2026-03-04 / Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading and Committee Stage 2026-03-04
## Summary
Hon. Rauff Hakeem spoke on two distinct matters during the debate on the Microfinance and Credit Regulatory Authority Bill. On the legislation, he argued that the Bill fails to accommodate representations from women-led, member-based, non-profit savings and credit organisations seeking a separate regulatory category or full exemption, criticising the Government's assurance that this would be addressed through post-enactment regulations as inadequate.
The majority of his speech addressed the escalating Middle East conflict, specifically criticising the Sri Lankan Government for failing to openly condemn the assassination of Iran's Supreme Leader or issue condolences beyond a private embassy visit, which he characterised as diplomatic timidity toward the United States. He also condemned the Government's silence on related regional developments, including Israeli strikes on Qatar and the situation involving Venezuela's President, while expressing solidarity with Gulf states under Iranian attack and calling for de-escalation, nuclear disarmament by Israel, and constructive diplomacy.
Bismillahir Rahmanir Raheem.
Hon. Presiding Member, we are discussing the Microfinance and Credit Regulatory Authority Bill. This Bill has been under discussion for quite some time, perhaps more than two years. It replaces the 2016 legislation that we brought when we were in Government, and that was for a good purpose.
However, requests have come from many quarters, particularly from women-led community savings and credit service providers across the country. Several women’s organizations made representations to the oversight committee, pointing out glaring shortcomings. They sought full exemption for their member-based, non-profit savings and credit providers, which lend only to members, require no collateral and cap interest—unlike agencies charging exorbitant rates. They asked to be separately categorized. That request has not been accommodated. Government Members also raised it, but the Government says it will bring regulations after enactment. That is inadequate.
Let me turn to a grave matter engulfing our economy and the world: the current war in the Middle East. This morning I asked the Hon. Foreign Minister a simple question: in total violation of international law, the Supreme Leader of Iran has been assassinated—what is the Government’s position? Will you openly condemn and convey condolences to Iran? He said he would sign the condolence book at the Iranian Embassy in the afternoon. What a joke! Iran has helped Sri Lanka at every turn, yet now the Government is afraid of the US. In the past, they called the US “the Great Satan.” Now, silence. Even India’s Prime Minister has been silent—no condemnation, no condolences—claiming neutrality. Sonia Gandhi rightly said, “This is not neutrality; this is abdication.” It is a slavish attitude to the Americans. Tamil Nadu’s Chief Minister and others have condemned it, but our Government is still not prepared to do so. Yesterday the President spoke here about petrol and gas shortages and storage plans, but not a word about the death of a friendly leader—not even open condolences or a condemnation of international law violations.
When Venezuela’s President Nicolas Maduro was abducted after an attack on the capital, this Government said nothing—though they have long boasted of Che Guevara’s principles. They have forgotten them and become cosy with capitalist nations. Israel attacked Qatar while it was facilitating talks with Hamas; the Government issued a bland statement without naming the perpetrator.
I regret that many Gulf countries, including Saudi Arabia, came under Iranian missile and drone attacks. I issued a statement expressing solidarity with Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Jordan as fears of wider conflict grow, urging constructive diplomacy and meaningful de-escalation, including nuclear disarmament and non-proliferation by Israel, while preserving peaceful nuclear rights. The ambassadors of Gulf States in Colombo expressed outrage at Iran’s actions. Iran has warned that US bases in host countries are legitimate targets, but they went beyond US bases to target gas and petroleum terminals, hotels and airports. Despite this, Gulf States have shown restraint during Ramadan and refused to be drawn into the US-Israeli trap. As Henry Kissinger said, “To be an enemy of the US is dangerous, but to be a friend is fatal.” Their maturity deserves applause.