NDB Shareek Islamic Banking Unit excels

• Wins two titles at Islamic Finance Forum of South Asia Awards 2023

In 2023, NDB’s Islamic Banking Unit (IBU) celebrated a remarkable achievement, winning the coveted Gold Award for Deal of the Year 2022 for structuring a Diminishing Musharaka facility for a leading player in the poultry industry.  

This prestigious recognition was presented at the annual IFFSA (Islamic Finance Forum of South Asia) forum, highlighting NDB’s commitment to excellence in Islamic banking practices and its ability to craft innovative financial solutions.

NDB Shareek Islamic Banking Unit’s Diminishing Musharaka facility extends to individuals, SMEs, and corporates for purposes such as housing, hydropower generation projects, poultry, solar ventures, and manufacturing. Additionally, NDB IBU assists importers and exporters with their working capital requirements through Islamic banking facilities, addressing their trading, local, and import financing needs.

It is important to recognise the exceptional team members who initiated and implemented the award-winning Diminishing Musharaka facility. Indika Kudagamage, Rasika Sandamali, Lalitha Wijeyasuriya, and Carmalie Virangika, all prominent figures in NDB’s Business Banking unit, along with the refinance team, played pivotal roles in securing the Gold Award. Their expertise and unwavering dedication underscore NDB Shareek Islamic Unit’s ability to structure sophisticated financial solutions. This remarkable success wouldn’t have been possible without the combined efforts and strategic guidance provided by Indika Ranaweera, VP Business Banking, along with the Business Banking and IBU teams at NDB. Their commitment to delivering exceptional service and support to clients solidifies NDB’s position as a leading institution in the realm of Islamic banking. The collaborative efforts of NDB’s Gampola branch further contributed to this achievement, showcasing the network-wide dedication to excellence.

Furthermore, the Islamic Banking Unit’s very own Misna Mizra received the Silver Award for the Rising Star of Islamic Banking in 2022. As a member of the NDB Shareek Islamic Banking Unit, Misna’s dedication and outstanding performance have earned her recognition within the industry, positioning her as a future leader in the Islamic banking sector. These awards and acknowledgments highlight NDB Shareek’s ongoing commitment to excellence and innovation in the world of Islamic banking.