Global Finance recognises Amãna Bank as Sri Lanka’s Best Islamic Financial Institution

Monday, 9 May 2016 00:00 - - {{hitsCtrl.values.hits}}

The world renowned ‘Global Finance Magazine’ recently recognised and awarded Amãna Bank as the Best Islamic Financial Institution in Sri Lanka for the third consecutive year. Amãna Bank will be honoured at an awards ceremony which is to be held in October during the IMF/World Bank annual meetings in Washington, DC, USA. The Annual Global Finance World’s Best Islamic Financial Institution Awards Ceremony recognises and awards the best Islamic financial institutions by country, region and globally.

Commenting on the accolade, the bank’s Chief Executive Officer Mohamed Azmeer said, “We are truly honoured by this award on becoming the Best Islamic Financial Institution in the country. Having previously been recognised as the Best Up and Comer Islamic Bank of the World by Global Finance, this accolade reflects our pledge to develop this emerging industry. It is this focus which has resulted in the exceptional growth we have witnessed at Amãna Bank which in turn has brought us this prestigious award and recognition for the third consecutive year.” All Global Finance award winners are picked through a rigorous process of extensive consultations with bankers, corporate finance executives and analysts throughout the world.

Having commenced business in August 2011, Amãna Bank recorded its first year of core business profits in 2015 sustaining its trend in profitability which commenced in Q4 2014. The bank recorded Rs. 218.7 million as Profit before Tax for the year ended 2015 which marks a remarkable turnaround when compared to the pre-tax loss of Rs. 80.2 million posted in 2014 constituting a growth of 372.5%.

Amãna Bank is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based 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, Amãna 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.