Bank of Ceylon named Islamic Retail Bank of the Year – Asia at The Banker’s Islamic Banking Awards 2025

Thursday, 19 June 2025 03:28 - - {{hitsCtrl.values.hits}}

Deputy General Manager (Branch Credit Operations Range 1) Ajith Karunarathne

Bank of Ceylon (BOC), the country’s premier State-owned commercial bank, has been awarded “Islamic Retail Bank of the Year – Asia” by The Banker, a Financial Times publication, at its 2025 Islamic Banking Awards. This prestigious regional recognition highlights BOC’s longstanding role in offering Shari’ah compliant financial services alongside its conventional operations and affirms its contribution to the Islamic banking sector in South Asia.

BOC became Sri Lanka’s first local conventional bank to offer Islamic banking following legislative amendments in 2005 that permitted the introduction of Islamic financial services within licenced banks. Since then, BOC has led the way through its BOC An-Noor portfolio, offering a wide spectrum of Shari’ah compliant deposit and financing products through its entire branch network.

BOC’s Islamic banking services are governed with complete segregation from conventional funds and include key products such as Mudaraba and Athfal savings accounts, Wakala facility, Murabaha financing, and Ijara, all offered under the BOC An-Noor umbrella.

Commenting on the award, Deputy General Manager (Branch Credit Operations Range 1) Ajith Karunarathne stated: “We are proud to be recognised as the Islamic Retail Bank of the Year in Asia at The Banker’s Islamic Banking Awards 2025. This award acknowledges the consistent effort to make Islamic finance accessible, secure, and relevant to the needs of our diverse customer base. It also reflects our goal of delivering inclusive banking solutions aligned with Sri Lanka’s economic and cultural fabric.”

In keeping with its customer-centric approach, the bank has also integrated digital convenience into its Islamic banking services, providing access to mobile and internet banking, fund transfers, and bill payments.

Today, BOC’s Islamic banking services are available across its over 650 branches island-wide, making it the only provider of Shari’ah compliant banking accessible in all districts of Sri Lanka. This reach has significantly expanded financial inclusion for customers seeking interest-free and ethically guided banking.

The award adds to BOC’s growing list of accolades for Islamic finance. In 2024, the bank was recognised with two gold awards at the Islamic Finance Forum of South Asia (IFFSA), reinforcing its position as the country’s most established Islamic finance provider.

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