Author: user user

The NDB Wealth Growth Fund said it has once again showcased its ability to deliver consistent and market-leading performance, posting an impressive year-to-date (YTD) return of 37.11% as of 30 September 2025. This follows exceptional returns of 44.96% in 2024 and 37.47% in 2023, marking three consecutive years of outstanding growth.

Since the beginning of 2023, the Fund has generated a cumulative return of over 170%, significantly outpacing the ASPI return of 156.53%. This remarkable track record is a testament to the Fund management team’s disciplined approach in identifying high-conviction growth opportunities and maintaining agile capital allocation strategies.

NDB Wealth said that the results reaffirm the Growth Fund’s position at the forefront of market innovation, delivering substantial value to its investors. With macroeconomic headwinds easing and secular growth trends gaining momentum, the Fund remains committed to capturing long-term value creation opportunities.

As Sri Lanka’s domestic economy continues its recovery and interest rates decline to single-digit levels, investors are increasingly exploring equity-based solutions to achieve stronger, tax-efficient returns. The NDB Wealth Growth Fund provides such an opportunity through a professionally managed, diversified equity portfolio, designed to deliver sustainable capital growth over the medium to long term.

With a minimum investment of just Rs. 5,000, the Fund offers an accessible gateway for investors to participate in the growth of established companies with strong fundamentals and proven track records.

For investors seeking to capitalise on the country’s evolving growth story, the NDB Wealth Growth Fund said it stands out as a reliable partner, delivering consistent returns while staying aligned with long-term wealth creation objectives.

Sri Lanka’s workers’ remittances surged to $ 695.7 million in September, marking the third highest monthly inflow so far in 2025, according to the latest data released by the Central Bank of Sri Lanka (CBSL).

The figure reflects a 25.2% year-on-year (YoY) increase and represents the sixth consecutive month of record inflows, underscoring the steady recovery of foreign worker earnings.

Cumulatively, workers’ remittances in the first nine months of 2025 rose 20% YoY to surpass $ 5.8 billion, registering the strongest performance for the period since 2020.

The year-to-date (YTD) figure also represents an 8% increase compared to the over $ 5.38 billion registered in the same period of 2016-the year that holds the record for the highest annual workers’ remittances inflow at $ 7.24 billion.

The sharpest post-crisis rebound was in 2023, when workers’ remittances grew by 57% to $ 5.96 billion, recovering from a 12-year low of $ 3.78 billion in 2022.

In 2024, workers’ remittances hit a four-year high of $ 6.57 billion, up by 10.1% from 2023. This growth was followed by a record wave of people seeking foreign employment after an unprecedented economic crisis.

Historically, the highest-ever annual workers’ remittances were recorded in 2016, whilst between 2014 and 2018, the annual inflows averaged around $ 7 billion, or roughly around $ 600 million per month.

A 23-member US delegation, comprising senior representatives from leading American think tanks and private sector enterprises, recently paid a courtesy call on Board of Investment (BOI) of Sri Lanka Chairman Arjuna Herath.

The delegation included members from the Hudson Institute, the American Enterprise Institute, and executives representing the technology and human capital development sectors.

The meeting brought together senior Sri Lankan Government officials. The US delegation was led by Hudson Institute’s Prof. Walter Russell Mead.

In a statement, the BOI said discussions centred on strengthening economic ties, expanding investment opportunities, and Sri Lanka’s strategic role in a rapidly evolving geopolitical landscape.

Prof. Mead explained that the delegation was keen to understand Sri Lanka’s economic transformation, regional positioning, and development priorities. Delegation members engaged in discussion on a wide range of topics including the investment climate, technology adoption, and real estate development.

Herath said: ‘We are determined to maintain macroeconomic stability while fostering growth. Our Government is firmly market-oriented, working closely with the International Monetary Fund (IMF) to ensure fiscal discipline, eliminate corruption, and promote good governance. Sri Lanka’s economic trajectory is strong, forward-looking, and open for business.’

On geopolitical matters, Sri Lankan officials reaffirmed the country’s longstanding non-aligned foreign policy, maintaining constructive relations with all major powers while safeguarding national interests. They said Sri Lanka remained neutral and independent in its external relations, while ties with the US were historic and enduring.

