First Islamic Microfinance Bank Launched in Lagos

The first Islamic micro finance bank in the country, Al-Barakah Micofinance Bank was yesterday commissioned in Lagos.

The bank is an initiative of The Muslim Congress which spans 16 years.

At a well attended event, the Chairman of Al-Barakah MicroFinance Bank, Dr.Abdul Hakeem Mobolaji said the bank is set up in response to the increasing demand for alternative micro credit products by the less privileged members of the society against the conventional banking practices.

He also said the bank would provide succour and financial service to the society in support of the Federal government’s drive to eliminate poverty in the country.

“What we are commissioning today represents our contribution towards providing an alternative banking for Muslims and non-muslims alike.

It is our fervent hope that more like-minded individuals and corporate body will embrace this window and deepen the financial market through provision of sophisticated Islamic instruments and finance”.

source : allafrica

Amana wins top global award for Islamic Finance in Sri Lanka

Amana Investments won the award for the category Best Islamic Bank in Sri Lanka in the 2009 Islamic Finance News Poll conducted by the Malaysian-based REDmoney Group, the company said. Though Amana Investments is not a bank (it has received provisional approval from the Central Bank), the award it has won in the category of the Best Islamic Bank by country confirms its clear leadership position in the field of Islamic Finance in Sri Lanka.

An Amana press release said the REDmoney Group publishes the leading and widely circulated Islamic Finance industry journal in the global finance sector that captures all the significant events and activities that take place in the field of Islamic financial services, including banking, insurance, stockbroking, fund management etc worldwide.

The Islamic Finance News Awards Polls are the most transparent, definitive and competitive awards in Islamic finance today and are based on a unique poll which is a true reflector of the global Islamic financial markets. Winners of the Islamic Finance News Poll received the prestigious awards at two special Awards Ceremonies, the first on February 25 in Kuala Lumpur, followed by another on March 8 in Dubai.

Commenting on the win, Mr. Faizal Salieh, Managing Director & CEO of Amana Investments, said, “We are honoured to be recognised internationally as the best Islamic Finance provider in Sri Lanka. This award acknowledges our present market leadership position and stature and the contribution we have made in the field of Islamic Finance in the country. It also puts Sri Lanka on the World map of Islamic finance and banking.” Amana Investments Ltd has pioneered Islamic Finance in the country since 1997.

source : sundaytime lk

Meezan ‘Best Islamic Bank’ in Pakistan

Meezan Bank, Pakistan’s first and largest Islamic bank, has been awarded ‘Best Islamic Bank in Pakistan’ for 2009 by Islamic Finance News of REDmoney group, Malaysia.
This award brings to light a highly successful and record-breaking year for Meezan Bank, Rs100b in deposits, Rs. 100b in trade finance (import & export) business, expanding its network to a total of 201 online branches in 54 cities across Pakistan and record profit-after-tax of over Rs1b.
The Bank offers a complete range of Islamic banking products and services including, free online banking for all Pak Rupee accounts at all its branches. The Bank’s retail banking network is supported by 24/7 banking services that include 150 ATMs, Internet Banking and a 24-hour Call Center. The Bank has recently launched its VISA Debit card that allows its customers to shop at more than 30m merchants worldwide and withdraw funds from their accounts from more than 1.4m ATM’s.

source : nation