• Key Note Address by Mr Faizel Salieh – Managing Director/CEO, Amana Bank Limited
• A Presentation on “CIMA Islamic Finance Qualification ” by Mr Bradley Emerson Regional Director, CIMA
• “Opportunities on Sharia’h Investments in South Asia & ASEAN” by Mr Ariff Sultan, Business Development Director, Dow Jones Indexes, Singapore
• “Creating a Level Playing Field”
• A discussion on the regulatory changes required in order to bring Islamic Banking on par with conventional banking
• “The Entry of Conventional Financial Institutions into the IBF industry”
• “From Private Equity to Listing”
• “Equity Investments – the Sharia’h Perspective”
  •Stock Market Investments •Shariah Compliant Unit Trusts • Islamic Indexes
• “Alternate Investments”
  • Sukuks • Gold Bullion • REIT’s
• “Bridging the Divide” – A presentation by Muslim Aid, a UK-based INGO
  • Microfinance in Sri Lanka
  • How Islamic Finance could address the needs of the less privileged

Investment : Rs 7500.00 +VAT+NBT
• 30% discount for Scholars, Academics & Students

For further details please contact
Rozana
Tel: +94 773501246
Email: rozana@utoeduconsult.com
Aakif
Tel: +94 77466488
Email: aakif@utoeduconsult.com

Sri Lankan stock broker Lanka Securities has introduced a ‘Shariah’ compliant share list to meet the requirements of both local and foreign Islamic investors on the Colombo Stock Exchange.

The screening methodology for stocks is designed to ensure compliance with the Shariah laws and principles of Islamic finance, a statement said.

Lanka Securities, a joint venture between Pakistan’s First Capital Securities Corporation, Bank of Ceylon and Merchant Bank of Sri Lanka, said the list will be reviewed on a weekly basis to capture the impact of the price movements of the equities.

“LSL Shariah Compliant Securities List has been designed and developed to be used as a basis of Shariah complaint equity investments at the CSE,” it said.

• Shariah forbids interest and making ‘money from money’ and encourages that wealth be generated through legitimate trade.
• While Shariah compliant investment avenues are now becoming available in most countries, Sri Lanka has not seen large-scale development, the statement said.
• Companies involved in several activities will be filtered out as non Shariah-complaint, Lanka Securities said.
• These are conventional banking, insurance, financial services, or any other interest-related activity, alcohol, pork-related products and non-halal food production, packaging and processing or any other activity related to pork and non-halal food.
• Entertainment like casinos, gambling and pornography, tobacco, weapons, arms and defence manufacturing are also excluded.

Lanka Securities said the remaining companies are then further screened on a financial basis.

• It identified several financial ratios that must be met for companies to be considered Shariah-complaint.
• Total interest and income from non-compliant activities should not exceed 5.0 percent of the total revenue and interest bearing debt must be less than 30 percent of the market capitalisation.
• Also, interest earning deposits must be less than 30 percent of the market capitalisation, and accounts receivable, prepayments and cash must be less than 50 percent of the total assets.

New firms listed in the CSE it will be added to the list if they meet the criteria.

The financial data on which the list is based on will be updated quarterly when the companies release the interim financials.

Lanka Securities said the business and financial screeners have been identified looking at the industry best practices along with the guidance set by the Accounting and Auditing Organisation for Islamic Financial Institutions.

http://www.lankabusinessonline.com/fullstory.php?nid=564943745

Chartered Institute of Management Accountants (CIMA) Sri Lanka Division and the Bar Association of Sri Lanka (BASL) will jointly hold a programme on Islamic Finance and Banking on March 28.

Islamic finance (IF), despite its name, is not a religious product. It is however a growing series of financial products developed to meet the requirements of a specific group of people.

IF has become one of the world’s fastest growing financial sectors as investors show an increasing appetite for a variety of IF instruments. IF growth in recent years has been driven by renewed awareness of faith based concepts and the internationalisation of financial markets.
Forbes.com in its website said, “At least $500 billion in assets worldwide are managed in accordance with Sharia, or Islamic law and the sector is growing at more than 10% yearly. In spirit, IF seeks to promote social justice by banning exploitative practices.