The BOI highlighted Sri Lanka’s strategic advantages for investors: a highly educated and trainable, English-speaking workforce; a strategic location along major East-West shipping routes; and competitive opportunities in high-growth sectors such as logistics, renewable energy, technology, pharmaceuticals, minerals, apparel, tourism, and real estate development.

Officials also outlined several upcoming initiatives, including specialised economic zones for technology, textiles, and pharmaceuticals, new digital economy initiatives, and expanded opportunities in port logistics and industrial infrastructure, supported by upcoming regulatory reforms to further foster strategic investments.

When asked about Sri Lanka’s message to US investors, the BOI Chief said: ‘We remain open, transparent, and eager to work with US partners. Our focus is on fostering a positive narrative that reflects Sri Lanka’s recovery, resilience, and readiness to welcome investment.’

LOLC Al-Falaah the Alternate Financial Services unit of LOLC Finance has announced the re-launch of its new upgraded International Debit Card. This latest offering is designed to deliver enhanced convenience, security, and financial empowerment while staying true to the principles of Islamic banking.

The upgraded LOLC Al-Falaah International Debit Card features EMV chip technology, ensuring every transaction is encrypted and protected, giving customers peace of mind as they navigate physical and digital financial landscapes, whilst processing local and international transactions. The card is a dual-interface visa debit card, allowing customers to perform contact and contactless transactions across various local and international payment platforms. With dual-network functionality, customers can now access ATM services and perform debit card transactions locally and globally. The card is accepted at all VISA merchant outlets across Sri Lanka and overseas, offering users a convenient and borderless payment solution.

LOLC Al-Falaah’s Debit Card is cost-effective to use and is the only debit card in the market that includes zero joining fees, annual fees, ATM withdrawal charges, hidden transaction fees for usage, giving account holders full access to their actual account balance. Customers can also benefit from real-time SMS alerts for all transactions along with exclusive discounts and special offers lined-up with over 100 merchants, positioning the card as a practical and rewarding financial tool, going forward.

The introduction of the latest debit card stands as a core component of LOLC Al-Falaah’s broader strategy to enhance the banking experience of existing investors as well as potential new customers across Sri Lanka. The card promotes ethical and responsible spending while expanding financial inclusion, particularly in underserved and rural communities. It offers access to digital payments through its expansive branch network, ensuring modern, secure banking for all customers regardless of geography or income in a manner aligned with their values.

LOLC Al-Falaah Head of Alternate Financial Services Shiraz Refai said, ‘Managing one’s finances effectively while staying true to one’s beliefs and moral values is essential. At LOLC Al-Falaah, we have long believed in enabling our customers to pursue financial independence without compromising their faith. Through this debit card upgrade, we take yet another step towards building an inclusive, ethical, and accessible financial ecosystem, one where every Sri Lankan, whether a seasoned investor, small-business owner, or daily wage earner, has the tools and guidance needed to thrive. Our commitment goes far beyond just providing services; we build relationships. We stand by our customers in times of need, guiding them toward regulated financial accessibility and away from exploitative, unregulated lending practices. We invest in communities through educational initiatives and financial literacy programs, empowering them with the greatest wealth of all: knowledge. The introduction of this upgraded debit card represents not just a payment tool, but a meaningful leap toward financial dignity, inclusivity, and sustainable prosperity for all.’

Manager – Institutional Marketing Shafin Iqbal added, ‘We are excited to announce the launch of our re-branded and upgraded high-tech debit card, a breakthrough in delivering secure, convenient, and inclusive financial services. This launch represents a significant milestone in our brand’s ongoing transformation toward becoming a technology-driven, customer-centric financial institution. Beyond its technological advancements, this card exemplifies LOLC Al-Falaah’s core brand values of trust, innovation, and social responsibility. By expanding access to digital payments, we are empowering underserved communities to participate more actively in the formal economy. This contributes not only to individual financial empowerment but also to broader societal progress through improved financial inclusion and economic development. With our commitment in transforming the way financial services support and uplift society, the new debit card is a vital step in realising this vision, offering customers a safer, smarter way to manage their finances while fostering greater economic participation across the communities we serve.

Sri Lankan rubber exporters to EU from pillar to post?

