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Amana Bank crosses LKR 100 Bn in Deposits

Amãna Bank April 8, 2022

Amana Bank crossed the LKR 100 Bn milestone in Customer Deposits as of Q1 2022 thereby becoming one of the fastest Licensed Commercial Banks to reach this mark within a very short period. The Bank’s accelerated growth in deposits is owing to the wide and growing acceptance of its people friendly banking model across all Sri Lankans. As at end of Q1 2022, the Bank’s Customer Deposits stood at LKR 105.7 billion, up by 10%, compared to the 2021 closing figure of LKR 96.2 Billion. In 2021, the Bank was also bestowed the award for Fastest Growing Retail Bank in Sri Lanka by Global Banking & Finance Review, while also being recognised as one of the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker.

Commenting on this milestone in Customer Deposits, Amana Bank’s Chief Executive Officer Mohamed Azmeer said “We are honoured to have crossed this milestone in such a short period of time, which testifies to the acceptance of our people friendly banking model, and the attractive returns paid by the Bank on a profit sharing basis. We are thankful to our customers for the continued trust and confidence placed in us.”

Further the Bank’s Asst. Vice President – Deposits & Digital Innovation Arshad Jamaldeen said “Over the years Amana Bank has introduced strong array of deposit products including the award winning ‘Savings Plan’ and ‘Flexi Term Investment’. The customer propositions ‘Prestige’, ‘Vantage’ and ‘Expat Gold’ ensures prioritized service and personalized engagement through dedicated relationship management and value added benefits, resulting in a lot of attraction and loyalty, which is testified by our growth numbers.”

Amãna Bank is the country’s first and only Licensed Commercial Bank to operate in complete harmony with the globally growing non-interest based people friendly banking model. With the mission of Enabling Growth and Enriching Lives, the Bank reaches out to its customers through a growing network of 33 branches and 20 Self Banking Centres spread across the country while having access to 5400+ ATMs for withdrawals and 850+ Pay&Go Kiosks for real time deposits. Customer can also benefit from an array of customer conveniences such as Internet & Mobile Banking, 24x7 Cash Deposit Machines and Banking Units Exclusively for Ladies.

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. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

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