2026-03-04 / Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading and Committee Stage 2026-03-04
Hon. M.K.M. Aslam spoke in support of the Microfinance and Credit Regulatory Authority Bill, noting that it would replace the 2016 Microfinance Act (No. 6) and establish a new nine-member regulatory body — with appointees from the Central Bank Governor, the Minister, and ex officio members — to bring previously unregulated lenders and borrowers under a formal framework. The bulk of his speech, however, responded to remarks by a previous speaker, accusing opposition parties of stoking communal tensions against Muslims — including during the Easter period — while selectively expressing solidarity with Muslims abroad. He argued that those who previously allowed or encouraged violence against Muslim communities, including the destruction of mosques and properties, lacked credibility in now raising concerns about international events such as the situation in Iran. Aslam concluded by defending the National People's Power Government's record on economic stabilisation, ethnic reconciliation, and public wellbeing, and called on members not to exploit communal grievances for political gain.
Thank you, Hon. Presiding Member. Today we debate the Microfinance and Credit Regulatory Authority Bill. This law will bring many benefits. Until now, matters were governed by the 2016 Microfinance Act, No. 6. After this Bill is passed, a new Authority will be set up. Through it, both lenders and borrowers can benefit. Many lending bodies and individuals—some acting alone, some collectively—have not been regulated. This Authority will enable solutions to many problems tied to lending. Its nine-member Board will include appointees of the Central Bank Governor, the Minister and ex officio members.
On other matters raised: the previous speaker referred to Muslims and Ramadan in a highly charged way. In their time, Dargah Town was destroyed; there was leadership given for those acts. When they had the power to control such situations here, they failed and allowed it to escalate; people were killed in mosques; children were killed here too. Yet now they weep for children in Palestine and Iran, while conveniently forgetting their record. Some even called for inquiries targeting the entire Muslim community. We know who used this Parliament and the media to inflame hatred against Muslims, including during the Easter period.
Let us be clear: we must run this country of 22 million, stabilize the economy and ensure security. We cannot wreck the economy and then preach to other nations. When injustice occurs abroad, we do not endorse it. We maintain humanity. But some are using this House for political gain, while their party leadership stoked communalism and pushed this country to a bad place. Today, we will not accept the destruction being inflicted on Iran. The President must lead the country responsibly so that we can speak credibly internationally.
Do not politicize the community’s pain. Those who burned Muslim janazas, who destroyed Muslim properties, who tried to erase Muslim presence, now pretend to grieve and plot again. If your machinations brought genuine good to Muslims, Tamils or Sinhalese, we would join you. But your conspiracies threaten the existence of the country and the happiness of its people. We will instead work to build a better country and a better environment. We will do politics on the ground—do not exploit people’s grief for narrow gain.
Under the National People’s Power Government today, people live more peacefully and happily. Our aim is public peace, happiness and health. The economy has stabilized. We are eliminating racism, protecting the environment and moving on the right path. We will develop this country.