A recent public discourse hosted by Sri Lanka’s private economic policy thinktank, Verité Research, together with the EU delegation to Sri Lanka had warned the country’s exporters that they should necessarily comply with the new EU Deforestation Regulation, abbreviated as EUDR, which will come to force by the end of 2025.1

The EU Ambassador to Sri Lanka and the Maldives Carmen Moreno had urged those in the audience to convert the challenge to an opportunity by adapting to the new regulations, remaining competitive, and sustaining growth in the years ahead. By any standard, this is a fine strategy in the form of a warning outlined by EU for Sri Lanka’s exporters who are struggling to penetrate more to EU markets in a background of fatal tariff increase by US administration on Sri Lankan exports. Therefore, Monero further finetuned her advice by emphasising that shifting from compliance to competitiveness should be a choice made by the Government getting both the private sector and the public sector moving together for realising the goal.

Unfortunately, there was not any key politician from the Government side present in the audience except some top public officers. It is their responsibility to brief the top leaders in the Government appropriately if they hold a briefing line with them. The only politician present in the audience, as far as I understand, was the loner, the Leader of Opposition.

EU’s commitment to protect environment

EU has been in the forefront of greening the world by introducing several measures to bring down the greenhouse gases and the biodiversity loss in the recent times.2 In 2019, it had released a communication on stepping up EU action to protect and restore the world’s forests.3 It had alarmed the world of the rising deforestation and degradation of forests.

Deforestation involves using forests for other land uses such as setting up factories or houses for people to live. In the case of forest degradation, forests are still there, but they lose their capacity to deliver forest products and services due to human activities or natural causes. Both are inimical to attain the common goal of ensuring sustainable development.

Forests in this case help attaining nine of the UN sustainable development goals through identified beneficial results: First, reducing poverty through an increase in income from forest products, second, helping populations to go for zero-hunger by providing wild fruits and wild animals, third, improving health by supplying medicinal plants, fourth, generating freshwater for drinking and farming, fifth, helping the attainment of inclusive growth, sixth, reducing income inequality, seventh, ensuring sustainable consumption and production patterns, eighth, reducing climate change by capturing and storing carbon, and ninth, helping the globe to ensure biodiversity.4 Deforestation and the degradation of forests will force the world to throw away all these beneficial results.

Hence, it is important for EU, the communication argued, to take leadership in protecting the globe’s forests, since in EU, appreciable results have already been attained in increasing the forest cover in the respective countries. The culprits, according to EU, can be traced to tropical areas where deforestation is taking place at alarming levels. Since greenhouse effects have no political boundaries, any increase in greenhouse gases in the rest of the world causing climate change will have impact on EU countries as well. It is like cancer contracted by a non-smoker who has been exposed to secondary smoking. Therefore, it is in his interest to prevent others also from smoking.

This is the motive of EU to develop a regulatory system to prevent the loss of forest cover not only in EU countries but also in all other countries. Like Donald Trump’s tariff, EU is using the power it has got in getting imports from other countries to attain this goal. But unlike Trump’s tariff’s which are to deliver a negative shock across the world including his own country, EU’s planned intervention in internal and external trade is to deliver a positive shock to the globe by helping to reduce the greenhouse gas emissions and mitigate the climate change effects. In my view, it is a global public good being produced by EU for the rest of the world.

Greening the green revolution

The conversion of forest lands into perennial crop producing lands like cocoa, coconut, tea, or rubber reduces the forest cover but does not reduce the tree cover which still serves as a mechanism for absorbing and storing carbon. Hence, it is not a choice that would induce climate change, the feared outcome of emitting carbons to atmosphere, because forest trees are replaced by commercial trees. However, there is an impact on the globe’s ability for sustaining biodiversity, because commercially developed lands do not add diverse bioelements to the ecosystem in the same way as naturally grown forest lands.

This is one of the criticisms levelled against the green revolution that was started in mid-20th century by the Nobel Peace laureate Norman Borlaug in Mexico and M S Swaminathan in India to feed the increasing number of hungry mouths in those two countries.5 Thus, though green revolution was successful in increasing food production in developing countries including Sri Lanka which embraced it, it was a ‘non-green green revolution’ in today’s understanding of the greenness of the environment due to the high use of chemical fertilisers and pesticides, water intensiveness in farming, and double cropping leading to a loss of soil fertility in agricultural lands.

