LASL

The history of leasing in Sri Lanka dates back to 1977, when the Government introduced liberalized economic policies. But the emergence of leasing industry embarked in 1980, as a joint venture project of the World Bank, in accordance with their recommendation to set up a leasing industry in Sri Lanka. Passing several decades of evolution, today leasing has become more sophisticated and popular mode of financing in Sri Lanka.

The Leasing Association of Sri Lanka, is a Guaranteed Limited Company duly incorporated in the in the Democratic Socialist Republic of Sri Lanka on 04th July 2001 and re-registered on 22nd of May 2008 under the Companies Act No.7 of 2007. The Leasing Association of Sri Lanka is set up to promote, foster, protect and safeguard the interests of the Leasing Industry in Sri Lanka. At present, the membership of LASL is comprised with forty Licensed Finance Companies and three Licensed Specialized Leasing Companies.

Leasing Association raise the collective voice of the leasing fraternity of Sri Lanka through frequent dialogs with regulatory bodies and policy makers at the different forums, in order to ensure the sustainability of the leasing industry. All endeavors of the Leasing association is aimed at enhancing the interrelationship and connectivity of the leasing community, whilst assisting the member companies to develop the competences of their workforce.

Regulating the authorized motor vehicle Valuers is another core function of the Leasing Association. The valuers appointed by LASL are the only authorized personnel to issue valuation reports in respect of motor vehicles. Activities and practices of these valuation officers are being monitored consistently, in order to protect the ethical business conduct of the valuation sector.

OUR OBJECTIVES

To promote, foster, protect, safeguard, represent and further the interests of the leasing industry in the Democratic Socialist Republic of Sri Lanka.

To regulate the proper conduct of business by its members

To promote the exchange and dissemination of information pertaining to the business of leasing in Sri Lanka.

To organize conferences, seminars, symposia, for the benefit of its members and others engaged in leasing

To co-operate with international organizations to further the business of leasing

To encourage co-operation and co-ordination between leasing institutions, the public, the government and other authorities.

To create a forum at which the leasing institutions could voice, comment on, communicate, discuss and resolve their problems.

To liaise with other national and international bodies, entities and institutions which have common or similar interests to that of the association.

Chairman’s Message

It is my pleasure to welcome you to the official website of the Leasing Association of Sri Lanka (LASL).

LASL is the apex association in Sri Lanka for the leasing industry that collectively represents 36 member companies involved in the leasing and finance industry. As an association with a long history, LASL today has the ability to provide fruitful insights to the policy decisions relating to the leasing industry.

Leasing has become very popular means of financing equipment, particularly motor vehicles. Leasing as a product and the Industry has evolved over the years and has survived successfully despite many challenges.. This has made the industry and its players more resilient to face challenges posed in an ever changing regulatory and economic environment

In an environment of rapid business expansion by the member firms, LASL continuously strives to maintain high standards of professionalism by regulating the industry and its players whilst ensuring proper conduct by the member firms.

There are 105 Automotive Valuers are registered under LASL and they are bound with the Valuer Guidelines and Code of Ethics. LASL is closely monitoring the valuation reports issuing by the respective valuers for the member companies of LASL and therefore LASL is always appreciate the valuers who maintain the confidence of member companies.

The Covid pandemic has disrupted most of the business activities and industries across world causing ongoing uncertainty. Leasing industry is no exception but it has proven its resilience in the past and determined overcome all challenges. And the industry requires the continued support of all stakeholders to fully realize the potential of the industry. Accordingly, LASL is looking forward towards enhancing the interrelationship and connectivity of the leasing community. I hope you will find this website useful and interesting.

Nihal Weerapana
Chairman/LASL