Growth Market

July 25, 2013 (LBO) – Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka’s state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said. “We are looking to do similar transactions with other financial institutions,” chief executive Mohammad Wajid Kamran said.

“We are looking to extend the partnership with Bank of Ceylon and other banks so that we can also tap the corporate sector.”

Emirates NDB syndicated a 200 million US dollar loan for one for less than 3.0 percent which officials said was the lowest for Bank of Ceylon in its 15 years of syndication.

Kamran said Emirates NDB group which was the largest financial group in the UAE, had its own specialist Islamic banking division. But his own unit also structured and advised on Islamic products.

He said Sri Lanka’s upcoming infrastructure products could tap into Islamic finance through structures like Sukuks, where an underlying asset has to be built into product similar to a long term bonds.

Islamic finances came at costs lower than conventional finance, he said. An Islamic financial structure would make the project open to a wider base.

“We can tap both sid