Hence, now it is necessary to green the green revolution by adopting environmentally supportive crop cultivation and management methods. The new system can, therefore, be called green-green revolution or 2GR. EU which has declared itself as the protector of the global environment should direct research funds to come up with new technologies to support 2GR since ensuring food security for the rising global population is still a major issue. Food security at household levels means having enough foods at affordable prices for people.6 2GR will ensure the attainment of this goal and, therefore, it should be an important part of EU strategy for tackling the global climate change.

Protecting the global forest cover

EUDR, EU Regulation on Deforestation-free Products, approved in 2023 was to come into effect in January 2025. But since EU and other countries did not have sufficient ground level mechanism to implement it, in December 2024, it allowed an additional phasing-in period postponing the implementation date to December 2025 for large and medium-sized companies and June 2026 for micro and small enterprises.7

There were three bold objectives of enforcing these rules. First, it aims at avoiding deforestation and forest degradation in the EU and globally by checking on the forest-based products which Europeans buy, use, and consume. Second, this measure will reduce carbon emissions caused by EU consumption and production of those forest-based products by at least 32 million metric tons a year. Third, it will check on agricultural expansion that will cause deforestation and forest degradation.

The forest-based commodities at primary level, namely, cattle, cocoa, coffee, oil palm, rubber, soya, and wood, will cause the production of several other products at consumption level that will contain these commodities, that have been fed with those commodities, or that have been produced by using these commodities as raw materials.8 For example, cocoa is the basic commodity. But it will produce the following consumable products: whole or broken, raw or roasted cocoa beans; cocoa shells, husks, skins, and other cocoa waste; whether fatted or defatted cocoa paste; cocoa butter, fat and oil; sweetened or unsweetened cocoa powder; or chocolates and other foods prepared by using cocoa as the base raw material.9

In the case of Sri Lanka, it is only rubber that has been identified as a basic forest-based commodity; Sri Lanka’s main tree-based export, tea, or coconut or minor export crops like spices have not been included. Hence, exporters of rubber-based products in Sri Lanka should prepare themselves to comply with EUDR if they are to penetrate the EU markets in their future strategies. Medium and large companies should be ready by December 2025 and small and micro rubber growers by June 2025. This is not a simple task, unless both these categories are supported by the Government in its new export strategy.

Operators and traders

To implement EUDR, two parties who trade in forest-based products have been identified: operators who place the identified forest products on the market or export the same in a commercial activity and traders who are engaged in the supply chain by making those products available in the market in a commercial business for use by consumers.

These two parties should satisfy three conditions when they deal in the relevant products. First, they should satisfy themselves that they are deforestation-free. Second, those products should have been produced in accordance with the relevant laws of the country of production. Third, there should be a due diligence statement or DDS prepared on the relevant products. It is the law of the country of production which is a tricky item because it covers a wide area of subjects which are not directly relevant to commodities or products originating from forests.

Need for complying with local laws

Accordingly, the relevant law should cover the following areas according to the regulations issued by EU.10 First, the land use rights; Second, environmental protection; Third. Forest-related rules including forest management and biodiversity conservation, where it is directly related to wood harvesting; Fourth, the rights of the third parties who are also involved in producing, trading or exporting the relevant products; Fifth, the rights of labour which is involved in these activities; Sixth, human rights protected under international law; Seventh, the principle of free, prior and informed consent, known as EPIC, including those as set out in the UN Declaration on the Rights of Indigenous Peoples; and Eighth, tax, anti-corruption, trade and customs regulations.

In the case of Sri Lanka, the problem is that there is not a single law that covers all these aspects, and they are found in a plethora of different legislations enacted from time to time. Therefore, they are being enforced by different authorities. Since a DDS should be submitted, it is necessary to prepare a check-in ready reckoner to certify that relevant products have met the provisions of all these laws. In my view, making it so complex a matter to meet the requirements of EUDR will place a spanner in the path of operators and traders raising their costs enormously.

