Amana Bank gets backing of regional industry giants

Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal, commenting at the launch event of Amana Bank, applauded its strategic partners.

The strategic partners of Amana Bank include three foreign banking giants from Malaysia, Bangladesh and the Middle-East. This is a rare occasion where three foreign banks have come forward as strategic shareholders of a local commercial bank.

Bank Islam Malaysia Berhad (20% shareholding), AB Bank Limited Bangladesh (15% shareholding), and Islamic Development Bank Saudi Arabia (10% shareholding) are shareholders of Amana Bank. In addition to the capital infused, Amana Bank will benefit from these shareholders in respect of their industry expertise and knowledge.   

Since its inception in July 1983, Bank Islam Malaysia Berhad has not only become the symbol of Islamic banking in Malaysia, but also has played an integral role in setting the stage for a robust growth of the country’s Islamic financial services industry.

True to its pioneering and innovative heritage, Bank Islam is committed to its role as a leading vehicle in transforming Malaysia into a global Islamic financial hub.

To this end, Bank Islam continuously develops and introduces trend-setting financial solutions, some of which are the first-of-its-kind in the world or at least in the region in widening the breadth of its innovative end-to-end Shariah-based financial products and services, comparable to that offered by its conventional counterparts.

Bank Islam parades a wide-ranging list of more than 50 innovative and sophisticated Islamic financial products and services as well as a fast growing network of 119 branches and more than 1000 self-service terminals nationwide.

In recognition of its prominence in the industry, Bank Islam was awarded the Reader’s Digest Platinum Award for being the Most Trusted Brand for Islamic Financial Services for three consecutive years, namely in 2009, 2010 and 2011.

AB Bank is one of Bangladesh’s leading private banks since its commencement 29 years ago.

AB Bank has established its presence in 82 different Business Centres of the country, one foreign Branch in Mumbai, India and also established a wholly owned Subsidiary Finance Company in Hong Kong in the name of AB International Finance Limited.

To facilitate cross border trade and payment related services, the Bank has correspondent relationships with over 220 international banks of repute across 58 countries of the World.

The Islamic Development Bank, Saudi Arabia is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973.

The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.

The bank is authorised to accept deposits and to mobilise financial resources through Sharia compatible modes. The present membership of the bank consists of 56 countries.

The IDB Group is committed to alleviating poverty; promoting human development; science and technology; Islamic economics; banking and finance; and enhancing cooperation amongst member countries, in collaboration with its development partners.

Powered by the stability and the strategic support of the above regional banking institutions, Amana Bank is well equipped for an aggressive journey in the Sri Lankan banking industry.

While already being the market leader in Islamic Banking, Amana Bank is focused on capitalising on the growing market potential for this unique banking concept among all communities in the country.