As finance company :
Barakah Investments to register shortly
Anjana Samarasinghe
M.I.M Razeek
picture by Ruwan de Silva |
First Barakah Investments Limited is expecting Central Bank approval
to operate as a registered finance company shortly.
Managing Director of First Barakah Investments M.I.M Razeek said “we
are expecting Central Bank approval shortly to operate as a registered
finance company that involves in Islamic financial services. To register
as a finance company in Sri Lanka there should be Rs 200 million share
capital and we have Middle East investors who will strengthen our share
capital”, he said.
The company is confident that it could surpass the required share
capital through Middle East funding and is planning to add eminent
scholars and business magnates for positions in the Board.
The company also expects to apply for banking licenses within two
years time.
Barakah Investments will introduce ‘SUKUK’ an alternative way of
bonds in Islamic finance to the market.
The Government of Sri Lanka also expects to raise funds through SUKUK.
Most of the governments are involved in this business, he said.
“We hope to introduce the ‘Profit Sharing’ concept in the pawning
industry. ‘RAHN’ the alternate of pawning under the Islamic Shari’ah, is
based on providing financial assistance to the not so privileged class.
The first ‘RAHN’ branch will be opened in Maradana, he said.
The company will open its new branches soon after the April vacations
in Beruwela and Kattankudy.
“The present crisis in the local financial sector has resulted in
losing customer confidence and trust. It is our duty to stabilize the
confidence of customers. Islamic financing enables us to create direct
link with our customers,” he said.
“With the assistance of the ‘Sri Lanka Islamic Centre’ the
counterpart of the ‘Islamic Development Bank’ Saudi Arabia, we are in
the process of establishing our Micro Finance Units in the Eastern
Province and other areas where internally displaced people are
stationed.
“We hope to have a large portfolio of funds and assistance from the
Middle Eastern countries in establishing our Micro Financing Units,” he
said.
|