Amana Bank completes 14 years of people-friendly and development focussed banking

Managing Director/CEO Mohamed Azmeer

Amana Bank, Sri Lanka’s first and only licensed commercial bank operating entirely under the non-interest-based Islamic banking model, marked 14 years of operations on 1 August 2025. Since opening its doors in 2011 with a limited branch network, the bank has grown significantly, today serving over 500,000 customers through a footprint of 68 customer touchpoints, including 33 branches and 35 self-banking centres. This remarkable growth reflects the bank’s commitment towards enabling growth and enriching lives of its customers through the bank’s people-friendly and development-focused model of banking. 

Building on this strong foundation, Amana Bank has continued to demonstrate robust financial performance and sustainable growth, underscoring its position as a key player in Sri Lanka’s banking sector. As of Q1 2025, Amana Bank’s Total Assets were nearing Rs. 190 billion, while Customer Deposits and Customer Advances stood at Rs. 159 billion and Rs. 125 billion respectively — making it one of the fastest banks to reach such milestones. For 2024, the bank recorded a Profit After Tax of Rs. 1.8 billion, enabling it to continue its dividend-paying trend for the seventh consecutive year. As a result, total dividends declared since 2018 have exceeded Rs. 2 billion. Reflecting the bank’s strong financial performance, Fitch Ratings Sri Lanka recently upgraded its National Long-Term Rating to BBB-(lka) with a Stable Outlook, while Lanka Rating Agency assigned an initial rating of BBB+, further affirming Amana Bank’s creditworthiness and market standing.

Backed by the Jeddah-based IsDB Group as its primary shareholder, along with shareholding of Senthilverl Holdings, the investment company of renowned high-net-worth investor Dr. T. Senthilverl, Amana Bank has garnered numerous local and international accolades. These include being recognised by Global Finance USA as the World’s Best Up-and-Coming Islamic Bank and being ranked among the Top 25 Strongest Islamic Banks in the World by The Asian Banker. In recognition the bank’s significant impact and contributions to Sri Lanka’s economic development, particularly through empowering SMEs and other enterprises during challenging times, while also driving job creation, advancing financial inclusion, promoting sustainability and delivering meaningful CSR initiatives, the bank was recently awarded the Most Impactful ICD Investee Company of the Year at the IsDB Group Private Sector Forum Awards 2025. Notably, the bank received this accolade while competing with investee companies from 57 IsDB member countries, despite Sri Lanka not being a member state.

Apart from its strong financial performance, the bank is deeply committed to sustainability and social responsibility. Established and fully sponsored by Amana Bank, the OrphanCare initiative supports vulnerable orphan children at a critical turning point in life — helping them avoid a second abandonment when they are compelled to leave their child care homes upon reaching adulthood. As the founding sponsor, Amana Bank bears all operating and administrative costs of the program, ensuring that every contribution goes directly to the benefit of the children. This initiative, which has reached over 3,200 orphans from more than 90 child care homes across the country, aligns closely with the United Nations Sustainable Development Goal No. 10 (Reduced Inequalities) and adheres strictly to Article 2 of the United Nations Convention on the Rights of the Child, ensuring all enrolments are without any form of discrimination based on race, religion, ethnicity, or gender.

Commenting on the bank’s the completion of 14 years Amana Bank Managing Director/CEO Mohamed Azmeer stated: “As Amana Bank marks its 14th anniversary, we pause to reflect on our journey as a young and ambitious institution in Sri Lanka’s banking landscape. From our early days, we have faced extraordinary challenges including the Easter Sunday attacks, the global COVID-19 pandemic, and the economic and social crises that affected our nation. Despite these difficult times, our resolve to provide people-friendly banking with a focus on growth and development has remained steadfast.”

Appreciating the stakeholder involved, Azmeer further said: “I extend my heartfelt gratitude to our customers for their unwavering trust and loyalty, which inspire us to continually raise the bar in service excellence. Our dedicated employees deserve special thanks for their resilience, professionalism, and commitment to our shared vision, often going above and beyond under demanding circumstances. I am equally grateful to our Board of Directors for their strategic guidance and steadfast support, and to our shareholders, led by the IsDB Group, for believing in our mission and fuelling our progress.

“Finally, I would like to acknowledge the valuable role played by our regulators, whose continued oversight ensure a stable and sound banking environment in which we can thrive. Together, these collective efforts have enabled Amana Bank to emerge as a trusted financial partner, driving sustainable growth while enriching lives across Sri Lanka. We look forward to continuing this journey with renewed energy and purpose” concluded Azmeer.