BoC ventures into Islamic banking

Sanjeevi Jayasuriya

There is a growing demand for Islamic banking in the country and the Bank of Ceylon (BoC) will commence separate Islamic banking units in its branch network.

The first dedicated unit will be at the head office.

The bank plans to expand this service to 20 to 30 branches countrywide.

"We are providing Islamic banking only at the head office at present with 100 percent Shariah compliance. The proposed expansion will benefit the Muslim community in the country, BoC Chairman Dr. Gamini Wickramasinghe told Daily News Business.

The Bank is having discussions with related organizations to introduce this service in its banking activities capitalizing on its popularity.

It will soon reach a final decision to enable its customers to have access to the service. The bank will provide a computerized service and will have an active Shariah Board.