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Amana Bank continues to support business customers to overcome economic hardships

Amãna Bank September 22, 2022

Amana Bank has continued its effort in supporting its SME and business banking customers to help reduce their burden as a result of the current unprecedented macroeconomic conditions. Similar to overcoming the difficult times brought on by the pandemic-induced economic slowdown, the banking sector was once again called upon to play a major role in facilitating various policy decisions of the Government and CBSL towards economic recovery.

Speaking on the subject, the Bank’s Vice President Business Banking Irshad Iqbal said “Taking into consideration the challenging macroeconomic environment, the Bank has re-aligned its financing offerings, enabling the export-oriented businesses and foreign currency earning companies to be adequately and comfortably serviced for new business opportunities, as well as providing additional financing for growth and re-structuring of their existing credit facilities. Further in line with CBSL guidelines we have extended appropriate concessions, including grace periods for settlement and other resettlement plans.”

Sharing the success story on how the Bank extended support to its customers during the Covid-19 pandemic, Irshad Iqbal said “the Bank offered a host of relief measures including moratoriums on repayment of credit facilities up to 6 months, which covered close to 50% of the financing portfolio as well as disbursing close to LKR 1.9 billion through the Saubagya Renaissance Facility in collaboration with CBSL to pass on the benefit of low financing cost to eligible customers. These measures provided a much needed lifeline for businesses to survive this challenging period and revive their operations, as the country gradually trudged towards normalcy.”

“But with the onset of the economic and political crisis, our commitment to stand by our customers remained unchanged, as we moved quickly and decisively to support businesses, particularly concentrating in agriculture, fisheries, retail, health care, manufacturing and renewable energy sectors. Beyond this, keeping true to our model of people friendly banking, to help our customers to tide over the difficult times, we went beyond the call of duty to deepen relationships with our customers and truly understand their unique circumstances in order to guide them” added Irshad Iqbal on the Bank’s focus on helping its SME and Business Banking clientele.

“Despite SMEs having to face inherent challenges as a result of the economic meltdown, the Bank continued to support the SME sectors not charging any penalties or punitive rates. The Bank intensively engages with the SME sector, due to the importance it carries to the overall economy and being regarded as the driving force of the economy. Further our people friendly, non-interest based banking model complements the development efforts of the SME sector while also supplementing our drive to finance sustainable development projects in line with UNSDG. The recent syndicated financing of the country’s largest biomass energy plant is one such example the country can be honoured of” said Iqbal. Being optimistic on the future prospects, Irshad Iqbal said “We remain confident that, with the necessary policies and action in place, the country will be able to bounce back swiftly, for which Amana Bank is geared to play a pivotal role.

Further, showcasing the Bank’s strong customer engagement, Irshad Iqbal commented “Amana Bank was recently entrusted with Sri Lanka’s largest dividend distribution, which speaks volumes on the trust and confidence we have built in the market over the years, where we are very much geared to become a mainstream bank for leading corporates as well.” Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah-based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amana Bank is recognised amongst the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.


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