Commercial Bank opens Islamic banking unit at Akkaraipattu

Commercial Bank’s Islamic Banking Unit ‘Al Adalah’ has opened a dedicated service point for ‘Sharia Compliant Banking’ at its branch in Akkaraipattu in the Eastern Province to meet the growing demand for financial products based on Islamic principles.

The bank said an officer has been assigned to the counter to serve the needs of customers in relation to the many Islamic banking products it offers.

Commercial Bank’s main Islamic Banking Unit is located on the mezzanine floor of the Hemas building at York Street, Colombo 1 and operates under strict supervision of a Sharia Board comprising of three eminent scholars in Islamic jurisprudence, members of the All Ceylon Jamiyyathul Ulama.

The bank offers deposit products such as ‘Mudaraba’ Savings Accounts and ‘Mudaraba Investment Accounts,’ asset products such as ‘Murabaha,’ ‘Musharaka,’ ‘Dimi-nishing Musharaka,’ ‘Ijara’ Leasing and Import Financing. Current accounts with cheque books, the facility of operating via the Bank’s ATM network, as well as the use of debit cards, online banking and other services are available to Islamic Banking customers.

These products are also accessible to customers visiting Commercial Bank branches elsewhere in the country via the Bank’s sophisticated IT system.

The Islamic banking products operate on the Islamic principle of both the Bank and the customer sharing returns as well as risks, and depositors have the opportunity of earning a halal return on the funds from Sharia compliant investments.