Amãna Bank seeks investment from ICD

Tuesday, 31 January 2017 00:00 - - {{hitsCtrl.values.hits}}

Central Bank extends deadline to raise core capital to June
Needs to raise core capital to Rs.10 billion by Jan 2018

Amãna Bank yesterday said it is in talks with Islamic Corporation for the Development of the Private Sector (ICD) to sell new shares as part of measures to raise its core capital in accordance with Central Bank regulations.

In stock exchange filing the bank said the Central Bank had extended time to raise the bank’s core capital to Rs. 7.5 billion to 30 June 2017 from 1 January 2017.

Amãna Bank, a Sri Lankan bank operating on the non-interest based Islamic banking model, said it is required to increase capital further to Rs. 10 billion by 1 January 2018.

ICD is a multilateral development financial institution and is part of the Saudi-based Islamic Development Bank and is the fund manager of the IB Growth Fund (Labuan) LLP (IBGF). ICD is to commence due diligence on the bank in the coming months, the stock market filing added.