{"id":365,"date":"2009-03-30T05:28:31","date_gmt":"2009-03-30T05:28:31","guid":{"rendered":"http:\/\/mohamediqbalp.wordpress.com\/2009\/03\/30\/amana-expecting-licence-to-begin-commercial-banking\/"},"modified":"2009-03-30T05:28:31","modified_gmt":"2009-03-30T05:28:31","slug":"amana-expecting-licence-to-begin-commercial-banking","status":"publish","type":"post","link":"https:\/\/venusimportexport.com\/wordpress\/index.php\/2009\/03\/30\/amana-expecting-licence-to-begin-commercial-banking\/","title":{"rendered":"Amana expecting licence to begin commercial banking"},"content":{"rendered":"

The Amana Group has reached another milestone in their journey with \t\tthe granting of a Letter of Provisional Approval to establish a licensed \t\tcommercial bank named Amana Bank Limited by the Monetary Board of CBSL, \t\ta statement released by the company said. <\/p>\n

The Amana Group is currently taking steps to establish the first \t\ttruly Islamic Commercial Bank in the country. Amana Bank has not yet \t\tbeen granted a licence to carry on banking business under the Banking \t\tAct No. 30 of 1988 (as amended). <\/p>\n

Upon achieving certain conditions listed in the Letter of Provisional \t\tApproval such as the raising of a minimum capital requirement of Rs.2.5 \t\tbillion, Amana Bank expects to receive a banking licence from the CBSL \t\tthat will enable it to begin commercial banking operations. <\/p>\n

Upon receiving its commercial banking licence, Amana Bank plans to \t\tuse its unique position as the first truly Islamic bank in the country \t\tto attract Sharia-compliant investment flows from the Middle East and \t\tthe Far East. <\/p>\n

Subject to Malaysian and Sri Lankan regulatory clearances, Amana Bank \t\thopes to utilize the technical expertise and specialized Islamic banking \t\tknow-how of Bank Islam Malaysia Berhad (BIMB), which currently holds a \t\t10% stake in AIL, to design and deliver a new range of Islamic banking \t\tservices, which includes current accounts, foreign exchange \t\ttransactions, inward and outward remittances, export financing, \t\tguarantees, performance bonds, bid bonds, corporate treasury placements, \t\tprivate banking, wealth management, long term housing finance, \t\tinfrastructure financing, agricultural finance and leasing. BIMB \t\tpioneered Islamic banking in Malaysia and is a globally acknowledged \t\tleader in Islamic banking, the statement said. <\/p>\n

Amana Bank plans to actively participate in the Government\u2019s \t\t\u2018Re-awakening of the East\u2019 program by expanding it\u2019s branch network in \t\tthe Eastern province beyond the currently existing five and offering \t\tappropriate Islamic banking solutions to facilitate the resurgence of \t\tthe Eastern Province\u2019s infrastructure and economy. <\/p>\n

Amana Bank has plans to build on the solid foundations laid by AIL to \t\ttake its products and services to all ethnic groups, realize the full \t\tbusiness potential that would ensue from a licensed commercial banking \t\toperation and provide its customers and shareholders with higher value \t\tand returns. <\/p>\n

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The Amana Group has reached another milestone in their journey with the granting of a Letter of Provisional Approval to establish a licensed commercial bank named Amana Bank Limited by the Monetary Board of CBSL, a statement released by the company said. The Amana Group is currently taking steps to establish the first truly Islamic…
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