Granting good credit directly connected with economic growth targets Sri Lanka is expecting

The Sri Lanka Institute of Credit Management (SLICM) the leading institute which offers credit management education in Sri Lanka hosted its 19th Annual convocation recently at the Centre for Banking Studies with Postgraduate Institute of Management (PIM) Director Prof. Ajantha Dharmasiri, gracing the occasion as the Chief Guest.

With that in context below are excerpts of an interview held with SLICM President Lyle Peiris:

Q: How did the Sri Lanka Institute of Credit Management (SLICM) initiate?

A: The Sri Lanka Institute of Credit Management (SLICM) was initiated in 1988 as a pioneering education project which intended to fill a vacuum in the leasing and finance related industry in Sri Lanka. In the year 2000, Sri Lanka Institute of Credit Management was incorporated under a Parliamentary Act No. 07 of 2000. Over the years SLICM has trained over 1,500 students from over 100 financial institutions in the country. We have produced well qualified graduates to banks, finance companies, leasing companies and a variety of trading companies since our inception.

Q: How will this qualification benefit the industry?

A: Presently the industry is facing a crisis of sourcing well qualified talent and this institute is the solution for creating and nurturing this talent pool. Our mandate is to set the standards that can be used as a benchmark in credit in the country. The initial syllabus and structure was created based on the needs of the industry. In addition to this we do look at the global acceptability of our course offerings and thus we have always kept the standards expected by establishments such as Chartered Institute of Credit Management – UK. 

All membership applied through SLICM have been offered the membership of the Chartered Institute of Credit Management, UK where our education standards have been accepted. Credit management is an essential tool and it is important for any business to adhere to a proper evaluation, dispensation and monitoring process when it comes to granting of credit. The knowledge of how to handle credit and manage credit is the difference between the success and failure of a business. Proper and effective credit management optimises the growth of any business enterprise.

Q: What is the importance of gaining a qualification in Credit Management?

A: Primarily any successful business enterprise requires an efficient system of evaluating and managing credit. It is an intrinsic element of commerce. In addition the government of Sri Lanka has given itself a target of achieving an economy with a per capita income of $ 7,500. Therefore one of the key areas that would create and fuel the development and growth of the economy would be the credit industry. This would be bring about an increased demand for professional credit managers equipped with the necessary knowledge and expertise who can meet the challenges of the industry. 

Our institute will play a key role in imparting the knowledge of credit and credit management and supplying the industry and the country with talented professionals who will actually take the country forward in the march towards a newly emerging economy. The uniqueness of this professional and training qualification is that it is the only institute in the country in this field which has been incorporated by an Act of Parliament. It has been mandated to set the standard of credit management and provide recognition to those who have acquired this professional qualification by granting them fellowship or associate member status.

Q: What are your future plans?

A: In order to meet with the increasing demand for professionals in credit management the institute appointed Asian International Academy (AIA). SLICM has introduced a few key programs along with AIA focusing on micro finance, marketing credit and Islamic finance. Further we offer our programs through the state-of-the-art, online learning platform, All Asia Institute. You can obtain more information about our programs by calling 0117-555255. We are working with the industry players in becoming a key solutions provider to the training needs on credit management and envision SLICM qualifications to set a benchmark for training in credit management for the industry.