Islamic finance specialist Al Tayseer Advisory Services Sdn, Bhd (Al Tayseer), a part of international Al Tayseer Group, last week signed a Memorandum of Understanding (MOU) with Wealth Lanka Management (Pvt.) Ltd, a local consultancy firm to jointly develop Shariah linked financial instruments for the local market by pooling their individual expertise.
Al Tayseer is a top-end advisory firm operating in Malaysia and Pakistan, engaged in the areas of corporate finance, Islamic finance, international business, risk management and investment advisory services. The Company provides advisory services for setting up Islamic Banks and Islamic Banking Businesses based on Islamic principles and offers product structures such as Musyarakah, Mudharabah, Murabahah, Istinah, Ijarah and Sukuk.
Wealth Lanka Management is a specialist investment banking and financial consultancy firm engaged in financial management and treasury advisory services, capital market advisory services, risk management, as well as turning around loss making entities.
Welcoming the gathering at a recently held press conference, Mangala Boyagoda, Chairman Wealth Lanka Management said, “We will combine our exclusive strengths to introduce specialised Shariah linked financial instruments, incorporating true Shariah principles, to the local market, for the benefit of not only our Muslim brethren, but also for the country at large. Many banks and financial institutions are experiencing increased demand for Shariah linked products and this demand is expected growth. As such, our focus will be to develop short and medium term Shariah based financial instruments for banks, finance companies, leasing companies, corporate entities as well as the government.”
“We are confident that entering into this new venture is both timely and appropriate. With the dawn of peace and the government’s commitment to develop capital markets, the launch of this venture would help support the government endeavours as well as offer alternative and innovative financial products in line with Shariah principles.’ Boyagoda added.
Speaking at the conference Al Tayseer Director Edwin Sylvester Das said that Al Tayseer had identified Sri Lanka as an emerging market for Islamic finance. “We have much to offer the Sri Lankan business community, in terms of Islamic banking advisory, consultancy, training, legal and compliance, regulatory framework and policies,” he said.
Thanking the gathering Asoka Sirimane, Director Wealth Lanka said that the signing of the MOU will propel the growth of Shariah based lending and improve the range of Shariah compliant products in the local market. “With the strong support of industry and product specialists, the opportunities to grow are tremendous,” he added.
Edwin Das and Fahd Hashim Directors of Al Tayseer, Mangala Boyagoda and Asoka Sirimane, Directors of Wealth Lanka Management and Dr. Wickreme Weerasooria, Legal Consultant were present at the ceremony.