A costly due diligent statement

DDS to be filed by operators is also a complex, costly, and time involving activity. It should contain prescribed information, data, documents as given in Article 9, risk assessment measures as detailed in Article 10 and risk mitigation measures as given in Article 11 of the regulations. With the wide array of information on their supply chain, including the geolocation coordinates of the land where commodities are produced should be collected, the operators need to employ outside parties to satisfy the requirements. The risk part is also a detailed analysis of the risk of the products supplied to the market or exported falling non-compliant with the requirement of being free of deforestation and the possibility of illegal logging in their supply chain. Risk mitigation is an activity involving how the operator will tackle the situ where any product has fallen into the risk category. They should propose measures to bring it down to a negligible level; if this is not possible, the product cannot be sold in the EU.

To receive DDS and analyse its content to assure that products involved are deforestation-free, each country in EU should set up a special authority. This is an unnecessary bureaucratic structure and a bureaucratic system that has been setup to support environmental needs but at a high cost to the taxpayers as well as to the operators.

Harsh penalties for non-compliance

The non-compliance will result in penalties imposed on operators. There will be fines which are proportionate to the environmental damage and the value of the relevant commodities or products. While fines can be increased to tackle the issue of repeated violations, the maximum fine has been set 4% of the total annual EU-wide turnover of the operator or the trader in the preceding year. For example, if a rubber exporter exports his products to all the member countries in EU, when he is non-compliant with a single country, the fine is at least 4% of the total turnover across all the countries. A further penalty will be the confiscation of the goods involved. If the operator or trader continues to violate the requirement, he could be temporarily banned from undertaking the relevant activity. These are serious matters to be reckoned by Sri Lanka’s rubber exporters to EU.

A matter of top priority

Therefore, getting ready for compliance is a matter of top priority for Sri Lanka’s rubber exporters to EU. When this becomes prohibitive, Sri Lanka’s rubber exporters who have already been crippled by Trump’s 20% tariff are driven from pillar to post.

Since 1980s when Sri Lanka Muslim Congress (SLMC) entered the country’s political arena Muslim politics and Muslim culture began to develop a symbiotic relationship to strengthen the community’s identity politics. The fact that identity politics was the norm and not the exception at that time may be the justification for such an amalgam. Yet, even at that time the pre-SLMC Muslim leaders had the wisdom and foresight to avoid falling into that identity trap and were able to utilise their commercial tool of bargaining between the existing parties to get the best deal for their community. It was politics of pragmatism as came to be known later.

What made this bargaining possible was the ubiquitous presence of Muslim voters in several parliamentary constituencies across the country. Also, the growing discontent between the Sinhalese and Tamil politicians from 1950s further strengthened the hands of Muslim leaders. As a result, special privileges were granted to the Muslim community as part of affirmative action. For example, the origins and growth of Muslim primary schools, Muslim Maha Vidyalayas, and Muslim training colleges is an outstanding testimony for the success of pragmatic politics.

What is even more significant and not well researched by scholars is the fact that Muslim politics did not disturb the millennium old historic and peaceful integration of this community into Sri Lanka’s multi-ethnic polity. Muslims in every aspect had become a community OF and not IN Sri Lanka. After the 1980s and with the growth of SLMC identity politics however, this healthy integration seems to have received a setback with the intrusion of cultural elements into Muslim politics.

Without going into the origins and ideological foundation of SLMC which had been dealt with in author’s earlier columns in this journal let the readers pose the question to SLMC leaders as to what their specific achievements were since that party came into existence. On the other hand, the Muslim cemetery at Majma Nagar in Oddamavadi bears witness to the monumental failure of SLMC leaders to prevent the cremation of corona-dead Muslims during Gotabaya’s presidency. Recently, someone had highlighted that the South-Eastern University in Oluvil is the achievement of SLMC during the time of its founder president Ashraf. True, but the groundwork for a university in that region began during the time of former Minister of Education Badiuddin Mahmud, and had his government been returned at the 1978 General Election today’s Eastern University would have been built somewhere in the Southeast.

Sowing the seeds of Islamisation in Muslim politics

Be that as it may, the entry of SLMC as the leading campaigner for ‘Muslim rights’, which have not been identified until now, had sown either intentionally or inadvertently the seeds of Islamisation in Muslim politics. The fertiliser for its growth came largely from abroad via Jayewardene’s post-1980s open door economic paradigm. While Islamisation was merely an exercise in real politique with a religious veneer to capture Muslim votes, it soon created a space for other Islamist elements like Zahran Hashim’s National Tawhid Jamaat (NTJ) to step into the political arena with more radical agendas.