In reality, this boils down to a set of prohibitions–on paying interest, on gambling with derivatives and options, and on investing in firms that make pornography or pork. No one can say for sure how many of the world’s 1.3 billion Muslims will demand Sharia-compliant financial products, but if even fractions do, the world’s largest banks will be happy to oblige.”

This one day programme consists of modules on What is  Sharia; Introduction to Islamic finance; Stock market investments from a Sharia perspective; Accounting for Islamic finance; Tax issues; Regulatory framework for Islamic financial institutions (IFI); Legal issues and corporate governance for IFI.

Programme Faculty comprises eminent speakers in the field and will include

• Naleemiah Islamic Studies Institute Director Dr. M A M Shukri,
• Amana Investments Ltd. Managing Director Faizal Salieh,
• Adl Capital Ltd. Managing Director/CEO Ishrat Rauff,
• KPMG Ford RhodesThornton & Co. Advisory Services Head and Partner Reyaz Mihular and
• Tax and Regulatory Principal Suresh R I Perera,
• Central Bank Bank Supervision Director Yvette Fernando
• and lawyerJaved Mansoor.

source: http://www.thesundayleader.lk/2011/03/13/islamic-finance-2/

• Naleemiah Islamic Studies Institute Director Dr. M A M Shukri,
• Amana Investments Ltd. Managing Director Faizal Salieh,
• Adl Capital Ltd. Managing Director/CEO Ishrat Rauff,
• KPMG Ford RhodesThornton & Co. Advisory Services Head and Partner Reyaz Mihular and
• Tax and Regulatory Principal Suresh R I Perera,
• Central Bank Bank Supervision Director Yvette Fernando
• and lawyerJaved Mansoor.

source: http://www.thesundayleader.lk/2011/03/13/islamic-finance-2/

Muhammad Ayub provides a thorough report on the major economic and political ramifications of Islamic finance, now practiced in more than 75 countries. This system follows specific, religion-grounded financial policies. For instance, it accommodates Riba, the Islamic prohibition of certain kinds of gains, including interest. Ayub makes it clear that Islamic finance, backed by billions in petrodollars, could come to compete with Western capitalist practices, which he roundly criticizes. His book is simultaneously academic, religious, legal, political and economic (as well as being rhetorical at times, with some challenging long and winding sentences). He also states some apparently opinion-based observations as facts, often with no references, but he knows his subject area and he sounds authoritative throughout, though you may differ with his political viewpoint. getAbstract finds this book critically important for anyone whose work is touched by Islamic banking or finance.

About the author

Muhammad Ayub directs training development and Shari’ah aspects at IIBI, London. Formerly, he was the senior joint director in the research and Islamic banking departments of the State Bank of Pakistan, heading the Islamic Economics Division and Shari’ah Compliance. He is an Islamic Finance master trainer.

Click here to Download (File Size: Over 3MB – No of pages: 544)

http://islamicperspective.net/Pictures/Book%20File/b4s2s2.pdf

There is a significant potential for Islamic banking in Sri Lanka with a prospective US$ 1.5 billion market size.

Amana Investments Managing Director Faizal Salieh in an interview with Arab News said there is a growing awareness even among the non Islamic market segments in the country.

Islamic financial institutions have been doing well in tapping the informal sector and combining it with the formal economy as showed by Amana’s own business experience over the past 12 years,” Salieh said. Salieh said Islamic finance is ideally suited to participate in the long-term financing of the country’s infrastructure requirements as it has the right product structures for that purpose.

The asset-based financing emphasis will be a positive factor in enabling real economic growth and promoting financial stability. Islamic financial institutions that subscribe to good governance standards and best practices would by definition become formidable assets in ensuring stability in the financial system.

http://www.dailynews.lk/2011/02/22/bus06.asp

The event will cover
Food & Beverages/ Islamic Banking & Finance/ Travel & Tourism/Education & Lifestyle

Conference
12th March 2011 from 9.00 a.m. to 4.00 p.m.
Registration – Rs 4,500 per delegate (Including Lunch and refreshments)

Key Topics under discussions

• Halal Tourism – by Utopia Vacations
  
• Islamic Banking & Finance – A guide to entering the Industry- by Adl Capital Ltd
  

Entrance to the exhibition – Rs 100 per day

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: +94 11 2554763
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18th February 2011

LOLC Al-Falah is the Islamic Business Unit of the LOLC group.

Applications are being called to fill Following Vacancies.

