Habib Bank launches Islamic banking in Sri Lanka

Tuesday, 22 July 2014 00:01 - - {{hitsCtrl.values.hits}}

By Shamseer Jaleel

Habib Bank (HBL), Pakistan’s largest bank, has had more than six decades of presence in Sri Lanka. Today, it is re-affirming its commitment to this country by launching Islamic Banking Operations. HBL’s Global Head of Islamic Banking Mirza Saleem Baig at the launch said, “Sri Lanka was the first country outside of Pakistan for HBL to start its overseas operations so it is appropriate that it be the first territory outside of Pakistan for launching its Islamic banking products as well. The bank has made considerable effort in ensuring that its product offering, systems and processes were robust and met globally accepted standards for Shariah compliant products.” Initially, HBL Islamic Banking will be offering Current Accounts, Trade Facilities and Murabaha Financing products and services followed by a full product portfolio including Islamic Savings Accounts, Foreign Currency Accounts, Fixed Deposits, Working Capital finance on Ististna Basis, Salam Basis and Term loans on Musharaka Basis Trade & Treasury Facilities and Services. This launch is in addition to HBL’s plans to open two more branches this year in Sri Lanka along with Visa Debit Card and a state-of-the-art Internet banking platform, thereby ensuring that the bank provides the network and products that its growing customer base seeks.