While SLMC campaign platforms created a religious flavour with party stalwarts appearing with beards and white caps, and while their mullahs addressing the crowd with quotes from the Holy Quran and Prophet’s sayings amidst shouts of Allahu Akbar, NTJ went a step further and advanced radical measures not simply to enter the Parliament but to change Sri Lanka itself from ‘Dharul Qufr’ (Abode of Non-believers) to ‘Dharul Islam’ (Abode of Islam). The whole truth behind how this group eventually became a bunch of mercenaries at the hands of more sinister elements from outside the Muslim community and eventually perished in blood is yet to be revealed in full. But the point to note here is the danger of promoting identity politics with religious and cultural ingredients.

There is another disturbing development which is also an indirect consequence of SLMC’s identity politics. This is the growing trend towards Arabisation of Muslim towns like Kattankudy. This enclave, which was described earlier by this columnist as a ‘Mullah Merchant Urban Settlement’, is now transforming into a Mullah Merchant Arab Complex. In fact, a recent Muslim tourist from Azerbaijan who visited Kattankudy did describe it as an Arab town in Sri Lanka. With around 50,000 population of whom nearly 90% are Muslims living cramped inside a land area of only 2.56 km2, with nearly 70 mosques crowned by a replica of the historic Al-Aqsa in Palestine and with street junctions and arches decorated with Arabic calligraphy, and on top of all these with a row of date palms in the middle of Kattankudy main street give this enclave a Middle Eastern flavour which is alien to Sri Lanka. Added to these elements is the ‘confronting’ attire (as one foreign prime minister described to this columnist) worn by Muslim men and women in the name of a so-called cultural dress. A brief note on this attire is relevant in this context.

Muslim attire is adding to self-alienation

None can deny one’s right to wear whatever dress one likes. It was on that argument few years ago a couple of Muslim lady teachers in Trincomalee won their case in the court for contravening the school’s tradition of lady teachers coming in sarees. But how that victory added to the deteriorating social cohesion between Tamils and Muslims in that district escaped the notice of everyone. The same is true at the national level. Muslim attire is adding to self-alienation of Muslims in multi-cultural societies.

Recently, Prime Minister Harini Amarasuriya announced that Muslim girls could attend any school wearing their cultural dress and pursue their education. While welcoming this announcement it is left to the Muslim community to decide which is the most appropriate dress for their school children which, while conforming to the cultural norms of the society should not be an impediment to those children to participate fully in all school activities including co-curricular and extra-curricular ones. Excellence in academic performance should not be the sole objective of education for a Muslim child attending school.

Islam in Sri Lanka as noted previously has a proud history as an integrated element of the nation’s cultural mosaic. Post-SLMC identity politics appears to be threatening this integrated edifice as evinced by the title of a book authored by a local academic and published in 2025 with the title ‘Muslims in Sri Lanka’ instead Muslims of Sri Lanka. That title seems to add substance to Dr. Colvin R. de Silva’s comparison of Muslim attachment to the country as that between a cow and the grass.

A post-Aragalaya irrelevance

The 2022 Aragalaya and its impact on the country’s political landscape marks a watershed in Sri Lanka’s post-independence history. The success of AKD at the Presidential Election and NPP at the General Election were, if anything, lasting testimonies for voters’ rejection of identity politics. And no critic with a catalogue of pre-election promises, and post-election failures of the new president and Government could accuse them of communal or religious bias. In short, identity politics is a post-Aragalaya irrelevance. Yet, reactionary elements are regrouping to reinstate the ancient regime as soon as possible, because there are too many skeletons in the cupboard that are threatening to reopen hidden secrets about the felonious past of some previous leaders. Imtiaz Bakir Makar’s VAT ghost is the latest revelation demanding investigation. No wonder SLMC and its breakaway ACMC are back in the field to bargain with other reactionaries more for personal than community benefits. Will the community wake up?

Prospects College of Higher Education (PCHE) announced a partnership with XpressJobs through the signing of a Memorandum of Understanding (MoU). This collaboration aims to enhance career opportunities for PCHE students by directly integrating the latest job openings and internships into the university’s career portal.

