Category: Daily Financial Times

Muslim-friendly tourism or Halal Tourism concern it is indeed emerging as one of the fastest-growing segments in the global travel industry, projected to reach $410 billion by 2032. With international Muslim tourist arrivals expected to hit 230 million by 2028, destinations worldwide are enhancing their offerings to meet the unique needs of Muslim travellers.

Muslim Friendly tourism-also known as halal-friendly tourism-caters to Muslim travellers by providing services aligned with Islamic principles which includes, Halal-certified dining options, Prayer facilities in hotels, airports, attractions, Alcohol- and gambling-free environments, Family-friendly and private travel arrangements The sector is expanding rapidly, driven by demand for inclusive, culturally respectful travel experiences.

One of the key Destinations for Halal Tourism is Malaysia, which is widely regarded as the leader in halal tourism, with extensive halal-certified hotels, restaurants, and attractions also Indonesia where the world’s largest Muslim-majority country, offering diverse halal-certified facilities and rich Islamic heritage sites and also Turkey gives a blend of history and culture, increasingly popular for its halal-friendly accommodations and services.

Trends driving future growth of this segment according to the Mastercard -Crescent Rating Global Muslim Travel Index 2025, international Muslim travellers numbered 176 million in 2024, with projections to surpass 240 million by 2030. Key trends include: Smart travel tools for locating halal services, Digital platforms for seamless halal-friendly bookings, Wellness and inclusivity integrated into travel experiences. Islamic Friendly tourism is no longer a niche-it is becoming a mainstream force shaping the future of global travel.

Islamic friendly tours in Sri Lanka

According to the Mastercard -Crescent Rating Global Muslim Travel Index 2025, international Muslim travellers numbered 176 million in 2024, with projections to surpass 240 million by 2030

Sri Lanka is increasingly recognised as a Muslim -friendly destination, offering tailored tours that respect Islamic values specially attracting the Malaysian Travellers. Malaysia is concern around 25 to 27 million international visitors travel to Malaysia each year. Having projected population of Malaysia in 2026 is to be approximately 36 million. Approximately 35% of Malaysian travellers went out of the country for overnight holiday trips, with 69% planning to travel abroad. The most popular destinations included Thailand, Indonesia, Singapore, Japan, and South Korea and in this regard Sri Lanka will become key potential destination improving the key features such as:

Deputy Minister of Foreign Affairs and Foreign Employment Arun Hemachandra met with EU Special Envoy for the Indo-Pacific Maria Castillo Fernandez during her official visit to Sri Lanka.

Workers’ remittances climbed to a record high in April, marking one of the strongest four-month performances in the country’s history, despite economic uncertainty stemming from the ongoing Middle East conflict, a region that hosts a large share of Sri Lankan migrant workers.

Latest data from the Central Bank of Sri Lanka (CBSL) showed that inflows rose 19% year-on-year (YoY) to $ 767.9 million. April marked the fourth consecutive month of exceptionally strong remittance inflows, highlighting the continued resilience of Sri Lankan migrant workers and the growing use of formal transfer channels.

The performance also surpassed the previous April high of $ 646.1 million recorded in 2025, making it one of the strongest monthly inflows on record.

Despite the annual growth, remittances in April 2026 declined 6.1% from March’s $ 814.7 million, reflecting seasonal variations in transfer patterns.

The $ 767.9 million inflow in April 2026 now ranks among the country’s strongest monthly performances, behind $ 879.09 million in December 2025, $ 812.73 million in December 2020, and $ 751.13 million in January 2026.

Cumulative remittances for the first four months of 2026 also rose to over $ 3.06 billion, registering a robust 24.5% YoY increase and marking the strongest January-April performance in Sri Lanka’s history.

With export earnings and tourism facing external pressures, remittances have once again reinforced their position as Sri Lanka’s single largest source of foreign exchange, providing critical support to external reserves and broader macroeconomic stability.

The strong start to the year follows a historic performance in 2025, when full-year remittances climbed to $ 8.07 billion, a 23% increase from a year earlier and the highest annual inflow ever recorded.

The total exceeded the previous all-time high of $ 7.24 billion in 2016 by about 12%, firmly cementing remittances as Sri Lanka’s largest and most reliable source of foreign exchange during its ongoing post-crisis recovery.

CBSL data show that the rebound has been both sharp and sustained since the collapse in inflows during the 2022 economic crisis, when remittances fell 31% to a 12-year low of $ 3.78 billion amid acute foreign exchange shortages and the proliferation of informal transfer channels.

