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Asgi Akbarally appointed as Amãna Bank Chairman

Amãna Bank August 18, 2020

Founder Chairman Osman Kassim retires upon completion of 9 year statutory tenure

Ali Asghar (Asgi) Akbarally has been appointed as Chairman of the Board of Directors of Amãna Bank upon the retirement of the Bank’s Founder Chairman Osman Kassim. Leaving a strong legacy in the Islamic banking industry in Sri Lanka, Osman Kassim retired from Amãna Bank having completed the maximum 9 year statutory period of holding a directorship in a Licensed Commercial Bank as per CBSL directions. Despite retiring from the Bank, Osman Kassim continues to be one of the Bank’s top 10 shareholders.

Asgi Akbarally joined the Board of Amãna Bank in July 2020 as the nominee director from Akbar Brothers, taking over the position vacated by Tyeab Akbarally, who also retired upon completing the maximum 9 years of directorship as per CBSL regulations.

Asgi Akbarally is an Executive Director of Akbar Brothers (Pvt) Ltd, one of Sri Lanka’s largest diversified corporates, globally renowned for its tea exports. Asgi Akbarally holds directorship in multiple subsidiaries and affiliates of the Akbar Group covering sectors such as Manufacturing, Property Development, Hotels & Leisure, Healthcare, Power Generation, Packaging & Printing, Logistics and Environmental Services. He is the Managing Director of Renewgen (Pvt) Ltd and Chairman of Windforce (Pvt) Ltd, Hermitage Resorts (Pvt) Ltd, Uthurumaafaru Holding (Pvt) Ltd Maldives, Lhaviyani Holdings (Pvt) Ltd and Cocoon Investments (Pvt) Ltd Maldives. He is also a director of Alumex PLC.

Asgi Akbarrally is currently the Honorary Consul of the Hashemite Kingdom of Jordon. He holds a BSc Degree in Industrial Engineering from the California State University and is a Fellow Member of the Institute of Certified Professional Managers. A classic car enthusiast, Asgi Akbarally has authored a coffee table book on “Classic and Vintage Automobiles of Ceylon” and is the Patron of the Classic Car Club of Ceylon.

Commenting on his retirement and appointment of the new Chairman, the Bank’s outgoing Chairman Osman Kassim said “Serving Amãna Bank as its Chairman since inception has been a great honour, specially seeing firsthand how the Bank has grown amidst various challenges to where it stands today. I would like to extend my heartfelt gratitude to my fellow retiring directors Tyeab Akbarally, Harsha Amarasekera and Jazri Magdon Ismail who completed the regulatory tenure of 9 years in 2020. They have been great pillars of strength to the Bank since its formation. I am happy to welcome Asgi Akbarally to take over the stewardship of the Bank. It is heartening to know that Asgi, whose business acumen and experience gained through building and guiding a homegrown company to become a world renowned tea brand, will be leading the Bank’s forward journey. I would also like to take this opportunity to thank the other Board Members, CEO Mohamed Azmeer, the Management Committee and Staff of the Bank for their continuous contribution, dedication and commitment towards the Bank’s growth and wish them all the best in taking Amãna Bank to greater heights.”

Also sharing his views newly appointed Chairman Asgi Akbarally said “Amãna Bank will be truly indebted for the visionary thinking and guidance of its Founder Chairman Osman Kassim. Stepping in to fill this void will be no easy task, but I am thankful for the foundation laid, from which we eagerly look forward to build upon to achieve the Bank’s strategic goals and continue making our ‘People Friendly’ banking model available for all Sri Lankans with wider reach and accessibility.”

With the recent changes, Amãna Bank Board of Directors constitute as follows : Ali Asghar (Asgi) Akbarally(Chairman), Rajiv Nandlal Dvivedi, Pradeep Dilshan Rajeeva Hettiaratchi, Aaron Russell-Davison, Mohammed Ataur Rahman Chowdhury, Syed Muhammed Asim and Khairul Muzamel Perera bin Abdullah.

Amãna 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 (S&P, Moody’s & Fitch) multilateral development financial institution with a membership of 57 countries. In June 2020 Fitch Ratings Sri Lanka declared an upward revision of 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, other than its unique flagship CSR venture, the ‘OrphanCare’ Trust.  Retiring directors Osman Kassim, Tyeab Akbarally, Harsha Amarasekera and Jazri Magdon Ismail will continue to serve as trustees on the ‘OrphanCare’ Trust.