Comments /1099 Views / Tuesday, 13 March 2012 01:01
Hatton National Bank PLC became the newest entrant to the growing domestic market of Islamic banking with the launch early last week of the bank’s dedicated and branded Islamic Banking Unit – HNB – Al Najah. The unit will operate under the overall ambit of HNB and will offer a broad spectrum of Shariah compliant products and services to its entire clientele.
The setting up of HNB – Al Najah was facilitated within a short time span under the expert guidance and supervision of SEC registered Investment Manager, Adl Capital Limited – a market intermediary which in addition to its fund management role specialises in structuring turnkey Islamic financing solutions to the local industry.
These include establishing fully fledged Islamic banking units and product structuring for licensed banks/registered finance companies/leasing companies. Adl Capital’s corporate advisory functions also includes structuring Shariah compliant products for the capital and equity markets and offers specialised staff training and Shariah based financial advisory services to private businesses.
Commenting on the launch, Managing Director of Adl Capital Ishrat Rauff said: “We view the launch of HNB – Al Najah as an important milestone in our country’s 15 year history of Islamic banking and finance. HNB has been in the forefront of product innovation and has been a robust player in the Banking industry for many years. We are delighted to partner HNB in this endeavour. HNB’s entry into the domain of Islamic banking offers much promise to customers on the retail and corporate front. With the guidance and support from a team of respected and knowledgeable Shariah scholars, we have every reason to believe that HNB’s foray into Islamic Banking will prove beneficial and rewarding to all stakeholders and society at large.”
In addition to current accounts, HNB – Al Najah will offer depositors a choice of profit sharing saving and investment options courtesy of saving Mudaraba accounts and term Mudaraba accounts of varying tenures, both of which would reward depositors with a Shariah-compliant return on their investment.
For business and personal customers seeking financing, the bank would offer a range of trade related services, leasing for vehicles/equipment and machinery, home financing, working capital requirements and personal financing.
Adl Capital Associate Director and Head of Business Development Azad Zaheed who was also present on the occasion opined that the entry of HNB – Al Najah was a timely initiative that is expected to give a fresh impetus to the domestic Islamic banking sector.
He also noted that it was an honour for Adl Capital to partner HNB on this historic occasion and emphasised that Adl Capital would continue to play a pivotal role in advancing the cause of Islamic banking and finance in Sri Lanka.
Operations of the Islamic Banking Unit (IBU) will be in accordance with the CBSL guidelines and shall also be in conformity with the injunctions of Shariah. This will ensure that the fund management operations and earnings of the IBU will be segregated and distinct from the conventional banking activity.
The bank has already appointed a Shariah advisory panel of experts comprising of knowledgeable and experienced Shariah scholars who would advise and supervise the Shariah related aspects of the IBU business.
28 May 2016
Asoka Handagama Asoka Handagama’s latest film ‘Let Her Cry’ is currently being shown in theatres on a limited run from 13 May to 10 June. The director apparently preferred to utilise the gap in between already-scheduled r...
28 May 2016
Chief Minister Nazeer Ahamed By Hilmy Ahamed Chief Minister Nazeer Ahamed’s outburst is not acceptable by any standards. As the senior most political office holder in the province, he has a much bigger...
27 May 2016
APRÈS MOI, LE DÉLUGE! In the aftermath of the Great Flood of 2016, if Sri Lanka is to Build Back Better, the political leadership must be instrumental in syncing Government actors and State agencies in working together with gre...
27 May 2016
President Maithripala Sirisena presenting his campaign manifesto to Prime Minister Ranil Wickremesinghe where the first-order of priority was clearly the promised anti-corruption probes On 8 January, nea...