With diploma and foundation programs already established, PCHE will be launching its first degree programs this year in Early Childhood Education, Psychology, Information Technology, and Business Management. Through this partnership, students across these disciplines will gain access to tailored job listings.

For XpressJobs, this partnership is particularly meaningful, as it marks the company’s first collaboration with a university offering specialised programs in Early Childhood Education, a field in which the platform regularly supports teacher and education-sector vacancies, including lecturers, counsellors, and academic professionals.

XpressJobs Co-Founder Dr. Oshadie Korale said, ‘At XpressJobs, when we partner with universities, we look for those offering diverse disciplines so our corporate clients benefit from a wide pool of candidates, while students gain access to a range of opportunities across different sectors.’ The MoU was formally signed on 1 October 2025 at the PCHE campus between PCHE Co-Founder and Director of Academics Yasaara Kaluaratchi and XpressJobs Co-Founder/COO Dr. Oshadie Korale. The signing was witnessed by Prospects Holdings Ltd. and PCHE Managing Director Somesh Perera.

PCHE Co-Founder and Director of Academics Yasaara Kaluaratchi said, ‘At PCHE, our mission goes beyond academics, we want to ensure our students are equipped to succeed in their chosen careers. This partnership with XpressJobs is a step toward giving them direct access to real-time opportunities and the confidence to transition into the workforce seamlessly.’

Adding a unique touch to this partnership is the shared history of its signatories: both Kaluaratchi and Dr. Korale are alumnae and classmates of Musaeus College, reconnecting after 18 years to collaborate on a venture that supports the next generation of Sri Lankan professionals.

Through this integration, students will benefit from direct access to XpressJobs’ career platform via the PCHE Career Launchpad, streamlining their ability to explore opportunities in Education, IT, Business Management, Psychology, and beyond.

The Islamic Finance Forum of South Asia (IFFSA) marked a landmark celebration this year, bringing together industry leaders, policymakers, and practitioners for its 10th edition at Shangri-La Colombo. The evening was a triple celebration, featuring the ‘Annual IFFSA Awards’ Ceremony, the ‘Decade of Excellence’ Awards honouring ten years of consistent achievement, and the commemoration of ’20 years of UTO’, to which UTO EduConsult, the company behind the initiative, belongs.

The event was graced by KPMG Sri Lanka and Maldives former Managing Partner Reyaz Mihular, who delivered the Keynote address and Maldives Monetary Authority Deputy Governor Aishath Asna Hamdhi

In the first segment of the evening, the Annual IFFSA Awards were presented, recognising 20 institutions across 30 categories for their achievements and contributions to Islamic Finance in the region. This year’s winners were selected through a rigorous evaluation process overseen by an independent panel of judges, including leading academics, industry experts, and financial professionals from across South Asia.

The awards spanned a wide range of categories, from awards for the best performing banks and takaful institutions, to recognitions for product innovation, social impact, and leadership in the Islamic Finance sector.

Marking its 10th year, this year’s IFFSA Awards introduced a special set of Entity of the Decade Awards, recognising institutions that have demonstrated consistent excellence in their respective categories throughout the past decade. These honours included distinctions such as Bank and IBU, Insurance (Takaful) Company and Unit, NBFI, Asset Management company, CSR Project, Service Provider, Microfinance Entity, of the Decade, culminating in the pinnacle recognition, the ‘Entity of the Decade’ Award.

The celebrations also coincided with 20 years of the UTO Group of companies, with UTO EduConsult, the driving force behind IFFSA and other pioneering initiatives in the region, at its fore. In recognition of its 20-year journey, UTO presented Special Appreciation Awards to twenty institutions that have been longstanding partners in its initiatives.

The evening’s celebrations highlighted not only milestones of the past, but also a shared vision for the future of Islamic Finance in South Asia. It was an evening that underscored the strength of collaboration and the growing role of South Asia in shaping the global Islamic Finance landscape.

