Category: Daily Financial Times

The proposed bill defined as the Protection of Occupation Bill has caused considerable attention in the Media and various personalities have expressed their opinions on the impact the bill will cause to the property and real estate market in the country.

In this article, I share some of the concerns which will be faced by the connected stakeholders once this bill is enacted and becomes a Law.

At present, it is no exaggeration to state many of the property owners termed as ‘Landlords’ are reluctant to give their properties on rent or lease due to their fear of being unable to repossess their properties whenever they need it. The aforesaid scenario ultimately compels the ‘Landlords’ to seek the intervention of the Courts to eject the uncooperative tenant which needless to state is a time consuming process apart from the legal expenditure. We have witnessed many cases where it has taken more than two decades to obtain a final determination during which period the tenant continues to possess the luxury of occupying the premises without paying a single rental. This is the reality faced by the landowners. Many houses and apartments remain vacant due to the fear of the owners getting vacant possession when the need arises.

The proposed bill give complete protection to the tenants.

Impact on bank collateral

Apart from the aforesaid, it will have a major impact on the real estate market and the Bank Collateral, both of which are interconnected. A property developer, whether individual or commercial, needless to state is dependent on the Banks for Financial Assistance. The Banks on the other hand depend on such collateral towards effectively securing their exposure. In case of an eventuality they have the option of auctioning the property by invoking ‘Parate Action’.

Let me give a simple example to drive my concern.

Scenario 1

John(not the real name), resides in his ancestral property inherited from his parents. He is married and is having a daughter, his only child. He is concerned of the future of his child and is desirous of constructing a house within his ancestral property to be gifted to his daughter once she gets married. Due to his limited financial avenue he seeks the assistance of his Bank for a long term housing loan towards the construction of the house. The Bank, after ascertaining his repayment capacity has no hesitation in granting the facility, the major deciding factor being the collateral as he has pledged and agreed to mortgage the property on which the house is to be constructed. On completion of the construction the value of the property will be substantial. The Bank is fully secured by having a very valuable immovable property as collateral; in addition John has provided a salary confirmation from his employer who has pledged to remit the salary to the Bank towards the recovery of the monthly instalment and interest. This is an irrevocable undertaking. In addition John has intimated to the Bank of his intention to rent out the house on completion of the construction and the rental income which will be substantial too will be remitted to his account. The Bank has mitigated all possible risks.

Scenario 2

John finds a suitable tenant, namely Rohan(not the real name) enters into a Lease Agreement and rents out the newly constructed house on a two year Lease with the concurrence of the Bank. After the expiry of the initial Lease he wants to renew the lease, at which time he needs to review the rental as he cannot renew at the existing rates due to high inflation. The tenant declines to the new terms and the extension of the lease and refuses to vacate the house, even though the Lease has expired.

At this stage what are the available options to the landlord John. He is compelled to seek the intervention of the Courts for which he has to expend considerable expenditure by way of legal expenditure. At this state due to the expiry of the Lease and nonpayment of the rental, John’s monthly income has been affected. He is unable to service the loan, which has gone into arrears. The lending Bank threatens him with Legal action towards recovery. All attempts by the Bank towards the recovery of the arrears of instalments have not had the desired effect which is beyond the control of the landowner John. The Bank is left with no other alternative other than to go for ‘Parate Action’ towards auctioning the property. The Bank proceeds with ‘Parate Action’. Even though it is a very valuable property, due to the property being occupied by an illegal tenant(as the Lease agreement has expired), there are no buyers.

The aforesaid explains the reality. The Landlord John is affected after expending considerable expenditure and his desire towards ensuring his daughter is given a house of her own has not had the desired effect. The Bank is left with a collateral which has no value, and the aforesaid circumstances will compel the Bank to institute legal action against the borrower towards the recovery of its exposure. The borrower John who is now a Senior Citizen, is in great misery due to circumstances which were beyond his control. All his hard-earned money is in the drain. This is the reality.

