Putting Structures

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

Local banking laws do not as yet have provision let alone regulations for specialised commercial banking, with long delayed amendments still in the pipeline. rn

rnBut as success stories show, Islamic banking is becoming big business even in Sri Lanka and the call for regulation may not be far off the mark. rn

rnldblquote We are already a Rs. 1.5 bn company and growing at 30 to 40 percent each year despite recessionary market conditions
dblquote , says Amana Takaful
quote s Managing Director, Azad Zaheed. rn

rnldblquote The industry is growing and we must be regulated
dblquote , he said addressing participants at Friday
quote s seminar on Islamic Financial Products organised by the Insurance Board of Sri Lanka.rn

rnAmana was the first investment bank to set up in Sri Lanka five years ago, in partnership with Bank Islam of Malaysia endash an Islamic financial giant in the ASEAN region.rn

rnAmana Investments on the Musharakah or profit sharing principle, offers pre and post shipment finance (equivalen