CLOSING DATE: 24th February 2011.

POST: CREDIT MARKETING OFFICERS/EXECUTIVES – ISLAMIC FINANCING

LOCATIONS: MATARA, ANURADHAPURA, NUWARA-ELIYA, BADULLA, NAWALAPITIYA, KOCHCHIKADE, CHILAW, MAWANELLA, TRINCOMALEE AND COLOMBO.

The positions will require selected candidates to market the Company’s complete range of Islamic Financial products including Lending facilities and Deposit mobilization in the above mentioned regions.

REQUIREMENTS:

• Key requirements:
  • A proven track record of a minimum of 1-3 years experience in a similar capacity in the Banking & Finance sector. 
  • Completion of the GCE Advance Level in one sitting
• A recognised qualification in Marketing/Finance/Banking & Finance from a recognized institution is preferred while a Diploma in Islamic Banking & Finance would be an added advantage.
• Proven experience in carrying out sound credit appraisals/evaluations is essential.
• Fluency in English, Sinhala and Tamil together with excellent communication and interpersonal skills are key for this job in order to maintain sound relationships with all stakeholders.
• Computer literacy and possession of a valid riding/driving license are required.

POST : ACCOUNTANT

LOCATION : KATTANKUDI

This is an excellent opportunity for a young, self-motivated individual to assume the role of Branch Assistant Accountant with the potential to manage a small team in a challenging working environment.  The post rquires the selected candidate to implement a precise execution of all finance processes in the assigned branch. The candidate must be a team player who can win the confidence of the team members at the respective service centre. Effective communication and organisational skills with the talent for multi-tasking will certainly be a definite edge.

Key Responsibilities:

• Accepting and banking cash/cheques, handling
• Maintaining the petty cash float
• Preparing daily collection summaries
• Computer literacy and experience in a similar capacity would be an added advantage

Requirements:

• Full/Part qualified Accountant in ICASL/CIMA/ACCA and/or a
• Graduate in Management/Business Studies
• Minimum of 3 years experience in a financial institution will be an added advantage

How to Apply:

by POST
Send your Resume along with the contact details of two non-related referees to
The Recruitment Centre – LOLC Group
LOLC AL-FALAH Islamic Business Unit
Lanka Orix Finance Company Ltd
No. 100/1, Sri Jayawardenepura Mawatha,
Rajagiriya

PLEASE MARK THE POST APPLIED FOR ON THE LEFT HAND CORNER OF THE ENVELOPE AND THE CV.

by E-Mail

E-mail your CV to : careers@lankaorix.co

- PLEASE MARK THE POST APPLIED IN THE SUBJECT LINE.

on Line:

Apply online at www.topjobs.lk/lolc

Source: Sunday Observer- 13th February 2011 – Page 85

CLOSING DATE: 24th February 2011.

Amana Bank received the commercial Banking license from the Central Bank of Sri Lanka recently.  Although they had ample time to complete all documentation formalities, they could apply for SWIFT code only after receiving the license. It might take at least about 6 weeks to get the SWIFT code get circulated. By the time it is ready most probably it will be towards March. If the Bank launch in March, it will have to publish the quarterly Financial statements which will not be attractive.  Then again in April there will be long holidays in lieu of Sinhala/Tamil New Year celebrations.  In the meantime, Bank also will have to transfer assets from Amana Investments Limited, most probably by a purchase agreement.

Therefore chances are very high that Amana Bank will have its soft opening towards early May 2011.

The Board of Directors of Amana Takaful PLC have opted to go for a Rs.750 million rights issue offering 500,000,360 new shares, subject to shareholder and regulator approval.

The proportion in which shares are issued will be one share for every one existing share.  The proceeds from the rights issue is to be utilized for increased capital requirements by the regulator under its proposed capital plan and for future expansion strategies.

The current stated capital of the company is Rs. 500,000,360 and the issue and listing of shares would be done once approval has been obtained from the CSE and the Shareholders.

Each new share would be priced at Rs.1.50. Amana Takaful PLC, a subsidiary of Amana Investments, engages in life and general takaful insurance businesses primarily in Sri Lanka and Maldives. Amana group’s another subsidiary, Amana Bank Limited, recently obtained the regulatory nod to conduct commercial banking operations in Sri Lanka.

source: http://print.dailymirror.lk/business/127-local/33955.html