Amana Bank is a licensed commercial bank in Sri Lanka practising Islamic finance

Amãna Bank opens branch in Old Moor Street

Amãna Bank recently opened a new branch in Old Moor Street, furthering its reach in and around Colombo for customers to access its non-interest based unique banking model as well as strengthen its focus on the country’s SME sector. The new branch located at No 330, Old Moor Street, Colombo 12 was declared open by the Bank’s Deputy Chairman Tyeab Akbarally along with the Bank’s Chief Executive Officer Mohamed Azmeer. The opening was graced by the Bank’s Board of Directors, Senior Management, customers and other invitees.

Commenting on the opening, the Bank’s Chief Executive Officer Mohamed Azmeer said “We are happy to extend our services and offer convenience to our current and potential customers in the vicinity of Old Moor Street, the hub of Sri Lanka’s hardware industry. The Bank’s Strategic Focus is towards enriching and enabling the growth of the SME sector. We are in a time, where the focal point of country’s fiscal and monetary authorities is constantly revolving around the development of SMEs, as they play a significant role to help sustain economic growth, generate employment and nurture entrepreneurship. However SMEs face varied challenges. With a thorough understanding of their limited access to capital, markets and skills, we offer a service proposition that will augment their business to the next level.

Amãna Bank offers variety of products catering to the growing needs of SMEs, including Working Capital Financing, Trade Financing (LC, Document Negotiations, Post Import Finance, Letters of Guarantee), Term Financing and Leasing. With a view of enriching customer convenience, the Bank offers its customers Internet and Mobile banking facilities to Bank in comfort and on the go as well as a Debit Card which has access to 3,500 ATMs island wide and online payment capabilities.

The Old Moor Street Branch also offers the Bank’s award winning Gold Certificate Financing Facility, which was introduced as an alternative for conventional pawning.

Amãna Bank PLC is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model. Fitch Ratings, in October 2016, affirmed the Bank’s National Long Term Rating of BB(lka) with a Stable Outlook. The Bank was recognized as the Best ‘Up-and-Comer’ Islamic Bank of the World by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony held in Washington DC, USA. The Bank was also bestowed the coveted title ‘Islamic Finance Entity of the Year 2016’ at the inaugural Islamic Finance Forum of South Asia Awards Ceremony held in July. Powered by the stability and support of its strategic shareholders including, Bank Islam Malaysia Berhad, AB Bank in Bangladesh and Islamic Development Bank based in Saudi Arabia, Amãna Bank is making strong inroads within the Sri Lankan banking industry and is focused on capitalizing the growing market potential for its unique banking model across the country.

30thof December 2016

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