Amana Bank continues to strengthen women empowerment

Head of Human Resources Hilufa Agees

Head of Legal, Attorney-at-Law Sulani Dayaratne (LLM)

AVP – Corporate Banking Rajendra Jayasinghe

AVP – SME and Regional Branches Arshad Adhnan

In commemoration of International Women’s Day, Amana Bank reaffirms its commitment to women’s empowerment through various impactful initiatives to foster financial independence, leadership, and inclusion for women across Sri Lanka. Through its inclusive workforce strategies and women-centric banking services, Amana Bank is leading the way in supporting women in both the workplace and the financial sector.

The Daily FT editorial recently caught up with the Senior Management Team at Amana Bank to discuss the bank’s efforts in empowering women both in the workplace and beyond. 

Here are the excerpts from the interview.

Head of Human Resources Hilufa Agees

Q: How has Amana Bank built a culture that values diversity and inclusion to encourage more women to be part of its workforce in its overall HR strategy, and what part of the total staff are women?

At Amana Bank, we champion an inclusive and diverse workplace where every individual, regardless of gender, has equal opportunities to excel. As Sri Lanka’s pioneer in Alternative/People-Friendly Banking, we uphold ethical business practices that promote fairness and inclusivity. Our HR strategy is designed to attract, retain, and nurture female talent, ensuring that women have ample opportunities to contribute meaningfully. Today, women make up approximately 16% of our workforce, with a growing presence in leadership roles and strategic positions, where key Management Committee posts are held by females including our Head of Legal and Head of HR.

Q: What initiatives have Amana Bank rolled out to ensure women have the same chances to grow in their careers, including reaching top management/leadership roles?

 We are committed to providing structured career development programs, leadership training, and mentorship initiatives tailored for our female employees. This commitment is reflected in the increasing recognition of women at our annual Amana Bank Award Ceremony, where more women have been celebrated for their contributions. Notably, in 2024, we saw the first female CEO award winner, demonstrating the growing impact of women in leadership within the bank.

Q: What percentage of new hires are women, and how are they spread out across different locations within the bank?

 Women accounted for 16% of our new hires last year, with representation across various departments and branch locations. To enhance financial accessibility for women, we have also strengthened our eight dedicated Ladies’ Units across key locations, ensuring a female-friendly banking experience.

Q: Can you explain how the bank supports women employees in managing both their work and personal lives?

 We understand that balancing work and personal commitments is essential for professional growth. Our policies include flexible work arrangements, maternity benefits, and wellness programs that help women thrive in their careers while managing their responsibilities at home. 

Head of Legal, Attorney-at-Law Sulani Dayaratne (LLM)

Q: What proportion of women are involved at the branch level, and how do they contribute to the overall functioning of the branches?

 Women play an integral role in our branch operations, comprising 11% of our branch-level staff. Their expertise in every sphere of banking activities including customer service, financial advisory, legal advisory, and operations significantly enhances the bank’s ability to provide a seamless and personalised banking experience.

Q: Can you provide more details about the dedicated Ladies’ Units at Amana Bank and how they support female clients?

 Amana Bank has established eight dedicated Ladies’ Units across key locations, providing a welcoming environment for women to manage their finances with comfort and privacy. Staffed by female banking professionals, these units offer tailored financial solutions and advisory services, ensuring women have access to financial tools that support their personal and business transactions including emergency cash facilities based on gold jewellery kept as security. Further educational funds for their children and facilities for urgent medical treatment for their loved ones and speedy housing facilities are popular among ladies.

Q: How has Amana Bank uniquely served its female customers?

 Amana Bank has introduced a range of dedicated banking solutions to empower and support women in managing their finances with confidence. Our Ladies’ Units provide a comfortable and trusted space for women to engage in financial discussions, while our Ladies’ Current Account and Ladies’ Savings Account, which offers a higher profit-sharing ratio, ensure greater financial benefits. Additionally, our Ladies’ Debit Card comes with exclusive offers, providing added value to everyday transactions. Supported by female Business Development Officers (BDOs), these initiatives foster deeper engagement, financial independence, and long-term prosperity for our female customers.

Q: What unique financial products or services does Amana Bank offer that are tailored specifically to meet the needs of women?

 To support women’s financial empowerment, we offer products such as the ‘Women Entrepreneur Financing’ scheme, which provides accessible financing for women with entrepreneurial ambitions. Additionally, our Gold Safekeeping (GSK) facility enables women to leverage their gold assets as a secure form of financing, helping them fund business ventures or personal financial goals without selling their valuables.

AVP – Corporate Banking Rajendra Jayasinghe

Q: What positive changes have women-owned businesses made in their industries and the economy with Amana Bank’s involvement as their primary banker?

 Women’s participation in business has grown significantly, with increasing numbers of women engaging in a variety of business forms, from home-based ventures and online businesses to family-owned enterprises and start-ups. In some cases, women have taken on full responsibility for running existing businesses, scaling them to international levels.

