Agreement signing ceremony between INCEIF and Ceylinco Sussex Business School of Sri Lanka

INCEIF recently signed two agreements with Ceylinco Sussex Business School of Sri Lanka. The signing ceremony, which took place in Colombo, was witnessed by the High Commissioner of Malaysia to Sri Lanka HE Nazirah Hussain and Deputy Governor of Bank Negara Malaysia Dato’ Mohd Razif Abdul Kadir.

Dr Kotelawala (third from right) exchanging the agreement with Dato’ Razif


Dato’ Mohd Razif is also a member of INCEIF Board of Directors. INCEIF was set up by Bank Negara Malaysia in March this year to serve as a catalyst in creating high calibre professionals in Islamic banking and finance to meet the requirements of the industry both domestically and internationally.

Ceylinco Sussex Business School is part of the Ceylinco Group of companies (Ceylinco Group), which is one of the private sector conglomerates in Sri Lanka . The Group has diverse activities ranging from financial services, owner and operator of schools and private colleges, information technology, real estate ownership and development, industrial packaging, travel and leisure etc. Currently four companies within the Group are listed on the Colombo Stock Exchange.

The Group is headed by Dr Lalith Kotelawala, its chairman, who is supported by 17 Deputy Chairmen heading each of the businesses. The two agreements signed are the appointments of Ceylinco Sussex Business School as the Exclusive Marketing Agent (EMA) and Exclusive Education Service Provider (EESB) for INCEIF in Sri Lanka. Ceylinco Sussex Business School will act as INCEIF’s marketing agent in Sri Lanka to recruit students.

There is a growing awareness in Islamic finance in Sri Lanka following the amendment of the Sri Lankan Banking Act in 2005 to permit financial institutions to open profit sharing/Islamic windows.

Takaful business is also available in the country albeit at an early stage of development. Currently there are four institutions which operate profit sharing business and two takaful companies. They are Ceylinco Global Profit Sharing Company, Ceylinco Profit Sharing Company, Amanah Investment and MCB Profit Sharing which is a subsidiary of The Muslim Commercial Bank of Pakistan . The two takaful companies are Ceylinco Takaful and Amanah Takaful. Each of these companies has its own panel of local Shariah advisors.

Mr Agil Natt, the Chief Executive Officer of INCEIF, signed on behalf of INCEIF and Dr Lalith Kotelawala and Mr K.A.S. Jayatissa, the Deputy Chairman of Ceylinco Educational & Financial Services Group, signed for Ceylinco Sussex Business School.


“This is a meaningful event for INCEIF and Ceylinco Sussex Business School as we both undertake the task of developing the human capital needs for the Islamic financial services industry in Sri Lanka. We are pleased and honoured that our quest in Sri Lanka will be carried out in partnership with a strong and reputable partner who is committed to achieving the same goal of addressing the human capital needs of the Islamic financial services industry,” Mr Agil said.

In highlighting the critical role of human capital development in global Islamic finance, Mr Agil said “Human intellectual capital helps drive innovation and sustain market competitiveness in meeting challenges in the Islamic financial industry The fast pace of innovation in global Islamic financial services sector has created a great demand for experts in Islamic financial services who have the right blend of deep knowledge in both the finance and the Shariah.”

HE Nazirah Hussain said the Government of Malaysia has always been promoting collaboration and cooperation between business organisations and academic institutions from both countries.

“The partnership agreement reached between one of the biggest corporations in Sri Lanka and a Malaysian academic institution backed by none other than the Central Bank of Malaysia is another example of the kind of partnership that has always been supported by the Government of Malaysia,” she added.

Share this post