Importance of occupancy

when an immovable property is obtained as Collateral for a facility by banks, they consider many aspects towards its acceptability. However, the major aspect is the occupancy of the property offered as collateral. The aforesaid is an important component which ultimately determines its acceptability, hence if the rights of the property owner diminishes, it may deter the banks and financial Institutions in accepting properties as collateral and such a course of action needless to state will seriously hamper the real estate market.

Indian Model

It has been reported that the proposed Protection of Occupants Bill will be put on hold for the time being, with further decisions to be made after considering the legal matters related to issues. Perhaps it will be the opportune moment for the authorities to consider a mechanism towards strengthening not only the rights of the tenants but also the property owners desirous of renting out their houses and apartments.

It will be feasible for the authorities to consider the Indian model towards expeditious determinations. In India, it was reported in the Media, specialised legal mechanisms to deal with defaulting tenants have transitioned from traditional, slow-moving civil courts to faster, dedicated, and quasi-judicial bodies, especially under the Model Tenancy Act (MTA), 2021.

Some of the salient features of the Act are:

Rent Authority: Introduced by the Model Tenancy Act, this body deals with tenancy agreements, rent registration, and related disputes.

Rent Court: Designed to decide on tenant-landlord disputes, including eviction, within 60 days of filing.

Rent Tribunal: An appellate authority that handles appeals against decisions made by the Rent Court, with mandates to resolve cases within 30 to 120 days.

Fast-Track Proceedings: Designed to resolve disputes within 60 days.

Limited Adjournments: The Act restricts the number of adjournments, ensuring swift justice.

The Model Tenancy Act, it has been reported, aims to replace the slow, traditional, civil court processes with a more transparent, speedy, and fair mechanism, shifting from lengthy civil lawsuits to focused, fast-track rent tribunals.

at a time when the prevailing interest rates are down, people inclusive of Senior citizens, venture into various other options such as the real estate market by investing their hard earned money towards deriving additional income; this is the current reality. Effective mechanism towards strengthening the rights of the property owners is an important priority in ensuring the rental market is not affected. Weakening their rights will not only discourage them in renting out their properties, it will also restrict the people in venturing into the real estate market. The proposed bill will result in severe shortage in the rental industry as most of the land owners will be reluctant to rent out their properties, as they will not have the peace of mind.

Constitutional Council has called for applications from interested individuals to fill the forthcoming vacancies in the post of Member of the Audit Service Commission under Article 41B of the Constitution of the Democratic Socialist Republic of Sri Lanka.

Under Article 153A of the Constitution, the Constitutional Council shall recommend suitable individuals to the President for the following appointments in the post of Member of the Audit Service Commission.

Accordingly, two retired officers of the Auditor-General’s Department, who have held office as a Deputy Auditor-General or above, a retired Judge of the Supreme Court, the Court of Appeal or the High Court of Sri Lanka; and a retired Class I officer of the Sri Lanka Administrative Service.

The applications should be prepared in accordance with the application form, which is available on the website of Parliament of Sri Lanka www.parliament.lk with a quick link named ‘Appointment to the post of Member of the Audit Service Commission’.

The duly completed applications should be sent to; Acting Secretary-General to the Constitutional Council, Constitutional Council – Office, Parliament of Sri Lanka, Sri Jayewardenepura Kotte on or before 20 February 2026 by registered post or by email to [email protected]

‘Appointment to the post of Member of the Audit Service Commission’ should be indicated on the top left-hand corner of the envelope, or as the subject of the email.

Amana Takaful Insurance PLC has relaunched its mobile application, marking a major milestone in the company’s digital transformation journey by bringing both Life and General insurance services into a single, fully integrated digital platform.

This initiative is also aligned with the Insurance Regulatory Commission of Sri Lanka’s (IRCSL) direction to accelerate digital adoption and enhance technology-driven service delivery across the insurance industry.

Designed under the theme ‘Everything Simplified’, the all-new Amana Takaful Mobile App is built to offer customers a faster, smarter, and more convenient way to manage their insurance needs anytime, anywhere.

The app, which already has a strong and growing user base of over 18,000 customers, has proven its value as a trusted digital service platform, and the relaunch further enhances this experience with improved performance, expanded features, and a more intuitive user interface.

