Amãna Takaful-Com Bank tie-up on Bancassurance

July 14, 2013 (LBT) -Amãna Takaful PLC, a pioneer of Takaful insurance in Sri Lanka recently announced a Bancassurance partnership with Commercial Bank of Ceylon to offer insurance services through the branch network of the bank.

An MoU was signed recently by Chief Executive Officers of the two organizations at the Commercial Bank head office in the presence of senior officials of both organisations.

This strategic partnership with Commercial Bank will enable the Bank’s customers to have direct access to selected Life and General Takaful insurance products offering a one-stop-shop solution. The new move comes in addition to the already existing relationship with Commercial Bank as a payment point for Amãna Takaful policies.

“We are pleased be able to strengthen our partnership through the years with one of the most respected Banks in Sri Lanka. Through this MoU we hope to widen our reach and offer customers greater transactional flexibility and convenience”, said Fazal Ghaffoor, Chief Executive Officer, Amãna Takaful PLC.

The insurance agreement with Commercial Bank will allow customers to have access to Takaful Motor, Takaful My Home, Takaful Fire Cover, Mortgage and Fire protection at Commercial Bank branches.

Managing Director/Chief Executive Officer of Commercial Bank Ravi Dias said “We are pleased to tie up with Amãna Takaful Insurance for Bancassurance services and believe that it will provide more options to our customers when selecting an insurance policy.”

Add comment

Security code

  • 0
  • 1
  • 2

Price Declines And Industry Challenges Crimp Lanka’s Rubber

Price Declines And Industry Challenges Crimp Lanka’s RubberApril 22, 2014 (LBT) - Despite rubber being one of our key productive assets there is growing concern of the continual price declines experienced since 2012. Although enjoying a boom for nearly a decade, Sri Lanka’s rubber prices have seen considerable declines in recent times.According to Colombo Rubber Traders’ Association (CRTA) Chairman, M. S. Rahim, the price drop in the world reflected on Sri Lanka too. “With lower prices in the current period, costs of production will increase and we’ll be faced with losses. Smallholders too have to bear the price drop and drop in production due to bad weather conditions that prevailed in 2013.” Commenting on the prices declines he added, “In 2010 prices (Thick latex crepe) reached a high of Rs. 593. In 2011 prices reached record highs of over Rs.600 for a period of 7 months. After a slow start in 2012, prices recovered thereafter began to drop slowly to end the year at Rs.385 per kilo.”“In 2013 the market recovered quickly at the beginning of the year to reach over Rs.400 in the first quarter after which there was a slight drop in the second half, but overall prices ... Read more

Opinions | Hits: 110 | Comments

Planters’ Association Chairman envisions a different cup of tea

April 11, 2014 (LBT) - Tea is a global commodity. As the largest agrarian industry in Sri Lanka providing direct and indirect employment to more than two million people or nearly 10% of the population, it has contributed greatly towards rural development and urbanization of remote hilly areas by optimum use of land and uplifting of social indicators among communities. Sri Lanka’s tea export earnings were Rs.160 billion in the year 2012 and Rs.197 billion in 2013 making these the highest ever. However, negative reports continue to place the industry in crisis. Roshan Rajadurai, Chairman, Planters’ Association of Ceylon (PA) says, it is challenging, a battle due to global competition, adverse climates and costs, including labour. In an agricultural economy, any industry is very dependent on external factors, so it is always challenging, but not a crisis.Sitting on the laurels of last year’s record earnings will not serve the future of the industry. Critical issues of replanting, rising cost of production through systematic wage increases, labour shortages, climate changes, role of the smallholder and the outgrower model, diversification, collective stakeholder involvement, training and research and development are all areas where making incremental changes is not enough. The need for significant ... Read more

Opinions | Hits: 518 | Comments

Hybrid Car Hypocrisy: The other side of the story

•      Performance of most hybrids is between 75% – 87% of the rated mileage – Automobile authority •      Deliver less than 60% of Environment Protection Agency (EPA) (of the United States) estimates while driving on city streets. •      In Sri Lanka, due to tax concessions, a 1500cc hybrid car is taxed at 59.75% of its value while the 1000cc conventional car is taxed at a whopping 200.65%! April 01, 2014 (LBT) - With ‘green’ concepts taking hold, sales of hybrid vehicles have soared in many countries including Sri Lanka, boosted by tax concessions and eager hopes of fuel and cost savings but the question whether most hybrids live up to their reputation has been debated across the world. From 2011 to 2013 a total of 15,181 hybrids have been registered with the department of motor Traffic. However, more and more customers of hybrids are becoming dissatisfied complaining that their vehicles are not meeting the much hyped-about fuel and resultant cost savings whilst more and more automobile experts and researchers are pointing towards safety lapses inherent to hybrid technologies. Hybrid Vehicle Imports 2011-13   Vehicle 2011 2012 2013 Total BMW 0 5 8 13 Honda 1,657 1,939 2,950 6,546 Porsche 40 26 10 76 Toyota 2,635 2,100 3,410 8,145 Toyota Lexus 69 65 19 153 Volkswagen 1 8 1 10 Total 4,526 4,232 6,423 15,181 In its Budget for 2011, the Government announced that electric and hybrid vehicles ... Read more

Opinions | Hits: 953 | Comments


Market loses ground

April 23, 2014 (LBT) - Following five consecutive days rise in indices, market lost ground mainly attributing to price falls in Bukit Darah and Ceylon Tobacco Company. Turnover crossed the Rs 670 Mn mark with parcel trades seen in Hatton National Bank voting and nonvoting and Sampath Bank. Retail interest was seen in Orient Garments, Kelani Tyres and Overseas Realty, while foreigners continued to remain net buyers for the day. Banks, Finance & Insurance sector was the top contributor to the market turnover (due to Hatton National Bank voting and nonvoting and Sampath Bank) while the sector index lost 0.62%. The share price of Hatton National Bank voting closed at Rs 155.10 decreasing by Rs 1.90 (1.21%) with the foreign ... Read more

Movement | Business Editor | Hits: 32 | Comments

Foreign interest in Blue chips

April 22, 2014 (LBT) - The indices continued to close in green recording a 11 week high with the banking sector dominating turnover. High net worth interest was witnessed in Sampath Bank and a block trade was seen in Commercial Bank. Retail activity was seen in the Piramal Glass and Orient Garments counters. Foreigners closed as net buyers (due to Commercial Bank and John Keells Holdings) with foreign buying accounting for 41% of the turnover. Banks, Finance & Insurance sector was the top contributor to the market turnover (due to Commercial Bank and Sampath Bank) with the sector index gaining 0.25%. The share price of Commercial Bank closed at Rs 128.00 gaining Rs 0.50 (0.39%) with the foreign holding increasing by ... Read more

Movement | Business Editor | Hits: 41 | Comments

Indices extend gains

April 21, 2014 (LBT) - Market continued to remain in the positive territory mainly owing to price gains in Carson Cumberbatch. Turnover crossed the Rs 800 Mn mark with Royal Ceramics accounting for 33%. Meanwhile, parcel trades were witnessed in Sunshine Holdings and John Keells Holdings. Retail participation was evident in counters such as Piramal Glass, Lanka IOC, Expolanka and Overseas Realty. Furthermore, the foreign interest remained subdued for the day. Manufacturing sector was the top contributor to the market turnover (due to Royal Ceramics and Piramal Glass) with the sector index rising by 0.86%. The share price of Royal Ceramics closed at Rs 95.00 gaining Rs 6.20 (6.98%). The share price of Piramal Galss closed at Rs 3.80 recording a ... Read more

Movement | Business Editor | Hits: 35 | Comments