lanka.’

Sri Lanka’s credit gap for this customer segment and MSMEs stands at over $ 13 billion due to limited financing available to these individuals who are without payslips, fixed assets, or CRIB histories. Many work informally and cannot meet the documentation requirements or traditional collateral conditions demanded by most financial institutions. While they may use formal banking services, their access to formalised credit remains limited.

Furthermore, Sri Lanka has over one million registered three-wheelers, with approximately 800,000 used for commercial transport. The sector supports an estimated 760,000 households and over 2.8 million people.

Data shows that 98% of three-wheeler drivers actively save through formal banks, despite operating outside traditional employment structures. For most of these customers, leasing remains the only option to access vehicles. MIFL’s deep understanding of this segment of customers ensures that the repayment cycles for these customers are aligned to their daily cash flows, thereby ensuring easy rental repayments.

MIFL’s financing model seeks to change this by making vehicle ownership more accessible and cost-effective. Its emphasis on dealer partnerships and flexible credit structures allows customers to engage on terms better suited to their cashflow cycles. In doing so, MIFL provides a path toward long-term income retention and asset ownership – both of which are critical to building economic resilience at the household level.