The app introduces a wide range of features covering General Insurance, Life Insurance, and Health and Wellness, enabling customers to handle almost every insurance-related requirement from the palm of their hand.

For General Insurance customers, the app enables instant motor and medical claims intimation, real-time claim tracking, easy premium payments, seamless access to insurance plans, and digital insurance e-cards, allowing customers to access their policy details instantly without the need for physical documents. Life Insurance customers can track investment performance, request fund switches, submit hospitalisation claims, and purchase Pure Life Term policies directly through the app.

Beyond insurance, the platform also offers integrated health and wellness features, including step tracking, telemedicine access, and a personal Risk Analysis Matrix, reinforcing Amana Takaful’s commitment to holistic wellbeing and preventive care.

With all policies, claims, digital e-cards, and wellness tools now housed in one unified digital ecosystem, the new app delivers a truly connected, paperless, and simplified customer experience, while supporting the industry’s broader shift towards digital-first service models encouraged by the regulator.

Senior AGM – Product Pricing and Digital Transformation Nalin Sakalasuriya said: ‘This app relaunch represents a significant step in our digital journey. We looked at the entire customer experience and asked ourselves how we could remove complexity at every touchpoint. The new Amana Takaful Mobile App is not just a technology upgrade; it is a complete rethinking of how our customers interact with insurance, making it simpler, faster, and more meaningful.’

Head of IT Danushka Liyanage said: ‘We built this platform with a security-first architecture, ensuring that scalability and high performance are woven into its DNA. By placing the user experience at the core of our development cycle, our teams have delivered a seamless, future-ready digital ecosystem. This app is more than just a tool; it is a reliable, high-speed gateway to our services that our customers can depend on with complete confidence.’

The relaunch of the app is part of Amana Takaful’s broader strategy to drive digital adoption, enhance service excellence, and deliver people-friendly insurance solutions to Sri Lankans, while actively supporting the IRCSL’s vision of building a more digitally empowered insurance ecosystem.

The International Monetary Fund (IMF) has awarded economist Talal Rafi for the Most Popular Public Finance Article of 2025 for its Public Financial Management (PFM) Blog, recognising the global reach, policy relevance, and impact of his contribution to the IMF’s Public Financial Management (PFM) discourse.

Published on the IMF’s PFM Forum, Rafi’s article stood out among contributions from policymakers, practitioners, and scholars worldwide which includes IMF staff and PFM experts globally. Talal’s article ‘What Measures Can Developing Countries Take to Curb Rising Debt Levels’ was recognised as the most popular article published by IMF PFM Blog for 2025. The article highlighted the current debt situation in developing countries and included recommendations which include debt restructuring, increasing progressive taxation, increasing government efficiency and strategising economic growth.

Talal Rafi is a Sri Lanka based economist. He is an expert columnist to the International Monetary Fund on public finance and a member of the expert network of the World Economic Forum. He also holds appointments as a Consultant to the European Commission and a Visiting Fellow at the Centre for Poverty Analysis. His past experience includes being a consultant to the Asian Development Bank, a Director at Ernst and Young Sri Lanka, a member of the Deloitte Global Economist Network and having served on the Board of Sri Lanka’s government foreign policy think tank. His work has been published by the World Bank, International Monetary Fund, Asian Development Bank, World Economic Forum, Johns Hopkins University, and the London School of Economics.

Ceylon Electricity Board (CEB) unions have threatened blackouts and widespread power disruptions in response to the Government’s plan to restructure the power utility.

The CEB Technical Engineers and Superintendents Association said it will launch an island-wide strike once the gazette establishing six new subsidiary companies is issued, which is expected later this month. The association cautioned that such action could bring operations at key power installations and transmission networks to a standstill.

The timing of the gazette would trigger immediate action unless the Government addressed the union’s demands. If the Government proceeds without meeting the union’s eight demands, it said it was prepared to take action that could leave the country in darkness.

The warning is backed by 24 other electricity trade unions, including engineers, technical officers and industrial technicians. They have said that during any strike action, routine maintenance and emergency repairs would not be carried out, potentially forcing authorities to shut down sections of the national grid on safety grounds.

