Amana Bank among Top 100 Islamic Banks in the World

Thursday, 14 October 2021 00:00 - - {{hitsCtrl.values.hits}}

Amana Bank was ranked among the World’s Top 100 Strongest Islamic Banks by The Asian Banker in their 2020 ranking index based on balance sheet strength and asset size.

Amana Bank CEO Mohamed Azmeer

In evaluating the Strongest Islamic Banks, The Asian Banker has established a comprehensive and rigorous scorecard entailing six areas of balance sheet financial performance i.e. the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity. Some of the key indicators used for evaluation include Total Assets, YoY Growth in Advance and Deposits, Advance to Deposit Ratio, Capital Adequacy, YoY Growth in Operating Profit, Return on Assets, Cost to Income Ratio, NPA and CASA Ratio.

Commenting on this prestigious recognition Amana Bank CEO Mohamed Azmeer said, “We are delighted that Amana Bank has been ranked amongst leading and well-established Islamic Banking and Financial institutions from Middle East and Asia Pacific in the Top 100 Islamic Banks in the World. The Asian Banker is known to adapt a very stringent evaluation criteria in adjudicating the strongest banks and we are honoured that Amana Bank has successfully showcased its strength and resilience in its financial performance. These recognitions are very timely as the bank is celebrating 10 years of people friendly banking in 2021. Such global rankings would have not been a reality if not for the confidence and engagement of our employees, customers, shareholders and other key stakeholders, to whom we are sincerely thankful. I am confident that in the years to come Amana Bank, God willing, will further improve its rankings amongst its global peers.”

During the year, the bank was further adjudicated as the Fastest Growing Retail Bank in Sri Lanka by Global Banking and Finance Awards, while also winning the accolades for Best Expat Bank in Sri Lanka and Best CSR Bank in Sri Lanka.

Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah-based IsDB Group being the principal shareholder having a 29.97% shareholding of the bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than the ‘OrphanCare’ Trust.