NDB Bank Shareek wins Bronze at IFFSA Awards

Thursday, 15 December 2022 02:14 - - {{hitsCtrl.values.hits}}

NDB Shareek Islamic Banking Unit was recognised with the Bronze Award for window/unit of the year 2021/2022 at the much celebrated Islamic Finance Forum of South Asia (IFFSA) Awards held recently at Shangri-La Hotel Colombo.

This award recognises NDB Bank in the non-interest based Islamic Banking and Finance industry sectors placing them amongst South Asian countries such as India, Pakistan, Sri Lanka, Bangladesh and Maldives.

The NDB Islamic Banking Unit (IBU) was established in 2014, to deliver Sharia compliant Islamic Banking to its valued customers. NDB IBU caters to all customer segments, i.e. retail mass, Business Banking, high net worth individuals under Privilege Banking, SMEs, corporates and project and infrastructure financing deals. It also serves the bank’s strategic purpose of having a dedicated IB window for customers with fully-fledged banking solutions and advisory support, facilitated by eminent Sharia scholars, thereby making NDB a universal bank.

NDB Shareek offers the full spectrum of its products to assist customers. It offers Diminishing Musharakah facilities to individuals, SMEs as well as corporates for the purposes of housing, project financing for hydro power generation, poultry, solar and manufacturing. Meanwhile through its Wakala facilities it fulfils the working capital requirements of importers and exporters, catering to their trading, local and import financing needs. On the liabilities side, the Mudharabah and Wakala deposits offer attractive returns from small to high net worth individuals in Sri Lankan Rupees and any designated currency accepted to the bank. Further to strengthen the women who contribute we have offered the Araliya savings scheme which provides better prospects in addition to the profits. It is noteworthy to mention here that all facilities that are offered to customers are carefully evaluated to ensure the end use of funds is according to the Sharia principles.

IFFSA has firmly taken root with India, Pakistan, Bangladesh, Sri Lanka and the Maldives offering Islamic Finance (IF) as a mainstream product, under the purview of the respective regulatory bodies. Amendments have also been made to the various Banking and Finance Acts and Regulations in order to encapsulate Islamic Banking within its framework.