Amana Bank amongst Top 50 Strongest Islamic Banks in the World

Tuesday, 7 December 2021 00:37 - - {{hitsCtrl.values.hits}}

Amana Bank Sri Lanka has been ranked amongst the Top 50 Strongest Islamic Banks in the World according to the latest ranking index published by The Asian Banker, thereby further cementing the bank’s position as a leading practitioner of the non-interest based banking model.

Amana Bank CEO Mohamed Azmeer

In evaluating the Strongest Islamic Banks which is based on balance sheet strength, The Asian Banker has established a comprehensive and rigorous evaluation scorecard entailing six areas of financial position and 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, Non Performing Advance Ratio and CASA Ratio.

Commenting on this significant achievement Amana Bank Chief Executive Officer Mohamed Azmeer said, “Having been ranked in the Top 100 Strongest Islamic Bank index for the first time last year, we are delighted that Amana Bank has forayed to the Top 50 in just a year’s time, reflecting a significant improvement. We are delighted to share our presence in the Top 50 alongside some of the leading and well-established Islamic Banking and Financial institutions from Middle East and Asia Pacific, which is a great encouragement for the Bank. I am thankful to the support extended by our passionate team, loyal customers, shareholders and other stakeholders for enabling such achievements. God willing, Amana Bank is well poised to reach greater heights.”

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 its flagship CSR venture ‘OrphanCare’ Trust.