Mahindra Ideal Finance appoints Mufaddal Choonia as MD and CEO

Mufaddal Choonia

Mahindra Ideal Finance Limited (MIFL), a subsidiary of Mahindra Finance, has announced the appointment of Mufaddal Choonia as its new Managing Director and CEO, with immediate effect. 

Choonia will succeed Duminda Weerasekare, who retired as MIFL’s CEO. 

In his new role, Choonia 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. 

Mahindra Finance Managing Director and CEO Raul Rebello 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.” 

Mahindra Ideal Finance Chairman Nalin Welgama 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 has 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.

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 10 million customers and has an AUM of over US $ 12.5 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The company has 1,370 offices and reaches out to customers spread over 4,80,000 villages and 7,500 towns across the country.

Mahindra Finance has been ranked 59th among India’s Best Companies to Work 2023 by Great Place to Work Institute.

Mahindra Rural Housing Finance Limited, a subsidiary of Mahindra Finance, provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.

Mahindra Insurance Brokers Limited, a wholly owned subsidiary, is the company’s insurance broking subsidiary and a licensed composite broker providing direct and reinsurance broking services.

Mahindra Manulife Investment Management Private Limited acts as the investment manager of Mahindra Manulife Mutual Fund.

Mahindra Manulife Trustee Private Limited acts as a trustee to Mahindra Manulife Mutual Fund.

MIFL is a subsidiary of the company in Sri Lanka, in which the company owns a 58.2 percent stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.

The company has a joint venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.

Founded in 1945, the Mahindra group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The Mahindra group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.