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.
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.
It gives me immense pleasure to write this welcome note at the re-launch of the official website of Leasing Association of Sri Lanka (LASL), at a juncture when the leasing industry is undergoing somewhat difficulties in the prevalent turbulent economic conditions.
The Association has been in operation since the 1980’s and was incorporated as a legal entity in July 2001. At present, LASL comprise of 43 member companies of leasing and finance industry.
The Leasing industry in Sri Lanka 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. Industry
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 clients’ and member requirements which would be the sustainable factor of the industry.
In this quest we hope this new website would not only be just user-friendly and informative, but also would be of a very useful tool in enhancing communication amongst all stakeholders of the leasing industry.