Commercial Bank adjudged ‘Emerging Islamic Finance Entity of the Year’

Tuesday, 5 November 2013 00:14 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon was presented with the Gold award for ‘Emerging Islamic Finance Entity’ of the Year at the annual Sri Lanka Islamic Banking and Finance Industry (SLIBFI) awards in Colombo recently. The SLIBFI awards presented in seven categories recognise individuals and institutions that have made a significant contribution to the Islamic Banking and Finance (IBF) in

dustry. The Malaysian High Commissioner in Sri Lanka Azmi Zainuddin was the Chief Guest at the gala event attended by key players in the IBF fraternity. The award was accepted on behalf of the Commercial Bank and its Islamic Banking Unit ‘Al Adhalah’ by Feroza Ameen, Senior Manager – Islamic Banking. “The progress made by Commercial Bank in the field of Islamic Banking and Finance over the past two years is creditworthy,” the Bank’s Chief Operating Officer Jegan Durairatnam said. “This award is a fitting recognition of the efforts made by the team to develop and offer products that comply strictly with Shari’ah-compliant banking.” Commercial Bank launched Islamic Banking and Finance in mid 2011, offering deposit products such as ‘Mudaraba’ Savings Accounts and ‘Mudaraba Investment Accounts,’ asset products such as ‘Murabaha,’ ‘Musawamah’ and ‘Diminishing Musharaka,’ ‘Ijara’ Leasing and Import Financing. All of these products operate on the Islamic principle of both the Bank and the customer sharing returns as well as risks.