Sri Lanka, Malaysia partners to promote Islamic banking and bonds

Sri Lanka’s Wealth Lanka Management (Pvt) Ltd, an investment house, and Al Tayseer Advisory Services Sdn. Bhd a Malaysia based consultancy has linked up to provide Islamic banking and bond market instruments, officials said

The firm advices on Islamic banking and corporate finance and advisory services for specialist industries like steel, cement and cotton.
“We find Sri Lanka as an emerging market for Islamic finance with immense future growth potential,” Al Tayseer Advisors Services, chief executive and partner Fahd Hashim, told reporters in Colombo.

“Sri Lanka is the second fastest growing economy in Asia right now and growth is linked to public sector investment with imports of cement steel.”

Al Tayseer can help with setting up plants or acquiring them to supply commodities to Sri Lanka, Hashim said.

The firm was also working in Pakistan. Hashim said it was already advising a Pakistan based cement maker that is exporting to Sri Lanka. In addition to corporate finance the consultancy also advised in materials and energy efficiency and use of carbon credits.

Mangala Boyagoda, head of Wealth Lanka Management, a senior fixed income specialist in Sri Lanka said the new partnership could provide Shariah based bond market products to help create an interbank market in Islamic finance.

“You cannot develop Shariah banking without an interbank market,” Boyagoda said. “We are looking at the possibility of raising a Shariah government bond.”

Though several banks have Islamic finance units in the country, they have constraints in Treasury management due to lack of compliant products.

The partnership will also advice on setting up Islamic banking units or outsource such units for banks, finance companies and leasing firms, Hashim said.

source : lbo – Sri lanka

ABC Investments launches first Islamic Credit Card in Sri Lanka

colomboABC Investments launches first Islamic Credit Card in Sri Lanka

 

The ABC Investments Limited (Barakah Islamic Financial Services) ceremonially launched its first Islamic Credit Card in Sri Lanka at Holiday Inn Hotel, Colombo recently. This Card is tittled ‘ABC Barakah Credit Card.’ Also, this is the third Islamic Credit Card in the region. First in Malaysia, second in Pakistan and third in Sri Lanka. The first Islamic Credit Card in the World was launched in 2002 by ABC Islamic Bank in Bahrain.

ABC Investments Managing Director M.I.M. Razeek speaking at the launching ceremony said, “The ABC Group originating from shipping, freight forwarding, plantation, insurance convention, Credit Card, Islamic Investments under ABC Investments Ltd. The ABC Investment Limited (Barakah Islamic Financial Services) being operated strictly following the principles of Islamic Shari’ah Board. Every step is only upon the approval of its Shari’ ah Supervisory Board. The Board is led by Ash Sheikh Niyas Moulavi.

This Cards are issued in four types: – ABC Barakah – THAHAB (Gold) Card; ABC Barakah – ZAITOON (Olive) Card; ABC Barakah – BALAATEEN (Platinum) Card and ABC Barakah – MALA ( Elite) Card

The ABC Barakah has established three branches within the eight months. The branches are City Branch in Colpetty, Colombo, Pettah Branch in Main Street and Hill City Branch in Kandy. They hope to open more branches in the Eastern Province in Kattankudy, Eravur and Kalmunai.

Ash Sheikh M.I.M. Rizvi Mufthi, President of the All Ceylon Jamiyathul Ulama, Secretary Ash Sheikh Abdul Nazar and ABC Investments Shari’ah Board President Ash Sheikh Niyas Moulavi also addressed the launching ceremony.

source : bottomline