Amana Bank awarded World’s Best Up and Coming Islamic Bank

Tuesday, 18 November 2014 00:15 - - {{hitsCtrl.values.hits}}

The world renowned ‘Global Finance Magazine’ recentlyrecognised and awarded Amana Bank as the Best Up-and-Comer Islamic Bank of the World. Amana Bank Chief Executive Officer Mohamed Azmeer received the award from Global Finance at the 18th Annual World’s Best Banks Award Ceremony 2014 held in Washington DC, USA, which coincided with the annual IMF and World Bank Conference in the same location. The Annual Global Finance World’s Best Banks Award Ceremony recognises and awards the Best Central Banks, Best Islamic Financial Institutions, Best Investment Banks, World’s Safest Banks and Best Banks by country, region and globally. Apart from winning the award for the Best Up and Coming Islamic Bank of the World, Amana Bank was also recognised under the Country award category as the Best Islamic Finance Institution in Sri Lanka.

Collecting the accolades at the award ceremony, the bank’s Chief Executive Officer Mohamed Azmeer said, “We are truly honoured by this award. Amana Bank operating in Sri Lanka being recognised as the Best Up and Coming Islamic Bank of the World, is truly significant considering that Muslims represent only 10% of the country’s population. Since the bank’s inception in August 2011, we have been committed to drive the unique value proposition offered by the Islamic Banking model to all Sri Lankans. It is this focus which has resulted in the exceptional growth we have witnessed at Amana Bank which in turn has brought us this prestigious award and recognition.” Azmeer further said, “Our progress is the result of the overwhelming confidence placed on us by our customers which has been earned through the team work and dedication from every single employee of the bank right up to the Corporate Management along with the direction of the Board towards driving the bank and its model to its full potential. With the grace of the Almighty and support from all stakeholders we will continue to make strong strides forward making a real impact to the country’s economy by enabling growth and enriching lives.” These two accolades by Amana Bank reflect the growth the bank has showcased during the last few years. In 2013 alone customer financing recorded a triple digit growth of 109.6% when the industry growth was 8.8%. During the first three quarters of 2014 customer financing has further grown by 31.0% performing well above theindustry, which recorded a negative growth 0.45% for the first two quarters of the year. With the introduction of new product and service offerings, the bank’s deposits portfolio also recorded a commendable growth of 35.2% in 2013 and 46.3% during the first three quarters of 2014 surpassing the industry growth rates of 15% in 2013 and 5% in the first two quarters of 2014. All Global Finance award winnersare picked through a rigorous process of extensive consultations with bankers, corporate finance executives and analysts throughout the world. Global Finance is a monthly magazine founded in 1987 and boasts of a circulation of over 50,000 in 163 countries. Its headquarters is in New York, with offices in London, Rio de Janeiro and Milan Amana Bank is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model. Powered by the stability and the support of its strategic shareholders, Bank Islam Malaysia Berhad, The Islamic Development Bank based in Saudi Arabia and AB Bank in Bangladesh, Amana Bank is making inroads within the Sri Lankan banking industry and is focused on capitalising the growing market potential for the unique banking model across the country.