The proposed restructuring, which has Cabinet approval pending, envisages splitting the CEB into six separate companies, with assets, liabilities and operations redistributed among them. Government officials have argued that the move is aimed at improving efficiency and financial discipline in the power sector, while unions say it threatens job security, employee benefits and operational accountability.

The unions’ eight-point demand list includes formal guarantees on employee benefits through a collective agreement prior to gazette notification, safeguards against the erosion of salaries and allowances, proper auditing and transfer of assets, protections for pension and provident funds, resolution of long-standing salary anomalies, settlement of benefits for employees who opted for voluntary retirement, and the establishment of mechanisms to address grievances arising from restructuring.

With the gazette expected shortly, unions warned that failure to reach agreement could push the power sector into severe disruption, raising the prospect of an energy crisis at a time when electricity supply remains critical to economic activity.

Sri Lanka and the European Union (EU) will hold the 27th Session of the EU-Sri Lanka Joint Commission in Colombo on 12 February 2026.

This high-level meeting will bring together senior officials from both sides to review and strengthen partnership across several areas including governance, human rights, trade, development cooperation, and other bilateral and regional priorities.

The Joint Commission will be Co-Chaired by Foreign Affairs, Foreign Employment and Tourism Ministry Secretary Aruni Ranaraja and European External Action Service (EEAS) Acting Managing Director for Asia and the Pacific Paola Pampaloni.

The visiting EU delegation will also meet with senior Sri Lankan dignitaries to discuss collaborative approaches and concrete next steps to strengthen the ongoing partnership.

Anantara Peace Haven Tangalle Resort has announced the appointment of Frederik Vanden Borre as General Manager, effective 15 January 2026.

Borre will oversee the resort’s strategy and day-to-day operations, focusing on enhancing guest experience, strengthening commercial performance, maintaining brand standards, and supporting team development across the property.

After joining Minor Hotels in 2022 as Executive Assistant Manager at Anantara Mui Ne Resort, Borre later served as Acting General Manager and led the property through a full refurbishment. He then assumed the role of General Manager at Avani Hai Phong Harbour View Hotel in mid-2022, before returning to Anantara Mui Ne Resort in August 2024 as General Manager.

A German national, Borre brings more than two decades of hospitality experience across Europe, Africa, Asia, and the Caribbean. He began his career at the iconic Hotel Vier Jahreszeiten in Hamburg, Germany, before taking on his first international assignment as Assistant Food and Beverage Manager with Raffles in St. Vincent and the Grenadines. He subsequently held senior food and beverage leadership roles with Kempinski Hotels across multiple regions, including at landmark properties Çiragan Palace Kempinski Istanbul and Emirates Palace in Abu Dhabi before joining The Peninsula Shanghai as Executive Assistant Manager overseeing food and beverage operations.

Minor Hotels Vice President – Operations (Asia) Nicholas Smith said: ‘Frederik brings a strong operational focus shaped by diverse international experience. His leadership approach aligns well with Anantara Peace Haven Tangalle Resort, and we are confident he will support the resort’s ongoing commitment to heartfelt hospitality and unforgettable guest experiences.’

Borre said: ‘It is a privilege to join Anantara Peace Haven Tangalle Resort at this important moment. The destination holds a distinct character, and I look forward to working closely with the team to build on the resort’s established culture and guest experience.’

Located on the rocky shores of southern Sri Lanka, Anantara Peace Haven Tangalle Resort is a luxury beachfront hideaway renowned for its award-winning Ayurveda and impeccable dining experiences. The resort is regularly recognised as a top luxury destination by international publications and is renowned for its culturally connected encounters in a naturally beautiful destination.

Sri Lanka has officially rolled out its Digital Nomad Visa (DNV), a new long-stay residence facility aimed at attracting foreign professionals who work remotely for overseas employers or clients, as part of a broader strategy to position the country as a preferred digital and lifestyle destination.

The initiative, now live on the official website of the Department of Immigration and Emigration, allows eligible foreign nationals to live and work remotely from Sri Lanka for up to one year, with the option of annual renewal.

