ABC Group launches Barakah Islamic Financial Services

Hathoon SHERIFFDEEN

LAUNCH: Sri Lanka can emerge as a financial professional hub, since it has wealthy labour force to cater this sector. There are many senior professionals from Sri Lanka, serving in this field to other countries,” Minister of Posts and Telecommunication, Rauff Hakeem said.

The launching ceremony of Barakah Islamic Financial Services of ABC Investments Limited was held on July 18 at the Galadari Hotel.

“Professionals in Islamic Finance can be marketed to the world market. There is a greater demand for Islamic Financial professionals in the global labour market. Almost 15 countries have stepped in to this channel of financial businesses, Sri Lanka is an infant to the portfolio”, he said.

The return on investments with Barakah Islamic Finance Services will be profit or loss earned from that investments, which will be shared between the investors and the bank on the ratio of 80: 20 to 50: 50, the Managing Director, ABC Investments Limited Barakah Islamic Financial Services, M.I. Mohamed Razeek said.

Barakah Islamic Financial Services is mainly incorporated by the ABC Group to over come the poverty level within the country, specially the women working abroad will be looked after by making them invested from small range to higher islandwide, he said.

We decide the project to invest before we get the fund from our investors, which is much advantageous and demanding. These practices make Barakah Islamic Financial Services as well as the investors profitable.

Our specialised board members and the staff will decide the profitable projects to be invested in this channel, Razeek said.

Islamic Financial policies claim that these investments should be invested in the ethical businesses, which does not generate interest as the outcome and any business activities unethical and prohibited under the Islamic Financial principles, he said.