Category: Daily Financial Times

The February Monthly Medal 2026 at the Royal Colombo Golf Club (RCGC), Sri Lanka’s premier golfing venue saw Gayan Galapitage showing fine form to win the Overall Nett win last weekend.

More than 300 golfers teed off the two-day event which was sponsored by Denza. Gayan also secured the C division title.

In Division A (handicap 0 to 9) precision and experience took centre stage. Riahn Pieris claimed the Nett title, while Husni Uwise ended as the runner up. Sachin De Silva captured the Gross honours on a better back 9 showing controlled shot-making on a demanding layout.

Division B (handicap 10 to 18) saw a closely fought contest, with F Dossa edging the Nett category on a countback, while P.B. Wickrama secured the Gross prize plus runner up in the nett segment as well.

In division C (handicap 19 to 28) saw Gayan Galapitage winning the nett and gross while C.P. Rayen ending runner up on a better back 9.

Seniors’ divisions delivered equally compelling performances. Suresh Amarasekera winning with Sunil Jayakody ending runner up while ever green Kumar Boralessa securing the gross.

In the Masters Lal Dias accounted for nett while Anura Danthanarayana ended as runner up with gross taken home by Bandula Weerasinghe.

In a landmark development for Ayurvedic medicine in the United Kingdom, Dr. Palitha Serasinghe, a globally recognised Consultant Ayurveda Physician, has been elected President of the British Ayurvedic Medical Council (BAMC).

The announcement was made at the Council’s annual general meeting in London, underscoring a new chapter in leadership for the body that represents and regulates Ayurvedic professionals across the UK. Dr. Mahesh Matpati was elected General Secretary, Dr. Danica Bezanov as Vice President, Romani Rix as Registrar, Dr. Raghunandan Sharma as Assistant Secretary, and Angela Hope-Murray as Treasurer.

Founded to promote the safe, ethical and high-quality practice of Ayurveda throughout Britain, the British Ayurvedic Medical Council serves as the nation’s lead register for Professional Associations of Ayurveda, Ayurvedic practitioners, doctors and therapists. BAMC works to uphold standards of education, clinical practice and professional conduct, while supporting research, training and community engagement in this traditional healthcare system. The Council also plays an important role in connecting practitioners and health-seeking members of the public with accredited Ayurvedic professionals.

Dr. Serasinghe steps into the Presidency with decades of distinguished service in Ayurveda spanning Asia and Europe. He studied at Royal College, Colombo 7 and is a graduate in Ayurvedic Medicine and Surgery with First-Class Honours from the Institute of Indigenous Medicine, University of Colombo, Sri Lanka, he subsequently completed a PhD in Medicine and Pharmacology in Japan, blending traditional expertise with rigorous scientific training. He was the first and only Ayurveda graduate to receive a scholarship from Japanese government (MONBUSHO) to study and research Medicine for the postgraduate training at the Faculty of Medicine, University of Toyama, Japan.

His early career was rooted in Sri Lanka, where he was a senior lecturer, Head of Department and Consultant Ayurveda Physician at the University of Colombo’s Ayurveda Teaching Hospital, contributing significantly to clinical practice, education and research in his homeland. Among his numerous valuable services to Ayurveda and Traditional Medicine in Sri Lanka, formulating and implementing an Institutional and National Ayurveda Research Policy, playing a key role in establishing Postgraduate Diploma and MPhil courses at the university for the first time in Sri Lanka.

Dr. Serasinghe’s influence expanded internationally when he moved into academic and clinical roles in Japan. There, he helped establish Ayurvedic teaching programmes and trained a new cohort of therapists, fostering cross-cultural exchange and expanding the reach of Ayurveda in East Asia.

In the United Kingdom, Dr. Serasinghe has been a central figure in advancing Ayurvedic education and integration. He has served as Principal Lecturer, Assistant Director and Programme Leader at leading Ayurvedic academic institutions, including roles tied to Middlesex University and the College of Ayurveda. His work as a Visiting Research Fellow at King’s College London under a Commonwealth Fellowship-becoming the first Ayurveda physician to receive such a fellowship-and his role as a consultant physician have helped bridge traditional Ayurvedic knowledge with contemporary clinical settings.

A spokesperson for BAMC said: ‘Dr. Serasinghe brings unparalleled experience and vision to the role. His dedication to evidence-informed practice, cross-cultural training, and public engagement reflects the Council’s mission to support Ayurveda’s professional development in the UK.’

Throughout his career, Dr. Serasinghe has published and presented research on herbal pharmacology, clinical treatments and traditional Ayurvedic practices, contributing to a broader understanding of how ancient and modern health sciences can complement one another. He has received ‘Srimathi Indrani Research Award for Arthritis Research’ given by the University Grants Commission, Sri Lanka, ‘Ayurveda Chakravarti’ by the World Brahmins Association, India and the ‘Ayurveda Ratna’ by the All Party Parliamentary Group on Indian Sciences at the Parliament of United Kigdom in London.