The turnaround began in 2023, when inflows surged 57% to $ 5.96 billion, marking the strongest post-crisis recovery on record.

Momentum continued in 2024, with remittances rising a further 10.1% YoY to $ 6.57 billion, supported by a wave of outbound labour migration as thousands of Sri Lankans sought overseas employment in the aftermath of the economic collapse.

Although overseas departures eased slightly in 2025, inflows continued to rise, pointing to higher average transfers per worker.

Historically, Sri Lanka’s workers’ remittances averaged around $ 7 billion a year between 2014 and 2018, or roughly $ 600 million a month, reinforcing their longstanding role as a stabilising pillar of the economy.

Sri Lanka’s post-crisis recovery has stabilised key macroeconomic indicators, but tightening global conditions leave little room for policy mistakes or short-term stimulus, officials and development experts warned recently.

They shared these views at the inauguration of the international conference on ‘Poverty and Development in Times of Crisis,’ organised to mark the 25th anniversary of the Centre for Poverty Analysis (CEPA).

Speakers reflected on how the multiple shocks Sri Lanka’s economy had faced in recent years had significantly affected incomes, savings, and cost of living, exposing deeper vulnerabilities in the economy.

Delivering the keynote speech, Central Bank of Sri Lanka (CBSL) Deputy Governor Dr. Chandranath Amarasekara warned that global financial conditions, including the impact of the Middle East conflict, had become more difficult for emerging economies, especially with rapidly tightening monetary conditions, frequent shocks, and geopolitical fragmentation that restricted policy choices.

‘With small global economies like ours, economic errors are no longer absorbed slowly, they are exposed quickly. This reality places a premium on policy flexibility, clear communication, and frameworks that are robust, not just optimal under benign conditions,’ he said.

Dr. Amarasekara said that policymakers should not interpret the current stabilisation as permanent. Advising that macroeconomic management must be continuous and disciplined rather than reactive, he stressed that long-term growth must come from structural reforms rather than short-term fiscal or monetary stimulus.

‘The absence of a crisis is not proof of strength. Often, it is merely a grace period. The global environment today is less forgiving,’ he said.

He also highlighted major gaps in national data, noting that key statistics on poverty and living standards still predated both the COVID-19 pandemic and the 2022 economic crisis.

However, he also highlighted the fiscal conditions since the crisis, stating that the Government had moved from relying heavily on overdrafts from State banks to maintaining a surplus within the banking system.

‘The Government, which owed to state banks through a large overdraft, now has a large surplus maintained as deposits with the banking sector. Nevertheless, repeated shocks that are mostly beyond the control of policymakers suggest that the resilience of the economy and people will continue to be tested in the period ahead,’ he said.

The Deputy Governor also said that the CBSL had expanded oversight of financial institutions through market conduct supervision to address ‘unacceptable practices’ in lending and deposit-taking. He added that greater emphasis was being placed on financial literacy and inclusive finance to strengthen public engagement with the financial system and improve resilience among households.

The need for improved crisis response systems

Speaking at the event, Asian Development Bank (ADB) Country Director Shannon Cowlin also warned that repeated crises would continue to pose economic and social risks globally, making it necessary for countries and development institutions to build faster and more flexible response systems.

‘The ongoing war in the Middle East now adds new risks,’ she said, noting how Sri Lanka had already faced repeated shocks over the past few decades, including the tsunami, terrorist attacks, the COVID-19 pandemic, the economic crisis, and Cyclone Ditwah. She explained that development responses could not focus only on reconstruction or restoring pre-crisis conditions anymore.

‘In the aftermath of shocks, development efforts must be responsive and innovative, while remaining resilient and staying the course so that long-term outcomes are not deferred by the next crisis,’ Cowlin said, adding that the ADB was also introducing new emergency financing mechanisms to help countries respond more quickly to disasters and crises.

She explained that the repeated crises had exposed deep social vulnerabilities and weaknesses in economies, pushing many people into poverty and reversing the development gains, including among households which had been previously financially secure.

Cowlin stressed that future crisis response would require stronger institutions, scalable social protection systems, and better coordination to protect vulnerable populations including women, children, older persons ,and persons with disabilities during periods of economic and social stress.

‘This requires stronger institutions, clearer policy frameworks, better coordination, and digital integration to improve delivery and monitoring,’ she said.

