CDB engages ADL Capital to offer Islamic financial services

Tuesday, 17 July 2012 00:00 - - {{hitsCtrl.values.hits}}

Citizens Development Business Finance PLC (CDB) will venture into the expanding domestic market of Islamic Finance with the scheduled launch of the company’s Sharia’h compliant Independent Finance Unit branded CDB Meezan shortly.

The specialised Unit will operate under the overall ambit of CDB and will roll out a range of deposit and financing products and services to its entire clientele.

The setting up of CDB Meezan was facilitated 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 and overseas 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.

“We have been exploring the possibilities of launching Islamic finance for a while now, however, in seeing that the demand for these products is on the increase in the recent times, we believe it is a timely start to offer Islamic financial products to our customers,” said CDB Director/Chief Operating Officer Roshan Abeygoonewardena.

ADL Capital Associate Director Sabri Abdul Cader commenting at the conclusion of the company’s assignment said, “The entry of CDB Meezan into the world of Islamic finance is testimony to the resilience that the domestic IBF sector has demonstrated in Sri Lanka’s 15 year history of Islamic banking and finance. We are delighted to partner CDB in this endeavour. With the guidance and support from learned and reputed scholars, we are confident that CDB Meezan will deliver value & benefits to all its stakeholders.”