Business
Introducing another first – LOLC Al-Falaah launches Wakalah Speed-Draft
LOLC Al-Falaah, the Alternate Financial Services Unit of LOLC Finance PLC, which is renowned for introducing many ground-breaking financial services has unveiled yet another innovative product option branded ‘Wakalah Speed Draft’. This latest product addition is an alternate financial solution that compliments the most popular conventional ‘LOLC Speed-Draft’ or permanent and temporary overdraft facilities offered by commercial banks. As the name denotes, LOLC Al-Falaah customers can now obtain a speedy cash-advance conveniently with the ‘Wakalah Speed Draft’ service from any of the LOLC Finance branches located countrywide.
LOLC Al-Falaah ‘Wakalah Speed Draft’ is formed within the precepts of the Wakalah-bil-isthismar concept. The Customer is appointed as an agent of LOLC Al-Falaah, with an undertaking that the funds advanced are utilized for the purposes of trading transactions and working capital requirements for businesses. The Customer is provided with short to mid-term finance to which repayment methods are flexible and are based on a methodology of profits share.
LOLC Al-Falaah ‘Wakalah Speed Draft’ is most suitable for businesses that are engaged in trading and manufacturing that requires short to mid-term working capital. It is a flexible option that caters to a multitude of financing needs such as asset purchases, trading stock & raw-material replenishments, factory renovations and expansions as part of business growth. One of its main features is its ability to draw-down funds in flexible quantums based on the customer’s cash-need and repayment capabilities. ‘Wakalah Speed Draft’ helps increase the liquidity of the business and facilitate a greater level of business activity allowing greater flexibility of usage and repayment as and when the Customer requires it. It is also structured to be less costly and more feasible for business purposes as profit-mark-up will be accrued purely based on usage or draw-down on funds.
Speaking about LOLC Al-Falaah’s latest product addition, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Wakalah Speed Draft is an extremely flexible financial solution, and it is ideal for the corporate and SME sector businesses that are in need of short to mid-term working capital solutions to meet dynamic requirements. In my view, it is a very useful and a versatile product, especially considering the competitive business climate as more and more businesses require pre-approved financial services that can be drawn-down easily on a need-basis and settled based on existing cash-flows, instead of long term commitments. We saw a gap in the market, and decided to step in with a solution, in keeping up with LOLC Al-Falaah’s reputation for introducing financial solutions that are innovative as well as in line with the needs of the modern Customer. The product is also coupled with the most advanced technology to ensure that the customer experiences greater convenience, speed and security”.
Commenting about LOLC Al-Falaah’s latest product initiative, Yanik Fernando, DGM, LOLC Finance East & Uva Region & Product Head of Speed Draft said, “This solution was introduced to bridge the gap between conventional products and Alternate Financial Services products in the local Non-Banking Financial Institution (NBFI) sector. It is a unique value added option to the conventional speed draft, covering all segments of the market. Having experienced the phenomenal response, we received for the conventional ‘Speed Draft’, we believe that the ‘Wakalah Speed Draft’ introduced for the first time by LOLC Al-Falaah too will experience the same positive response from its clientele, island wide”.
LOLC Al-Falaah, with over a decade of experience in the Alternate Finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC, which is Sri Lanka’s largest non-banking financial institution (NBFI). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
