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

Ceylinco group sets up Islamic Finance faculty in Sri Lanka with Malaysian partner

images26The Ceylinco group tied up Monday with Malaysia’s Centre for Islamic Finance to set up a faculty for Islamic financial studies in Sri Lanka.

The Ceylinco Sussex Business School will roll out a Certified Islamic Finance Program locally, to meet a growing demand for trained professionals in Islamic finance, expected to exceed 5000 over the next four years.

The faculty has just been set up within Ceylinco’s business school, together with Malaysia’s International Centre for Education in Islamic Finance (INCEIF).

Set up by the Central Bank of Malaysia, INCEIF is backed by a 500 million Ringgit fund by the Bank, top officials from the Malaysian Centre said Monday.

The initial certificate program will provide an insight into Islamic Shariah law, economics, ethics, financial management and regulations and wealth management as well as case studies, Agil Natt, Chief Executive Officer of INCEIF said in Colombo.

“As the final part of the Certified Islamic Finance Program (CIFP), students will be awarded internship programmes in a financial institution locally or abroad.”

Islamic finance operates on principles laid down in Islam’s Shariah law, which prohibits interest, which is characteristic of other commercial banking operations.

Broadly, under Islamic finance, banks invest depositor money in projects that are run according to Shariah laws, with profits shared with the investor.

“There are over 300 Islamic financial institutions in over 60 countries with total assets exceeding 400 billion dollars,” M R Abdul Kadir, Deputy Governor Bank Negara Malaysia said in Colombo.

Sri Lanka’s Islamic finance sector is worth approximately five billion rupees, while total Muslim assets in the country are estimated at around 100 billion rupees.

The market for Islamic financial products is dominated by Amana Investments, with others such as Muslim Commercial Bank, Ceylinco Profit Sharing, People’s Leasing Company and First Global Investments, also operating.