TKS Finance
A Sri Lankan licensed finance company that accepted public deposits and whose license was cancelled in 2019.
Last updated August 25, 2026
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Overview
TKS Finance Limited was a Sri Lankan public limited finance company operating under the country’s regulated finance-company framework. The company was incorporated in 2009 and began commercial operations on 17 June 2011, after receiving authorization under Sri Lanka’s Finance Business Act No. 42 of 2011 from the Monetary Board of the Central Bank of Sri Lanka. Its business model included accepting deposits from members of the public, placing the company within the segment of licensed finance companies rather than the country’s commercial-banking sector. The company was established with substantial funding from Malaysian investors, although the available reference material does not identify the investors or describe their ownership structure in detail. TKS Finance expanded its physical presence in Sri Lanka and had approximately 12 branches by 2019. The available material does not provide a full account of its lending portfolio, deposit products, geographic branch distribution, customer segments, or financial performance, so its operating profile is best understood at a high level as that of a deposit-taking finance company. Rasika Kaluarachchi served as the company’s first chief executive officer. In 2018, Abdul Azim was appointed chairman. The company subsequently experienced capital and liquidity-related difficulties. According to the referenced account, it faced insufficient capital and problems meeting depositors’ requests for repayment both on demand and before maturity. On 19 September 2019, the Central Bank of Sri Lanka decided to cancel TKS Finance’s license. That regulatory action ended its ability to operate as a licensed finance company and effectively marks the brand as defunct in its regulated operating form. Because the available source material is limited, details such as the company’s exact headquarters, ownership after its Malaysian-backed formation, product names, total assets, number of employees, deposit base, and post-license legal status cannot be established without additional authoritative sources.
History
TKS Finance Limited was incorporated as a public limited company in Sri Lanka in 2009. The business did not begin operating immediately; it commenced operations on 17 June 2011. Its formation was supported mainly by funding from Malaysian investors, though the available reference does not identify the investors by name or provide a detailed ownership history. The company operated under Sri Lanka’s regulated finance-company system. It was licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011. This authorization allowed TKS Finance to conduct finance-company activities, including accepting deposits from the general public. The company therefore occupied a position in Sri Lanka’s non-bank financial sector rather than operating as a conventional commercial bank. TKS Finance developed a branch network and had about 12 branches across Sri Lanka by 2019. The available account does not specify the locations of those branches or provide detailed information about the company’s loan products, customer base, deposit rates, assets, earnings, or employee count. Rasika Kaluarachchi was the company’s first chief executive officer. Abdul Azim became chairman in 2018. The company’s final period was marked by financial and regulatory problems. The Central Bank of Sri Lanka determined that TKS Finance had insufficient capital and faced difficulties in repaying depositors’ money when requested on demand and before contractual maturity. On 19 September 2019, the Central Bank decided to cancel the company’s license. The decision removed TKS Finance from the roster of licensed finance companies and ended its regulated deposit-taking operations. The available reference does not establish whether the legal entity was later wound up, restructured, or continued in another form. Accordingly, the brand is recorded as defunct for operating purposes, while its precise post-license corporate status remains unresolved.
- 2019
License cancelled
[1]The Central Bank of Sri Lanka cancelled TKS Finance’s license on 19 September 2019, citing insufficient capital and difficulties repaying depositors.
- 2018
Abdul Azim becomes chairman
[1]Abdul Azim was appointed chairman of TKS Finance.
- 2011
Operations commence and finance license obtained
[1]The company began operations on 17 June 2011 and operated under a license issued by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011.
- 2009
Company incorporated
[1]TKS Finance Limited was incorporated as a Sri Lankan public limited company, with its initial development mainly funded by Malaysian investors.
Products and positioning
A Sri Lankan licensed finance company focused on deposit-taking and finance services for the domestic market.
Deposit services · 2011
Public deposit-taking
TKS Finance was a licensed finance company authorized to accept deposits from the general public. The available source does not identify specific deposit-account names, rates, terms, or balances. Repayment difficulties involving deposits later formed part of the regulatory concerns that led to cancellation of the company’s license.
Non-bank financial services · 2011
Finance-company services
The company operated as a Sri Lankan finance company and maintained a branch network of approximately 12 locations by 2019. The referenced material does not provide enough detail to identify particular lending, leasing, investment, or other branded products, so this entry describes the company’s broad regulated service category rather than a named offering.
Controversies
Brand decisions
2019
Central Bank cancels TKS Finance licenseOtherBackground
TKS Finance was reported to have insufficient capital and difficulty repaying depositors when funds were requested on demand or before maturity.
Action taken
On 19 September 2019, the Central Bank of Sri Lanka decided to cancel the company’s license to operate as a licensed finance company.
Aftermath
The decision ended TKS Finance’s licensed finance-company and public deposit-taking operations. The available reference does not establish the entity’s subsequent winding-up or restructuring status.
Recent events
- 2018
Abdul Azim appointed chairman[1]
Leadership change
Abdul Azim was appointed chairman of TKS Finance during the company’s final period of licensed operations.
Sources1 sources
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