Authorities say the program is designed to contribute to the national economy through extended stays, increased tourism expenditure and the inflow of foreign currency, while also promoting knowledge exchange within the digital and ICT sectors.

Under the scheme, foreign nationals aged 18 and above who are engaged in remote employment, freelancing or who own businesses registered outside Sri Lanka and serving foreign clients are eligible to apply. Spouses and dependents may also be included in the application. Applicants are required to demonstrate a minimum monthly remittance of $ 2,000 for the main applicant, with an additional $ 500 per month for each dependent beyond two.

Applicants must submit a comprehensive set of documents, including a valid passport, medical and police clearance certificates, proof of international health insurance, evidence of income remittance and a recommendation from the Digital Economy Ministry. Visa applications are processed through the Residence Visa Division of the Department of Immigration and Emigration, where documentation is evaluated prior to approval and endorsement.

The Digital Nomad Visa is issued for a period of one year, with extensions subject to compliance requirements, including proof of tax registration with the Inland Revenue Department. Visa fees are set at $ 500 per year for the main applicant, spouse and each dependent.

Visa holders are entitled to reside legally in Sri Lanka for up to 12 months, open and maintain personal bank accounts, enter into property rental or lease agreements and enrol dependent children in international or private schools. They are also permitted to access local telecommunications and utility services and participate in co-working spaces, ICT programs and tourism-related events organised by the Government or private sector.

However, the authorities have emphasised that Digital Nomad Visa holders are not permitted to engage in local employment and all income must be derived from foreign sources.

Applicants are also required to comply with Sri Lanka’s immigration, tax and legal obligations, refrain from political activities and notify the Department of Immigration and Emigration of any changes in employment, income or dependent status within 30 days.

The visa may be terminated either at the request of the applicant, subject to advance notice requirements, or by the Department in cases of non-compliance, failure to meet income criteria or concerns related to legal or national security risks.

A press conference and ceremonial event has been organised by the Tourism Ministry and the Sri Lanka Tourism Promotion Bureau (SLTPB) to mark the issuance of Sri Lanka’s first Digital Nomad Visa and to officially welcome the inaugural visa holder on Monday (16) at the Bandaranaike International Airport (BIA). The event is expected to be attended by the Deputy Ministers of Tourism, Digital Economy and Public Security, along with senior State officials.

The move is intended to generate national and international visibility for the initiative and signal Sri Lanka’s readiness to compete in the growing global digital nomad market.

Spin heavy Pakistan unsettled USA for 158-8 to give their side a win by 32 runs – their second successive win in the ICC Men’s T20 World Cup match which was played under lights for the first time at the SSC grounds yesterday.

Pakistan went with five spinners yesterday, replacing Salman Mirza with Usman Tariq, and they came to the party to derail USA’s chase. Pakistan’s total of 190-9 was a formidable one to begin with led by the efforts of opening bat Sahibzada Farhan who scored 73 off just 41 balls (6 fours, 5 sixes).

Thanks to Player of the Match Farhan who with help from Babar Azam and Shadab Khan, Pakistan scored their highest total at a T20 World Cup since they made 201-5 against Bangladesh in 2016. The USA found a way back into the game through Shadley van Schalkwyk, who took two wickets in one over to slow the scoring. However, Babar and Farhan joined forces to build a massive 81-run partnership off 52 balls, and looked set to post a huge total.

Towards the end, Shadab provided a late boost by smashing a quick-fire 30 runs in only 12 balls (4 fours, 1 six) to push the total closer to the 200-run mark. The momentum shifted once more when Van Schalkwyk returned to the attack, claiming two more vital wickets to finish with excellent figures of 4/25 as Pakistan lost five wickets in 10 balls. His performance perfectly matched his clinical bowling against India where he had similar figures and helped limit the damage. But with the scoreboard pressure mounting, USA had a tall chase in hand.