What sets women-owned and led businesses apart is their commitment to innovation, financial discipline, and attention to detail in all aspects of operations particularly in product development, service customisation, and record-keeping. Women entrepreneurs also demonstrate exceptional dedication to business growth while balancing family responsibilities. Their commitment extends to employee welfare, including education, healthcare, and nutrition, as well as making a positive societal impact, with a strong emphasis on environmental sustainability.

In Sri Lanka, women’s participation in the workforce is significantly lower than that of men, with women comprising just 30-35% of the labour force and a much smaller proportion engaged in business activities. 

Recognising the national importance of encouraging more women to enter business, Amana Bank has introduced several initiatives to support women entrepreneurs. These include the Ladies Savings Account, designed to foster savings and financial management habits, and the Women Entrepreneur Financing scheme, which offers flexible, cash flow-based financing options that cater to the unique needs of women-led businesses. In addition, the bank provides financial consultations and guidance to help women grow their businesses.

To further support women entrepreneurs, we have established an Exclusive Ladies Branch at our Head Office and Exclusive Ladies Units at selected branches, offering a more private, personalised, and efficient banking experience.

Our portfolio of women-led businesses continues to grow, spanning a range of industries such as apparel, manufacturing, technology, and agribusinesses.

Q: Could you mention some important women-led projects that Amana Bank has helped finance?

 Amana Bank has supported numerous women-led projects across various sectors, from MSMEs to corporate financing. One notable example is our financing of a women-led start-up in the food and restaurant industry. What began as a small family business has since expanded to include catering services, food delivery, a high-end restaurant, and banquet hall, creating numerous employment opportunities for women.

Additionally, we have partnered with local manufacturers and importers, helping them create hundreds of jobs for women while supporting the development of export industries. Through our customised financing solutions, these businesses have expanded their market reach, fostered innovation, and contributed to the country’s foreign exchange earnings.

Beyond traditional industries, Amana Bank has also been involved in financing women-led businesses in high-tech solutions for the sports and advertising industries. These businesses have expanded internationally, offering unique products and services to sports events abroad, further contributing to foreign exchange inflows and creating opportunities for young people to gain international experience and develop new skills.

Women’s natural instincts for innovation, attention to detail, and commitment to quality have allowed these businesses to thrive. By pairing our unique people friendly financing solutions with their entrepreneurial spirit, we’ve seen remarkable growth.

Our support goes beyond financial services; we work closely with our customers, understanding their needs and challenges. This partnership approach has been particularly important during difficult times, such as the COVID-19 pandemic, lockdowns, and subsequent economic challenges. Throughout these moments, we’ve been by their side, accommodating them required financings support, availing them CBSL/Government backed refinancing schemes, offering guidance, sharing in both successes and setbacks, and helping them navigate financial literacy and business growth with empathy.

AVP – SME and Regional Branches Arshad Adhnan

Q: How is Amana Bank supporting women entrepreneurship in rural areas and SMEs? What initiatives have been created to empower female business owners in these communities?

 Recognising the potential of women entrepreneurs in rural areas, we have the launched the Women Entrepreneur Financing scheme, this program offers financial assistance ranging from Rs. 50,000 onwards with competitive instalments with repayment periods up to five years. It aims to empower women with entrepreneurial ambitions, enhancing their family’s financial wellbeing.

The bank has a Ladies Current Account, specialised current Account tailored for women who wants to make their businesses/profession a passion, providing several benefits for smoother financial transactions for women entrepreneurs.

We also conduct specialised financial literacy programs with the full involvement of our dedicated knowledge marketing team to educate women in rural areas on banking, product knowledge, financial management, wealth-building strategies, and investment opportunities. These initiatives provide women with the skills and knowledge needed to become a successful entrepreneur.

Q: Can you tell us about some successful women-run SME projects that Amana Bank has facilitated?

 We have supported numerous women-led SMEs in projects such as agriculture, textiles, and small-scale manufacturing etc. To name few we have funded successful medium scale poultry faming mainly on layers (more than 10,000 birds) fully manages by women entrepreneurs, and imports and distribution of hardware business, rice mill with the products distributed in the locality and traditional handloom businesses. These ventures have created local employment opportunities and contributed to regional economic development. Many of these businesses have leveraged our ‘Women Entrepreneur Financing’ scheme to expand their operations and achieve financial independence.

Q: What challenges do women-led SMEs usually face, and how does Amana Bank help them overcome these challenges?

 Women entrepreneurs often face barriers such as limited access to capital, lack of financial literacy, and restricted market reach. Our tailored financing solutions, ongoing financial literacy programs, and networking opportunities provide them with the necessary tools to overcome these obstacles and scale their businesses effectively.

Q: Can you explain what the Gold Safekeeping (GSK) facility is and how it is being leveraged to support women entrepreneurs and promote women’s financial empowerment?

 The Gold Safekeeping (GSK) facility allows women to utilise their gold assets as a source of financing without selling them. This provides a secure and ethical means of obtaining funds for business expansion, personal investments, or financial security. Many female entrepreneurs have used this facility to finance new business ventures, furthering their financial 

independence.