Amana Bank, Sri Lanka’s first licensed commercial bank to operate fully under the principles of Islamic banking, opened for business on Friday, July 29 at simple launch event with Central Bank Governor Ajith Nivard Cabraal as the Chief Guest. Islamic banking is in fact a concept gaining fast popularity and acceptance across the world. Guided by strong values and ethics the banking model has shown great resilience during the recent global economic downturn and as a result is now emerging as a popular alternative to conventional banking. Continue reading
A start-up Sri Lankan bank that has just raised 3.2 billion rupees in capital through a private placement wants to lure Middle Eastern funds and lend for infrastructure projects, an official said.
Amana Bank is part of Sri Lanka’s Amana Islamic finance group that already has insurance and merchant banking units and wants to get into commercial banking with a post-war economic boom anticipated in the island.