Amana gets Banking Licence

The Monetary Board of the Central Bank has conferred a commercial banking licence on Amana Bank, the bank said yesterday.

Amana Bank will be Sri Lanka's first licenced commercial bank to conduct all its business operations in complete harmony with the principles of Islamic Banking.

Managing Director and CEO Faizal Salieh said they are delighted to have received the support and cooperation of the Government and the Central Bank to bring a new dimension to Sri Lanka's banking industry through their entry. "We look forward to serving the country with our unique, rewarding and community friendly concept of banking," he said.

Islamic Banking is one of the fastest growing segments in the global financial industry. It is an emerging alternative to the interest-based banking practice and is gaining popularity across the world's communities.

Driven by its strong principles of ethics, transparency and fairplay, the business and social benefits of the model are being enjoyed by people of diverse cultures and beliefs.

The bank's shareholding amounts to Rs 3.4 billion and constitutes both strategic and retail shareholders. Its strategic shareholding is drawn from sound and reputed banking institutions such as Bank Islam, Malaysia Berhad (20 percent), AB Bank, Bangladesh (15 percent), Islamic Development Bank, Saudi Arabia (10 percent), and Sri Lanka's leading tea exporter Akbar Brothers (10 percent).