NDB Shareek named ‘Islamic Bank of the Year – Sri Lanka 2020’

Tuesday, 8 September 2020 00:28 - - {{hitsCtrl.values.hits}}

NDB Shareek, the Islamic Banking Unit of NDB, was awarded the prestigious ‘Islamic Bank of the Year – Sri Lanka 2020’ by the globally renowned Financial Times’ publication ‘The Banker Magazine – UK’ amid strong competition from domestic competitors. NDB Shareek won this award amongst 11 individual country winners globally, two regional winners and one global winner.

The global award recognises NDB Shareek’s leading position among Sri Lanka’s best Islamic financial institutions. NDB Shareek won this award from Sri Lanka along with world renowned banks such as Qatar Islamic Bank, ADIB Egypt, Jordan Islamic Bank, Boubyan Kuwait, Samba Financial Group Saudi Arabia, Emirates Islamic UAE and Al-Amal Microfinance Bank (AMB) Yemen.

Launched in 2014 as the Islamic window of Sri Lanka’s National Development Bank, NDB Shareek has grown to be one of the country’s largest Islamic lenders. Its sharia asset base has more than doubled since 2017, growing by 16% to $69.2 million in 2019, with Tier 1 capital growing by 11%. Profit after tax rose by 13% year-on-year, a faster growth rate than NDB’s conventional operations.

One of the bank’s highlights for 2019 was supporting the renewable energy, livestock and agro based industry offering Islamic products and service to for SMEs, corporate and individual customers.

During the year both NDB Shareek’s depositor base increase by 76% with rising deposits by 36% mainly due to the higher returns were paid to the depositors.

Alongside new product offerings, NDB Shareek continues to expand its geographic footprint, focusing particularly on the large Muslim population of Sri Lanka’s Eastern Province. The bank has focused in particular on the region’s agribusiness community, targeting businesses including midland fisheries and prawn farming businesses.

NDB Shareek Islamic Banking has been offering highly completive and sustainable profit returns to its deposit holders and will continue to pursue synergies arising from NDB-Islamic Privilege Banking and the extensive branch Network.

NDB Islamic Banking services are available through all business units Island-wide, ranging from Corporate Banking, Project Financing, Business Banking, Private/Privilege Banking and Retail Banking.

The bank, which is the fourth largest listed bank in Sri Lanka, is one of the fastest growing banks, having had a cumulative average growth rate (CAGR) in advances by 21% and in deposits by 25% in the last four years. The only financial service conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan capital market provide its customers seamless access to the product and service offerings of all its group companies.