CEPA Chairperson Nelun Gunasekera also highlighted that the repeated crises over the past two decades had exposed deep structural weaknesses and widened inequalities, especially among vulnerable and low-income groups. She said poverty had remained a ‘consistent presence in the lives of the majority of people’ despite the periods of economic recovery, and that development policies must focus on long-term resilience, stronger social protection systems, and addressing the root causes of vulnerability.

CEPA Executive Director Prof. Sirimal Abeyratne said Sri Lanka had moved ’25 years back’ in terms of poverty and development following the economic crisis and other recent shocks, warning that earlier gains had proven to be ‘too shallow and too vulnerable’ to withstand external pressures and short-term policy decisions. ‘We have to be ready for the next crisis,’ he urged.

Jorge Martin charged from seventh on the grid to win the French Grand Prix yesterday, claiming his first MotoGP victory in 588 days, while moving within striking distance of his Aprilia teammate Marco Bezzecchi in the championship battle.

The Spaniard, who endured a forgettable 2025 season plagued by crashes and injuries, overtook race leader Bezzecchi with three laps remaining to secure his first win since winning the 2024 title.

The victory moved Martin to within one point of championship leader Bezzecchi after five rounds.

Ai Ogura completed the podium in third for Aprilia’s satellite team, Trackhouse, giving the Italian manufacturer its first-ever podium sweep, while he became the first Japanese rider on the podium in 14 years.

Ducati had another Sunday to forget, with reigning champion Marc Marquez missing the race after fracturing his foot in Saturday’s sprint crash, while teammate and polesitter Francesco Bagnaia crashed while in second place.

Sri Lanka is becoming an important testing ground for ZKTOR, the Indian social media platform developed by Softa Technologies. Its rollout across India, Nepal, Sri Lanka and Bangladesh has crossed half a million plus beta users, largely driven by Gen Z and young women. That response is more than a milestone.

It suggests South Asia may be ready for a platform built around privacy, data safety, family comfort and local realities rather than behaviour tracking and uncontrolled exposure.

ZKTOR is being positioned as an all in one Indian social media platform for an age shaped by artificial intelligence, deepfakes, cyber insecurity and distrust of unsafe digital spaces. Its architecture includes privacy and data safety by design, Zero Knowledge Server Architecture, No URL Media Architecture, no behaviour tracking and default multi layer encryption. These are not decorative features. They support the claim that users should not have to surrender data, habits and digital control merely to participate online.

For Sri Lanka, this matters because digital adoption is shaped not only by novelty but also by reputation, family use, women’s visibility and community trust. A cleaner, predictable platform can be easier to use in homes, schools, youth circles and local business settings. ZKTOR’s early appeal among South Asian Gen Z and young women therefore carries strategic importance. It signals trust in an Indian built platform and strengthens the idea that India can become a serious digital player across the region.

At the centre is Softa Founder Sunil Kumar Singh, whose thinking combines rural Indian roots with more than two decades of exposure to Finland’s disciplined and rights conscious design culture. Singh has argued that user protection technologies were never absent. What was missing was the will to make them default. ZKTOR is his answer to a model in which users were pushed into complex terms, privacy policies and data clauses they rarely understood. The company says the ecosystem has been built through years of work by a large expert team.

ZKTOR sits inside a broader Softa ecosystem. Subkuz is being developed for hyperlocal news and diaspora communities. Ezowm focuses on hyperlocal commerce. Hola AI works as an intelligence and safety layer. Softa is also developing ZHAN, a transparent hyperlocal advertising network intended to connect local businesses, creators, service providers and nearby audiences. This model matters for Sri Lanka and South Asia because much of the real economy still runs through local trust, language, relationships and small businesses.

Encouraged by early traction, Softa plans to extend beta testing to Bhutan, Pakistan and Maldives. If this adoption continues, ZKTOR could become more than a new platform. It could become a trust led Indian digital ecosystem with regional relevance. For Sri Lanka, that makes the rollout worth watching. For India, it signals technology moving from domestic ambition to South Asian influence.

Singer Sri Lanka PLC has announced the launch of the new Apple MacBook Neo Series, bringing Apple’s latest laptop experience to customers across Sri Lanka, with a strong focus on performance, design, and everyday versatility.

The MacBook Neo Series brings together Apple’s signature design and enhanced everyday performance, powered by the A18 Pro chip. Built for both simple routine tasks and demanding workloads, the device delivers faster performance, smoother multitasking, and greater efficiency.

The new MacBook Neo Series is introduced at a starting price of Rs. 289,999, making premium Apple computing more accessible than ever before for a wider range of customers.

