Commercial Bank opens Islamic Banking unit at Akkaraipattu
The Commercial Bank of Ceylon's Islamic Banking Unit 'Al Adalah' has
opened a dedicated service point for 'Sharia Compliant Banking' at its
branch in Akkaraipattu in the Eastern Province to meet the growing
demand for financial products based on Islamic principles.
The Bank said an officer has been assigned to the counter to serve
the needs of customers in relation to the many Islamic Banking products
Commercial Bank's main Islamic Banking Unit is located on the
mezzanine floor of the Hemas building at York Street, Colombo 1 and
operates under strict supervision of a Sharia Board comprising of three
eminent scholars in Islamic jurisprudence, who are also members of the
All Ceylon Jamiyyathul Ulama.
The Bank offers deposit products such as 'Mudaraba' Savings Accounts
and 'Mudaraba Investment Accounts,' asset products such as 'Murabaha,' 'Musharaka,'
'Diminishing Musharaka,' 'Ijara' Leasing and Import Financing. Current
accounts with cheque books, the facility of operating via the Bank's ATM
network, as well as the use of debit cards, online banking and other
services are available to Islamic Banking customers.
These products are also accessible to customers visiting Commercial
Bank branches elsewhere in the country via the Bank's sophisticated IT