Amana Wealth Management licenses IdealRatings Boursa solution for white listed equity screening

Amana Wealth Management Ltd., the subsidiary unit of Amana Holdings Group, Sri Lanka’s premier Islamic financial institution for Shari’ah compliant products and services, has licensed the IdealRatings Boursa solution for its Investment/Client Advisory Management services for its clients.  

For the first time in Sri Lanka, users will have access to a solution that will screen Shari’ah compliance of listed Sri Lankan companies, in accordance with AAOIFI and AMANA Shari’ah rulebooks and provide the technical analysis of the companies and the buy/sell/hold recommendations for these companies with comparisons with its peers in Sri Lanka and regional markets. 

IdealRatings Inc., incorporated in San Francisco, provides solutions for the Islamic Capital Market and ESG/SRI segments of the asset management industry, is a global leader in screening market data solutions. Global and leading Asset Management companies license IdealRatings solutions to provide them with accurate, to-date market data accompanied with state of art software, to generate an investible universe in accordance to the Investment Mandates provided to the Asset Management company. IdealRatings Boursa solution is licensed by Gulf Islamic Financial institutions like Abu Dhabi Islamic Bank, Emirates NBD and Al Inmah, to provide Investment Advisory and Brokering solutions to their Investment Management and Private Banking clients.

The Amana Wealth, the Asset Management business unit of Amana Holdings, who are also into Investment Banking and Wealth Management Advisory, will provide the Boursa solution as a product offering to clients who invest in Shari’ah compliant Sri Lankan companies and have an option to select either the AAOIFI or Amana rulebook, depending on their preferences of using an International, globally accepted Shari’ah screening rulebook or opt for the locally approved Shari’ah screening rulebook.  

The Boursa solution will provide the bullish or bearish Sri Lanka market positions. Users will be able to review the Technical Analysis of Sri Lankan companies, the Buy/Sell/Hold recommendations, its historical recommendations, comparisons to its peers in Sri Lanka and the Region. The solution also provides the Dividend Purification ratio for each of the company in order for the Users to purify the impure income from the company’s dividends.

With the selection of the IdealRatings Boursa solution, the Amana team will be able to develop abd provide its High Net Worth and Premier Customers with a product which will allow them to use Technical Analysis as the basis for their investment decision rather than to base their investment decisions on intuition.  

“We are excited to partner with Amana Group, one of the premier Islamic financial institutions in Sri Lanka and South Asia. Amana’s initiative to provide the Boursa solution for its customers in Colombo indicates that Sri Lankan Islamic Finance industry has grown from Retail, Leasing, Wholesale banking and moving towards Asset and Wealth Management.  Investment Managers require state of art solutions to provide Advisory Services and I am certain that the Boursa solution will further provide impetus to the growth of Investment and Wealth Management in Sri Lanka and the South Asian markets,” said IdealRatings Inc. CEO Mohammad Donia. 

“We are happy to be the first in the Sri Lankan industry to provide clients a platform comprehensive in nature such as what IdealRatings will deliver. Our intention is to empower investors in taking informed decisions, rest assured that their expectations of compliance is met. With this introduction we hope to reach out to our existing clients to showcase the system’s analytical capability and ease of use. Notwithstanding this, we intend sharing this new development with non-existing customers too as this is a long awaited need in the market,” said Amana Wealth Management Ltd. Chief Information Officer Shafraz Nilam.

IdealRatings Inc. is incorporated in San Francisco and is a global solutions provider for Shari’ah compliant and ESG/SRI investments. The database solutions for Equities, REITs and Sukuk are comprehensive for Global Fund Managers. The Boursa solution provides data and information for Brokering Houses and Investment Managers. IdealRatings also calculates custom-built Indexes and benchmark indexes for Fund Managers who require customised solutions for their mutual funds. IdealRatings solutions are licensed by the leading, global Asset Managers, in over 25 countries.  

The Amana Holdings Group is the pioneer and leading financial services provider in Sri Lanka who introduced Islamic Finance in the early ‘90s under the banner of Amana Investments Limited. Since then, the group has worked towards building capacity and an eco-system of Islamic Finance in Sri Lanka that now sees multiple banks, financial institutions, insurance companies, educational establishments and consultancies. The group now embarks on further building the portfolio of Islamic Financial services in Sri Lanka with the strengthening of business verticals that deliver solutions in Asset Management, Wealth Management and Investment Banking.