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Chairman's Review

It is with pleasure that I pen this welcome note at the launch of the Leasing Association of Sri Lanka (LASL) Web-Site at a juncture when the leasing industry is expanding at an unprecedented growth rate.

LASL which is 64 members strong comprises of leasing companies, finance companies, commercial banks, development banks, merchant banks and savings banks. The Association has been operating since the early 1980’s and was incorporated as a legal entity in July 2001. It is a member of the Asian Leasing Association.

The Leasing industry in Sri Lanka which is in its third decade has been facilitating small and medium term business enterprises for their capital formation whilst enhancing the living standard of the individuals. It has been primarily responsible for facilitating the convenience of transport through finance leases of vehicles. Further, the leasing industry has been providing an invaluable service to the banking industry and the economy by making hitherto an un-bankable community embrace the banking habit by in most cases providing the first form of financing.

Industry statistics justifies that leasing has become the most popular financing instrument for vehicle financing and micro business asset financing. We are appreciative to the Government of Sri Lanka for acceding to the request made by LASL to increase the rate of capital allowances applicable on machinery to 331/3% at the last budget. I have no doubt that the players in our industry will grab this opportunity and provide increased leasing facilities for the procurement of machinery and equipment to facilitate the manufacturing sector of the economy too.

In line with the vision of the government the Members of the Association are expanding their activities and improving distribution channels throughout the country by attracting more customers from all sectors of the economy while contributing to regional development. In this environment, LASL is committed to improve service standards of the industry and cater to client’s and member requirements which would be the sustainable factor of the industry.

In this quest we hope the website would be a useful tool in enhancing communication between all stakeholders of the industry.

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