Singer Sri Lanka PLC Group Managing Director Mahesh Wijewardene said, ‘Apple has consistently set the pace for how laptops should perform and feel in everyday use. With the MacBook Neo Series, we are seeing that gap between performance and portability narrow even further. For Singer, the focus is on making that level of technology more accessible not just in terms of availability, but through the confidence customers have in how they purchase, service, and maintain these devices over time.’

At the heart of the experience is a 13-inch Liquid Retina display that offers sharp resolution, rich contrast, and support for over a billion colours. With up to 500 nits of brightness, the display ensures clear visibility whether users are working, streaming, or creating content.

The device also delivers all-day battery life of up to 16 hours, along with fast SSD storage and responsive everyday usability, making it well-suited for students, professionals, and creators who need reliability on the go.

In addition, the MacBook Neo benefits from Apple’s tightly integrated ecosystem, enabling seamless connectivity across Apple devices, alongside features such as a high-definition camera, immersive audio, and a smooth macOS experience designed for intuitive use. The MacBook Neo Series is available at Singer showrooms islandwide and via its online platform, with convenient payment options available for customers, making ownership easier without a significant upfront commitment

With this launch, Singer Sri Lanka continues to make globally recognised technology more accessible, backed by the convenience, reach, and assurance the brand is known for.

The global container shipping industry recorded 250 fires on board vessels in 2024, (the latest data available) the highest level in a decade, according to insurer Allianz, a 15 March report by the Financial Times (UK) said. Many were a result of misreported cargo, leading to hazardous goods not being handled correctly.

The report highlighted the growing frequency of fires which has become a key focus for the World Shipping Council (WSC), which represents leading shipping lines. In response, the WSC launched an artificial intelligence driven screening system in September last year, designed to scan booking in real time and flag risky containers.

Some of the risk comes from containers that have been declared incorrectly by ‘unscrupulous shippers,’ said WSC chief executive Joe Kramek, adding that more than 75 percent of the industry by tonnage had signed up to the scheme. ‘We have seen too many tragic incidents where misdeclared cargo has led to catastrophic fires, including the loss of life,’ Kramek said.

Industry experts told the Daily FT that while the initiative to use AI is a progressive step forward, it raises a more fundamental question: who should ultimately be held responsible when things go wrong at sea?

In recent incidents, vessel owners have often found themselves at the centre of blame, particularly in cases where mis-declared cargo leads to fires at sea. However, industry specialists now argue that responsibility, in most cases, lies much further upstream in the supply chain. When a vessel receives a container at a terminal, it does so under documentation that typically carries the terms ‘Shipper’s Load, Stow, and Count’ or ‘Said to Contain.’ In practical terms, this means the container is handed over in a sealed condition. The carrier has neither the legal authority nor the physical ability to break that seal and inspect how the cargo has been packed inside.

Under established maritime law, the carrier is entitled to assume that the cargo has been packed to withstand the ordinary perils of the sea, including rolling, pitching, and vibration during transit. As a result, liability for damage caused by poor packing or misdeclaration generally flows back to the party responsible for ‘stuffing’ the container. In most cases, this is the shipper, the exporter. If cargo is improperly secured and causes damage, the shipper may be held liable not only for the loss of their own goods, but also for damage to the container and even third-party losses. For instance, poorly secured cargo that shifts during transit could destabilise other containers, leading to wider damage across the vessel.

In cases involving Less than Container Load (LCL) shipments, where cargo from multiple parties is consolidated into a single container, responsibility shifts to the freight forwarder or consolidation warehouse. In such scenarios, the forwarder effectively assumes the role of the shipper, and is accountable for how the cargo is packed and stowed.

The emerging consensus within the industry is clear: while the vessel is the most visible point of failure when an incident occurs, the root cause is often embedded much earlier in the chain; at the point of declaration, packing, and compliance.

With more than 900 million containers moving through global supply chains each year, even limited non-compliance is seen as a significant risk multiplier, industry analysts say. The issue is compounded by the structure of container shipping itself. Modern trade relies on a hub-and-spoke network in which ultra-large container vessels carry cargo between major ports, while feeder services distribute containers to smaller regional markets. While the model has driven efficiency and enabled globalisation, it depends heavily on accurate cargo declarations at origin.

However, when fires occur at sea, enforcement attention often centres on the vessel, which is within jurisdictional reach, rather than on the origin of the cargo. Analysts say this creates a structural imbalance in accountability, as the root cause of many incidents lies upstream in the supply chain. The introduction of AI-based screening tools is seen as an attempt to mitigate risk at the booking stage, but industry stakeholders say the underlying problem remains tied to enforcement at the point of origin.

