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MCSL supports SME sector


MCSL CEO Hafeez Rajudin. Picture by Sumanachandra Ariyawansa


Profile: Hafeez Rajudin

Name: Hafeez Rajudin

Civil status: Married, has two children

School attended: Zahira College, Colombo 10

Professional qualifications: FCIM

Experience: Over 30 years' experience internationally and locally

Sports: Rugger

With the intention of providing financial service requirements to SME sector, Merchant Credit of Sri Lanka (MCSL) has been able to trickle down benefits to the grass roots levels in the rural areas.

MCSL supports the SME sector of the country to come out with products in highly competitive, emerging and developing markets, MCSL CEO Hafeez Rajudin told Daily News Business Excerpts of the interview.

Q: Can you explain more about the support given by MCSL for SMEs in the country?

A: We provide term loans for corporate SMEs to facilitate their enterprises. We believe that they can be the forerunners of the economy in the future. Leasing facilities, hire purchases and pawning services are also provided by MCSL.

Q: What is the progress of the support given to SMEs by MCSL?

A: The credit amount of ours has gone up to Rs 200 million last year which means the client base; SMEs too have increased.

The number of our clients has increased since the end of the war. Lending money for construction, hotel trade and general businesses have increased immensely.

Therefore, the client base of MCSL has drastically increased up by 50 percent since the war.

Q: What was your growth for the last financial year?

A: There was a value of Rs 3 billion fixed deposits for the last financial year. The net worth of the company in 2008 went up to Rs. 351 million against last year's of Rs 313 million. The lending portfolio of the company has recorded an increase of 20 percent from Rs. 1.98 billion last year to Rs 2.39 billion at 2008.

Q: How stable is the Sri Lankan financial sector compared with other countries?

A: The infrastructure facilities laid by the Central Bank of Sri Lanka are so strong that registered financial companies have become very stable in our context than any other country.

During the peak of economic recession, many banks and companies in developed countries have fallen whereas Sri Lankan companies have shown improvements in the economy.

The companies that have fallen during the period were mainly those who were unregistered and not bidden by the corporate governance.

Q: Do you have an intention to expand branches?

A: Yes, we have identified business potentials in North and East areas. We will set up a branch in Vavuniya during the next quarter.

Q: What are your future plans for the company?

A: We want to focus more towards developing our clients to face the changing markets and finding ways to support our clients with value added products.

We want to look at profits by going in line with the Government development projects that are heading towards economic development.

MCSL always expects the customer satisfaction and will be very much focused on micro finance in the future.

We particularly expect to contribute the agricultural based industries where the future of Lankan economy lies. Industry of that nature can take Sri Lanka to the international market.

Sri Lanka is in a position to promote eco-tourism which is a co-product of natural beauty and agricultural products. Sri Lanka can easily promote the sectors like Ayurvedic medicine.

The SME sector can develop numerous such products that can cater to the Western markets.

MCSL expects to facilitate Sri Lankan SMEs to reach the international level.

Education is another prospective avenue of income generation where Sri Lanka can be a service centre and an education hub.

Sri Lanka can establish foreign universities and earn foreign income by sending professionals abroad rather than sending housewives. It is not only the Sri Lankan students who will benefit but also many other students from the region.

Q: What is the target of the company for this year?

A: We expect to have 100 percent growth in our company.

Q: How do you think you can contribute to the country's economy?

A: Sri Lanka needs to come out with products that can cater to the developing markets in the world.

MCSL expects to accelerate the growth of the Government development policies by facilitating country's SME sector.

Q: How will you cater to the SMEs in the North and East?

A: We have already started operations in Batticoloa with leasing and higher purchases facilities. Farmer communities and business communities in those areas have benefitted from that.

Q: What is your advice to young people who try to climb the corporate ladder?

A: Young people should understand the spirit of what they are supposed to do. They should do whatever they are supposed to do with core spirit of the subject they handle.

Q: What is your philosophy in life?

A: I have a spiritual point of view where I believe in a creator. The creator has chosen people and placed them in different capacities to serve his creation.

Q: What do you do in your leisure time?

A: I grow Orchids at my home in a land of one acre. I especially grow Orchids endemic to Sri Lanka which have threatened by the deforestation. Apart from that I engage in tissue culturing at my nursery.

I conduct lectures at the Colombo University in Marketing Management during my leisure time.

Q: What is the country you like to visit overseas?

A: Maldives is my second home.

Q: What is the place you like to visit in Sri Lanka?

A: The Sinharaja Forest.

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