Amãna Bank receives global award for innovation

Wednesday, 2 November 2016 00:07 - - {{hitsCtrl.values.hits}}

The world renowned ‘Global Finance Magazine’ recently recognised and listed Amãna Bank in the magazine’s ‘Innovator 2016’ Index for its novel Gold Certificate Financing product which was introduced as an alternative for conventional pawning. This prestigious index recognises the top banks worldwide that are disrupting the marketplace through innovation. The recipients of this elite index were recognised at a ceremony held in London in October which coincided with the annual Global Finance Digital Bank Conference.

Collecting the accolade at the awards ceremony, Amãna Bank Chief Executive Officer Mohamed Azmeer said, “We are honoured to be among the top banks in the world recognised for innovation. As the pioneer of Islamic banking in the country we have committed ourselves to continued Innovation. Meanwhile our strategic plan emphasises on the importance of enhancing financial inclusion and ensuring alignment with the economic needs of the country. This product is a result of such commitment towards innovation and the strategic direction. Through this product we are now able to facilitate convenient credit at grass root levels to help fund personal as well as other micro industries. I am thankful to my Product Innovation Team and scholars for their valuable contribution in developing this product.”

Apart from recognising innovation in Islamic Finance, Global Finance Magazine also distinguished innovations in Corporate Finance, Transaction Services, Trade Finance and Foreign Exchange. The award ceremony in London also recognised organisations that have excelled in the Digital Banking arena. Through its various awarding platforms, Global Finance Magazine has set a global benchmark and become a recognised and trusted standard of excellence.

Amãna Bank is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model and is listed on the DiriSavi Board of the Colombo Stock Exchange. Fitch Ratings, in October 2016, affirmed the bank’s National Long Term Rating of BB(lka) with a Stable Outlook. The bank was recognised as the Best ‘Up-and-Comer’ Islamic Bank of the World by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony held in Washington DC, USA.

The bank was also bestowed the coveted title ‘Islamic Finance Entity of the Year 2016’ at the inaugural Islamic Finance Forum of South Asia Awards Ceremony. Powered by the stability and support of its strategic shareholders including, Bank Islam Malaysia Berhad, AB Bank in Bangladesh and The Islamic Development Bank based in Saudi Arabia, Amãna Bank is making strong inroads within the Sri Lankan banking industry and is focused on capitalising the growing market potential for its unique banking model across the country.