Amana Bank Limited, which obtained the provisional approval license from the Central Bank last year to become a bank have been granted the go-ahead of the Minister of Finance to operate as a commercial bank in the country.According to the senior officials of Amana, the new bank will start operations in the near future as Sri Lanka's first commercial Islamic Bank following the Shari code of ethics. Amana Bank last year raised 3,159 million rupees by selling 631.9 million 5.00 rupee shares in a private placement deal. The new bank will be backed by the Bank Islam Malaysia Berhard which currently holds a 10 percent stake in Amana Investment Limited, which is the parent company of Amana Bank.With the liberalization of the Eastern Province of the country, where a Muslim majority resides, analysts predict 'good business' for the newly set up bank.
The minimum capital requirements needed to start operations as a commercial bank is Rs. 3.0 billion according to Central Bank Guidelines Amana Group has established itself as the pioneer in providing Islamic financial services, from merchant banking to insurance, to Muslims and non-Muslims alike. Incorporated in 1997, Amana Investments Limited (AIL), being the investment and financing arm of the Group, offers a range of Sharia-compliant financial solutions to its customers.
source - www.dailymirror.lk
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