10th Islamic Finance Forum of South Asia award winners

Entity of the Year

Gold – Maldives Islamic Bank, Maldives

Silver- Amana Takaful, Sri Lanka

Silver- LOLC Al-Falaah Alternate

Financial Services Unit, Sri Lanka

Bronze – Amana Bank, Sri Lanka

Bank of the Year

Gold – Maldives Islamic Bank, Maldives

Silver – Amana Bank PLC, Sri Lanka

Deal of the Year

Gold – NDB Shareek (Offshore Export Financing Scheme, Sri Lanka)

Silver – Seylan Bank (10MW Solar Project, Sri Lanka)

Silver – NDB Investment Bank and Vidullanka PLC (First Listed Sukuk, Sri Lanka)

Spirit of Islamic Finance award

Maldives Retirement Pension Fund, Maldives

Takaful Institution of the Year

Gold – Amana Takaful, Sri Lanka

Banking Window/Unit of the Year

Gold – Bank of Maldives Islamic, Maldives

Silver – Standard Chartered Saadiq, Bangladesh

Silver – LOLC Al-Falaah, Sri Lanka

Bronze – People’s Leasing and Finance Al-Safa, Sri Lanka

NBFI Window/Unit of the Year

Gold – LOLC Al-Falaah, Sri Lanka

Silver – People’s Leasing and Finance Al-Safa, Sri Lanka

Bronze – LOLC Life Assurance Al-Falaah Takaful, Sri Lanka

Merit – LOLC General Insurance Al-Falaah Takaful, Sri Lanka

Merit – Janashakthi Finance Alternative Finance, Sri Lanka

Service Provider of the Year

Gold – Millennium Information Solutions, Bangladesh

Asset Management Company of the Year

Gold – Al Meezan Investment Management, Pakistan

Gold – Faysal Asset Management, Pakistan

Takaful Window/Unit of the Year

Gold – Allied Takaful, Maldives

Silver – LOLC Life Assurance, Sri Lanka

Bronze – LOLC General Insurance, Sri Lanka

Breakthrough Performance award

NDB Shareek, Sri Lanka

Social Upliftment Award

Gold – Amana Bank PLC, Sri Lanka

Silver – LOLC Al-Falaah, Sri Lanka

SDG Award for Clients of IFIs

Gold – ExPack Corrugated Cartons PLC, Sri Lanka

ESG Award of IFIs

LB Finance Al Salamah (Sri Lanka)

Amana Bank (Sri Lanka)

Emerging Entity of the Year

Lucky Investments, Pakistan

Product of the Year

Gold – Bank of Maldives Islamic (Islamic Credit Card)

Gold – NDB Investment Bank and Vidullanka PLC (First Listed Sukuk, Sri Lanka)

Silver – LOLC Al-Falaah (Wakala Future Cash Plan, Sri Lanka)

Best Digital Product/Fintech Offering of the Year

Gold – Bank of Maldives Islamic (Instant Approval, Maldives)

Silver – LB Finance Al-Salamah (CIM Digital Wallet, Sri Lanka)

Bronze – LOLC Al-Falaah (iPay, Sri Lanka)

Digital Marketing Campaign of the Year

Gold – People’s Leasing and Finance Al-Safa, Sri Lanka

Marketing Campaign of the Year

Gold – Amana Takaful Insurance, Sri Lanka

Best IBF Branch of the Year

Gold – People’s Leasing and Finance (Puttalam Branch, Sri Lanka)

Gold – Bank of Maldives (Male Branch, Maldives)

Women in Islamic Finance Award

Gold – Rifka Ziyard (KPMG, Sri Lanka)

Best in-house Shari’ah Scholar

Gold – Ash Sheikh Nazhan Naurooz (Amana Bank, Sri Lanka)

Gold – Fisol Bin Amri (Maldives Islamic Bank, Maldives)

Rising Personality of the Year (Female)

Gold – Dushyanthi Kahatapitiya (NDBIB, Sri Lanka)

Rising Personality of the Year (Male)

Gold – Ahsan Munaf (LB Finance Al Salamah, Sri Lanka)

Banker/Employee of the Year

Gold – Muhammed Badurdeen Muhammed Nawaz (Amana Takaful, Sri Lanka)

Silver – Safra Firdhouse (Peoples Leasing Al Safa, Sri Lanka)

Bronze – Nadeera Pathirage (Seylan Bank, Sri Lanka)

Branch Executive of the Year

Gold – Ahamed Fahmy Mohamed Faiz (Peoples Leasing Al Safa, Sri Lanka)