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The Adl Group of Companies has been actively engaged in the development efforts of Sri Lanka’s Shariah based equity and capital markets. The group includes two SEC-regulated market intermediaries, Shariah compliant investment manager Adl Capital Limited as well as the first provider of margin trading services on a Shariah-compliant platform, Adl Equities Limited.
The Adl Group has expanded its scope of services to the specialised field of Islamic Banking and Finance (IBF) consultancy and advisory, which encompasses the areas of Islamic banking, Islamic leasing and Takaful, in fact within a very short period of time.
Adl has already successfully concluded advisory assignments with leading banks and finance companies, the most recent being HNB and CDB. Adl’s IBF advisory services are customised to the particular clients’ requirements. It recognises the clients’ key strengths in the market and develops a cost effective solution around it.
Adl’s assignments usually extend beyond the mere setting up of IBF units. The solutions offered by Adl are on a turnkey basis embracing areas of conceptual knowledge, detailed product structuring, documentation, executive search, specialist employee engagement, Shariah guidance, review of the IT systems ensuring compatibility with the IBF products, accounting and financial reporting, legal support, etc., all of which enables financial institutions to offer a broad spectrum of products through a dedicated business unit that operates within the regulatory and Shariah framework.
Adl Capital Associate Director Sabri Abdul Cader, who spearheads Adl’s advisory services, observed that Adl’s foray into IBF advisory was primarily to meet increasing customer demand from this niche but steadily expanding market segment.
He noted that Adl’s ability to facilitate the entry of banks, finance and leasing companies into the IBF industry has helped unlock closed doors and created opportunities for conventional institutions to offer IBF products and services that conform to Sri Lanka’s regulatory guidelines and meet established Shariah parameters.
Importantly, the entry of new players within the local IBF market space has created a competitive yet healthy environment where tangible benefits would accrue to all stake holders.
Commenting on Adl’s lead role on the specific area of IBF advisory, Cader said: “Our comprehensive approach towards setting up Islamic banking/financial units enables our clients to offer a wider range of IBF products to their customers. Setting up IBF units now ranks high on Adl’s agenda. Our team of expertise with vast experience and a ‘hands on’ approach to IBF training ensures that our advisory service is result-oriented. We are truly happy to be in this field of IBF Advisory and help extend the reach of Islamic banking products and services not only within Sri Lanka’s geographical boundaries but even beyond.”