Amana Bank PLC secures BBB+ rating from Lanka Rating Agency

Wednesday, 5 March 2025 00:07 - - {{hitsCtrl.values.hits}}

Amana Bank PLC, Sri Lanka’s pioneering fully-fledged non-interest based Islamic banking institution, having Islamic Development Bank (IsDB) Group as the principle shareholder, has been awarded a BBB+ rating by Lanka Rating Agency Ltd., affirming the bank’s strong financial position.

Lanka Rating Agency is an independent credit rating agency endorsed by the Central Bank of Sri Lanka.

Amana Bank Chairman Asgi Akbarally said: “This rating achievement comes at a time when the Bank is affirming its position as a trusted and resilient financial institution. It not only reflects our financial strength and sustainable growth but also opens new opportunities to further expand our footprint and enhance our offerings, paving the way for greater value creation for all our stakeholders.”

Managing Director/CEO Mohamed Azmeer said: “We are honoured to receive yet another investment-grade rating, this time from LRA, which underscores the Bank’s stability and resilience. This recognition reflects our strong performance across key metrics and our ability to set new industry benchmarks. These ratings further strengthen our position and pave the way for future growth and expansion.”

Lanka Rating Agency CEO Dr. Kenneth De Zilwa said: “The BBB+ rating assigned to Amana Bank PLC reflects the bank’s stable market position, adequate capitalisation, and its successful operation of the non-interest based Islamic banking model in Sri Lanka. The bank’s strategic alignment with the Islamic Development Bank adds significant institutional strength and demonstrates its access to international Islamic banking expertise.”