Legal experts note that recent cases involving maritime incidents have seen those responsible to examine broader chains of responsibility, particularly where environmental damage or loss of life is involved. This trend is expected to increase pressure on jurisdictions to strengthen oversight of cargo declaration and container stuffing practices. Industry specialists say that unless compliance is tightened at the source, the risk will continue to be transferred through the system-from shipper to carrier, until it materialises at sea.

This highlights a systemic vulnerability in containerised trade: once a container is sealed and loaded, opportunities for intervention are limited, leaving prevention dependent on the integrity of declarations made at origin.

SLT-Mobitel Kandy Customer Club, established in 2015, is a vibrant community of SLT-Mobitel’s valued customers in the region. For over a decade, the Club has been a dynamic platform for customer engagement where members including professionals, entrepreneurs, doctors, lawyers, and residents of Kandy join and are empowered to build lasting relationships, share knowledge, and actively contribute to initiatives which enrich communities and strengthen bonds with SLT-Mobitel.

Each year, the Kandy Customer Club undertakes several major projects covering education, health, environment, sports, entertainment, and other ESG-related activities. Members play an active, hands-on role in supporting programs that directly benefit communities, consistently creating tangible value through these community-focused initiatives.

This year, the SLT-Mobitel Kandy Customer Club celebrated ten years of customer engagement by hosting the 10th Annual General Meeting (AGM) at the Devon Hotel, Kandy. During the event, the members were recognised and presented tokens of appreciation by SLT-Mobitel Chief Marketing Officer Rohana Ellawala for their continuous support and contribution over the past 10 years.

Rohana Ellawala said, ‘The Kandy Customer Club is proof our customers are partners in progress. Their commitment and creativity have helped enrich communities and create shared value. We are proud to celebrate the milestone together and look forward to expanding the Customer Club model throughout the island.’

SLT-Mobitel Customer Clubs are designed to build lasting relations with high-value customers, offering opportunities to engage, collaborate, and contribute to society. These clubs symbolise SLT-Mobitel’s vision of connecting people, enriching communities, and creating shared value.

The success of the Kandy Customer Club over the past decade shows the power of customer voices in driving meaningful change. Building on the momentum, SLT-Mobitel is expanding Customer Clubs islandwide, providing more patrons the opportunity to connect, contribute, and shape initiatives that matter to them. These Clubs will continue to serve as spaces where customers play a central role in community development, reinforcing SLT-Mobitel’s purpose of enriching lives and strengthening loyalty through genuine partnership.

Sri Lanka’s official reserve assets held by the Central Bank of Sri Lanka (CBSL) declined by $ 267 million in March to $ 6.76 billion, amid lower foreign currency reserve holdings and continued external financing obligations.

According to the latest CBSL data, foreign currency reserves fell by $ 295 million to $ 6.54 billion in March from $ 6.83 billion in February amid escalating global energy supply shocks due to the US-Israel war on Iran.

Gold holdings also edged lower, declining by $ 3 million to $ 219 million from $ 222 million a month earlier.

Despite the decline in headline reserves, CBSL data also showed the country continues to face sizeable near-term foreign currency obligations.

Predetermined short-term net drains on foreign currency assets amount to $ 2.1 billion over the next 12 months, comprising repayments relating to foreign currency loans, securities, and deposits.

The aggregate short position in forwards and futures in foreign currencies vis-à-vis the rupee, including the forward leg of currency swaps, amounted to $ 3.87 billion.

The position reflects future foreign exchange obligations arising largely from swap-related transactions, although the CBSL said the major share of swaps is expected to be rolled over, limiting immediate reserve outflows.

External sector inflows nevertheless remained relatively resilient during the first quarter of 2026, despite widening trade pressures.

Sri Lanka’s trade deficit widened to $ 2.3 billion during the January-March period, while tourism earnings amounted to $ 954 million.

Workers’ remittances remained robust at $ 2.3 billion during the first quarter, continuing to provide a key buffer to the external account amid rising energy-related import pressures linked to the Middle East conflict.

The CBSL on Friday shared data foreign currency purchases and sales from the domestic market.

It became a net seller of US dollars in April, marking the first time in 22 months.

The CBSL recorded net dollar sales of $ 13 million in April 2026. The last instance of net dollar sales was reported in June 2024. Despite the April reversal, the Central Bank remained a net purchaser of foreign exchange during the first four months of 2026, buying a cumulative $ 697.2 million, following net purchases of around $ 2 billion in 2025.