His election marks a milestone for the British Ayurvedic Medical Council, and signals continued growth for Ayurveda as part of the UK’s diverse health landscape. Dr. Serasinghe has outlined priorities for his term that include strengthening practitioner standards, expanding public access to safe Ayurvedic care, and enhancing educational pathways for future professionals.

The Council and its newly appointed President are expected to continue building strong links between Ayurveda communities worldwide-reflecting Dr. Serasinghe’s career-long commitment to global health, education and traditional medicine advocacy.

Spice Ceylon, a thoughtfully curated spice heritage experience conceptualised by Thema Collection, officially opens to visitors, offering an immersive journey into Sri Lanka’s rich spice legacy, agricultural traditions, and cultural storytelling.

Drawing on Thema Collection’s extensive experience in heritage-led hospitality and destination storytelling, Spice Ceylon has been designed to deliver a well-curated and professionally managed visitor experience that connects history, nature, and gastronomy in a meaningful way.

Thema Collection Chairman Chandra Wickramasinghe said: ‘At Thema Collection, we continuously strive to introduce new and meaningful concepts to Sri Lanka’s tourism landscape. Spice Ceylon is something truly different, an experience where guests can explore the history of Sri Lanka’s spices through our dedicated museum, enjoy immersive guided tours, and conclude their journey with an authentic lunch inspired by Kandyan royal recipes.’

At the heart of the experience is the Spice Heritage Museum, the first of its kind in Sri Lanka, dedicated entirely to the island’s spice history and its role in global trade. The museum traces Sri Lanka’s centuries-old spice journey, highlighting how spices such as cinnamon, pepper, and cloves shaped the country’s cultural identity and international relations.

Visitors are guided through spice cultivation areas and nature trails by well-trained interpreters with agricultural backgrounds, ensuring knowledgeable and credible narration. These guided walks provide deeper insights into traditional spice cultivation practices, biodiversity, and sustainable agriculture.

The experience is further enriched with a curated lunch at the a historic Walauwa, featuring authentic Sri Lankan cuisine inspired by Kandyan royal recipes, offering guests a rare opportunity to connect culinary heritage with place and history.

Conveniently located in Matale along the Dambulla-Kandy road, in close proximity to the historic Aluvihare Rock Temple, Spice Ceylon is thoughtfully designed as a practical, time-efficient stop that seamlessly complements cultural and heritage-focused itineraries.

By bringing together spice cultivation, immersive storytelling, and authentic Kandyan-inspired cuisine in a carefully curated setting, Spice Ceylon redefines how Sri Lanka’s spice heritage is experienced. The initiative reflects Thema Collection’s commitment to creating meaningful visitor experiences that celebrate the island’s history, culture, and living traditions, while setting a new standard for heritage-driven tourism in Sri Lanka.

The Cabinet has approved amendments to Sri Lanka’s SIM card registration rules, including re-registering SIMs issued before August 2, 2019, to improve subscriber data.

HNB Assurance PLC was recognised as the Best Health Insurance Coverage Provider of the Year – Sri Lanka, at the prestigious awards ceremony organised by the Indian Chamber of Commerce (ICC), marking a significant milestone in the Company’s journey of delivering comprehensive, customer-centric protection solutions.

This accolade adds to a growing list of recognitions from the ICC, which has previously acknowledged HNB Assurance as the Best Life Insurance Company, highlighting the Company’s consistent presence among the most respected players in the insurance industry. The latest recognition reflects HNB Assurance’s focus on innovation, strong product architecture, and its ability to anticipate and respond to evolving healthcare needs.

Executive Director/CEO Lasitha Wimalaratne said: ‘Being recognised by the Indian Chamber of Commerce as the Best Health Insurance Coverage Provider of the Year is a strong validation of the trust our customers place in us and the strength of the solutions we offer. Our health portfolio has been built with a clear focus on meaningful coverage and long-term value, ensuring that our customers are protected when it matters most. This award, alongside previous ICC recognitions, reinforces our position as one of the most reliable and forward-thinking insurance providers in the country.’

He further noted that consistently featuring among the best is not incidental, but the result of a deliberate strategy focused on product excellence and service quality while possessing a deep understanding of customer expectations.

‘We are deeply honored by this recognition and extend our sincere thanks to the Indian Chamber of Commerce for acknowledging our efforts. This award belongs to every team at HNB Assurance whose passion and focus on excellence continue to elevate the standards of what we offer. I am immensely proud of our teams and the collective effort that goes into building solutions our customers can truly rely on,’ Wimalaratne added.

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.