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Holy Insurance
Takaful is a mutual assurance service based on Islamic finance principles.rnInvestments of the insurance funds are placed in non-interest bearing instruments such as bullions, financing or equities that are permissible in Islam. rnAmana presently has a partnership with Takaful Malaysia, which is a formally regulated company in Malaysia. rnrnThough Amana Takaful was recognised under a […]
Conference Call
The move comes after the government announced yesterday it was renegotiating SLT quote s management contract with Nippon Telegraph & Telephone Corp. (NTT) of Japan. rnrnldblquote The announcement is part of a plan to restructure SLT, dblquote Chairman Thilanga Sumathipala said. rnSLT loses its monopoly on local and international calls in August, and Sumathipala says, […]
Buying Rights
Despite as many as 4000 consumer rights groups floating in Sri Lanka, most are inactive, hindered by a lack of sufficient funding. rnrnLobbyists have come forward with suggestions that a welfare fund be set up making it mandatory for consumers to contribute to the fund. rnrnldblquote Just like other taxes GST or NSL, we are […]
Big Steps
The bank has amended the existing legislations and created separate categories for commercial banks and non-commercial banks. rnrnThe new guidelines which came into effect from February 1, requires new dealers to set aside minimum Rs. 150 mn in capital. rnrnCommercial banks have to maintain the capital in a separate fund known as Primary Dealer Special […]
Revelations
Complex financial transactions that include income securatisations and sale of loans have been increasingly used by local financial institutes to raise capital and improve their profitability. rnrnldblquote At minimum financial statements should include a disclosure about the complex financial transaction. The disclosure should explain the transaction and risk and rewards the company is exposed to […]
Sampath wins
The Appeal Court upheld an earlier District Court decision, which barred HNB and its associates from selling the excess shares of Sampath Bank that was bought in the market last year. rnrnToday quote s ruling prevents both groups from voting on their holdings in Sampath Bank until court proceedings are complete. rnrnThe ruling also said […]
Debt – BBB
SL BBB rating denotes a low expectation of credit risk. rnrnldblquote The capacity for timely payment of financial commitments is considered adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity, dblquote Fitch says in a release. rnrnThe rating takes into account SF quote s strong balance sheet […]
No Problem
The government has also decided to shift the venue of the customarily aid group meeting from Paris to Colombo, in order to allow a greater participation of Sri Lankan officials in the discussion, Cabinet spokesman Minister G L Peiris said today. rnrnldblquote This change of venue will allow most of the officials who are in […]
Jaya Spun Off
The new company will be known as Jaya Container Terminals Ltd and will be managed by a board of nine directors appointed by the Shipping Minister. rnrnAccording to shipping analysts, Jaya Terminal would stand to lose large volumes of container handling to the private sector managed South Asia Gateway Terminal (SAGT), if it continued under […]
Southern Roar
Rajapaksa was better known for his loyalty towards Sri Lanka Freedom Party, the key constituent party of PA, which his father helped to form, than his loyalty towards the President. rnrnDuring his stint as the Labour Minister in the PA government he introduced the controversial Labour Charter, which earned him the wrath of business community. […]