Mahindra Ideal Finance Limited (MIFL), a subsidiary of Mahindra Finance, has announced the appointment of Mufaddal Choonia as its new Managing Director and CEO, effective immediately. Choonia succeeds Duminda Weerasekare, who has retired from his position as CEO of MIFL.
In his new role, Choonia aims to establish a robust digital lending ecosystem, with a particular focus on benefiting small and medium-sized enterprises (SMEs) and rural customers. He will also work to enhance MIFL’s customer value proposition by introducing a wider array of financial products.
Raul Rebello, Managing Director and CEO of Mahindra Finance, expressed confidence in Choonia’s capabilities, stating, “Mufaddal has held various leadership roles across the Mahindra group and at Mahindra Finance. While thanking Duminda for his significant contributions to building a strong financial services business in Sri Lanka, I believe Mufaddal will elevate MIFL to new heights.”
Nalin Welgama, Chairman of Mahindra Ideal Finance, shared his excitement about Choonia’s appointment, highlighting his diverse international experience in the financial services sector. He noted, “Mufaddal’s adept understanding of the financial services industry will drive growth opportunities for MIFL in the Sri Lankan market.”
The investment from Mahindra Finance has significantly bolstered MIFL’s standing, as evidenced by its Fitch rating of AA – (Outlook Stable), positioning it among the top-rated financial institutions in Sri Lanka.