The pitch was a good one and USA started well in the powerplay. However, once Shadab Khan came into the attack and started applying the squeeze along with Mohammad Nawaz, the run chase came to a stall. In the six overs after the powerplay, USA managed just 29 while losing two wickets. It was the phase where the game was decided and while Shubham Ranjane batted well for his half-century (51 off 30 balls, 3 fours, 3 sixes) later on, the win was out of sight by then. – [ST]

Scores:

Pakistan 190-9 (20) (Sahibzada Farhan 73, Babar Azam 46, Shadab Khan 30, Shadley van Schalkwyk 4/25)

USA 158-8 (20) (Shayan Jahangir 49, Milind Kumar 29, Shubham Ranjane 51, Shadab Khan 2/26, Usman Tariq 3/27)

Recently, a post went viral quoting Elon Musk from a podcast, suggesting that AI could make learning skills ‘unnecessary.’ A closer reading shows his remarks were predictive, not definitive: some hard skills may be overtaken by AI, but learning itself will not become irrelevant. While this thought unsettles many, the reality is clear. Hard skills can be automated; soft, human-centred skills cannot. I am often asked, as AI advances across boardrooms, classrooms, and workplaces: if machines can think and create, do human skills still matter? The answer is unequivocal-AI will not make learning unnecessary; it will make it indispensable, and human-centred soft skills cannot be fully replaced.

Skills matter

AI and Tech is not eliminating the need for skills-it is redefining which skills matter. For much of the last century, education and professional development focused on acquiring a fixed body of knowledge and applying it repeatedly over a career. That model is becoming obsolete. AI systems can process vast amounts of information, draft reports, run analyses, and automate routine decision-making far faster than humans. Skills based purely on repetition or recall are increasingly being augmented-or replaced-by machines. Yet this does not diminish the role of people. On the contrary, it elevates it. In an AI-enabled world, uniquely human capabilities-judgment, ethical reasoning, contextual understanding, relationships and accountability-become more valuable, not less. AI can generate options, but humans must decide which path to take and bear responsibility for the consequences. This is particularly true at leadership and board levels, where decisions carry strategic, social, and reputational weight that no machine can fully comprehend. Moreover, as automation and AI take over routine tasks, uniquely human capabilities-soft skills-become more important, not less. Employers want people who can think critically, build relationships, show resilience, solve problems, engage effectively, and exercise judgment in complex situations. Soft skills, therefore, cannot be replaced by AI. Hard skills, on the other hand, can increasingly be automated.

The real shift

The real shift is from learning fixed skills to learning how to learn. As technology advances at unprecedented speed, the shelf life of technical skills is shrinking. Directors, executives, and professionals can no longer rely solely on qualifications earned decades ago. Continuous learning, adaptability, resilience, the ability to question meaningfully, and intellectual curiosity are becoming core competencies. As Musk points out in the podcast , college or university may no longer be required solely to acquire specific skills, but higher education still holds value for social development, career opportunities, building resilience, networking and broad intellectual exposure. Professional qualifications such as CIMA, ACCA, CIM or CFA that develop critical technical skills and problem-solving abilities will integrate most effectively with technology and AI.

Conclusion

AI is redefining what it means to be skilled. The ability to ask the right questions of AI systems, critically interpret their outputs, and recognise their limitations is now essential. Digital literacy is no longer just about coding; it is about understanding how technology shapes decisions, incentives, and outcomes, and knowing when to rely on machines versus human judgment. Equally important are skills AI cannot replicate: leadership, empathy, negotiation, resilience , relationships, creativity, and the ability to align diverse stakeholders behind a shared purpose. In times of disruption-economic, technological, or geopolitical-organisations do not turn to machines for moral guidance or strategic reassurance. Countries turn to people. For boards and institutions, this shift carries a clear implication: investment in human capital must not slow because of AI; it must accelerate and evolve. Certainly, some job-specific skills may become redundant as AI takes over routine tasks. But AI will not replace skilled people-it will replace people and organisations that stop learning. In the years ahead, learning and CPD will no longer be a phase of a professional career. It will be the career itself. In the final analysis, blind trust in algorithms can be as dangerous as ignoring them altogether. Human skills will therefore remain relevant-and essential.