Sri Lanka 08th October, 2024: Mahindra Ideal Finance Limited (MIFL), a subsidiary of Mahindra Finance has announced the appointment of Mufaddal Choonia as its new Managing Director & CEO with immediate effect. Mufaddal will succeed Duminda Weerasekare, who retired as MIFL’s CEO.
In his new role, Mufaddal will focus on building a robust digital lending ecosystem, especially benefitting SME and rural customer segments. He will also be responsible for further enhancing MIFL’s customer value proposition by introducing a wider range of products.
Raul Rebello, Managing Director & CEO, Mahindra Finance, said, “Mufaddal has played various leadership roles across the Mahindra group and at Mahindra Finance. While thanking Duminda for his contribution towards building a robust financial services business in Sri Lanka, I am positive that with his experience, Mufaddal will take MIFL to newer heights”.
Nalin Welgama, Chairman, Mahindra Ideal Finance mentioned, “We are excited to have Mufaddal associate with us, given his diversified and rich international experience in various geographies globally. He brings an adept understanding of the financial services sector, which will further drive growth opportunities for MIFL in the Sri Lankan market”.
The investment by Mahindra Finance have resulted in a strong recognition for MIFL with Fitch ratings of AA – (Outlook Stable), making MIFL one of the top credit rated financial institutions in Sri Lanka.