ICD enters into a strategic alliance with Amana Bank PLC, Sri Lanka
18 May 2017
News & Press Release
May 18, 2017 – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, being the lead sponsor and manager of IB Growth Fund (Labuan) LLP (“IBGF”) and Amana Bank PLC (“ABL”), the first and the only full-fledged Islamic Bank in Sri Lanka have entered into a its strategic investment partnership by signing the Investment Term Sheet (“ITS”), reflecting the agreed key terms and conditions of the proposed investment. With this landmark transaction, ICD via IBGF is expected to infuse growth capital of maximum USD 15 million through subscription in the capital of Amana Bank PLC.
The CEO of ICD, Mr. Khaled Al Aboodi and the Chairman of the Board of Directors of Amana Bank PLC, Mr. Osman Kassim signed the Investment Term Sheet on the sideline of the 42nd IDB Group Annual Meeting of Governors.
Mr. Khaled Al Aboodi, the CEO of ICD stated that this strategic initiative reflects ICD’s continuous effort to play a catalyst role in the promotion of Islamic finance, private sector development and regional cooperation in South Asia region. Proposed collaboration with Amana Bank exhibits ICD’s mandate and strategic vision to bring not only good corporate governance and international best management practice but also to secure the long-term stability of the Bank as well as boost the confidence of the market and different stakeholders in the growing Islamic finance industry in Sri Lanka.
Mr. Osman Kassim, the Chairman of the Board of Directors of Amana Bank PLC, said Amana Bank is truly honored to have the confidence of ICD, resulting in this strategic partnership. This collaboration would further strengthen bank’s journey towards much wider and extended network both at regional and international level. Mr. Osman Kassim further stressed that Sri Lanka being a non-member country, IDB earlier made an exception in investing in Amana Bank at its inception in 2011, and now ICD too making this investment is sincerely appreciated and the Board and Management of the Bank are committed to achieve mutual goals for the growth of Islamic finance industry and private sector development.
About Amãna Bank
Amãna Bank is the rst and only Licensed Commercial Bank in Sri Lanka to conduct all its operations under the principles of Islamic banking and be fully disengaged from interest-based transactions.
The establishment of the Islamic finance industry in Sri Lanka and its acceptance by the country’s legislative, regulatory and fiscal authorities is an outcome of the pivotal role played by Amãna. The Bank is continuing its leadership role in taking the industry forward and heads a dedicated committee on Islamic banking under the aegis of the Sri Lanka Banks’ Association with the responsibility of examining further improvements to the regulatory, legislative and fiscal environments.
Today, the Bank reaches over 200,000 customers through a growing network of 28 branches and offers the full spectrum of Consumer Banking, SME Banking, Corporate Banking, Treasury and Trade Finance with a wide array of products and services catering to the varying needs of customers. In addition to 3500+ ATM access points, the Bank has introduced a bouquet of customer conveniences such as Internet Banking, Mobile Banking, Debit Card with online payment facility and SMS alerts, Saturday Banking, Extended Banking Hours, Deposit Kiosks, Banking Units Exclusively for Ladies and 24 Hour Lease Approvals.
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, the Bank has embarked on an aggressive journey in the Sri Lankan banking industry. ‑e Bank is listed on the Diri Savi Board of the Colombo Stock Exchange and is assigned a National Long Term Rating of BB(lka) with a Stable Outlook by Fitch Ratings.
About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org