09th December 2009

Following is a message received from Brother Riyazi Farook.

Quote:

Assalamualaikum w w,

The article* below is an extended version of the original one published in the ‘Business Islamica’ magazine this month (No.1 rated Business Magazine from GCC  http://www.islamica-me.com ).

The article briefly highlights on how to prevent such recent failures in the future in Sri Lanka and a call for regulatory reform to take Sri Lanka’s Islamic finance industry into a new level.

*The comments expressed in this article are my own personal opinions (Except cited) based upon my current knowledge and do not necessarily reflect the positions or opinions of any affiliates. Neither the information nor any opinion expressed constitutes a solicitation.

Wassalam,
Riyazi

Unquote

Islamic finance in Sri Lanka needs good corporate governance Please click here to download the article.

30th November 2009

LOLC Al-Falah, Islamic Business Unit has called for applications for following positions.

 

CLOSING DATE: 08th December 2009             

(CLOSED)

•  Marketing Officers/ Executive

Locations: Kalmunai, Kattankudi, Oddamawadi, Polonnaruwa, Anuradhapura, Matara, Kochchikade and Ratnapura

Work area: to market the company’s complete range of Islamic financial products including lending facilities and Deposit mobilisation in the above mentioned regions.

Requirements: 
Below 30 years,
minimum 1-3 years experience in Banking and/or a similar nature of work,
A/L in one sitting, Degreee, Professional qualification such as CIM or a Diploma in Islamic Banking & Fiannce -added advantage.
Experience in credit appraisals/evaluations is essential.
Computer literacy and possession of a valid Driving license  

• Cashier/Customer Service Assistant

 
Locations: Kalmunai,  Oddamawadi, Akurana

Work area:
handling of cash transactions, assisting in operations activities, accepting and banking cash/cheques, maintaining the petty cash float and preparing daily collection summaries.

Requirements: 
Below 30 years, A/L, Experience in similar capacity in a financial institution added advantage.

* Preference is given to individuals who can converse fluently in English, Sinhala & Tamil.

Send complete resume along with the contact details of two non-related referees to reach LOLC

1) by post to   (Mark the post applied for, on the left hand corner of the envelope)

The Manager – Human Resources
LOLC AL-FALAAH -Islamic Business Unit
LOLC Group
Recruitment Centre,
No.100/1, Sri Jayawardenepura Mawatha
Rajagiriya      

2) or you send your CV by email to :   careers@lankaorix.com             (mark the post applied in the subject line)

3) or you apply online at - www.topjobs.lk/lolc   

Further details: Sunday Observer – 29th November 2009

CLOSING DATE: 08th December 2009

LOLC Al-Falah Islamic Business Unit is a dedicated, separate, business unit set-up within the regulatory framework of Lanka ORIX Finance Company Ltd (LOFC). LOFC is a wholly owned subsidiary of Lanka ORIX Leasing Company PLC (LOLC) and is registered by the Monetary Board of the Central Bank of Sri Lanka as an authorised Deposit taking institution.

Click here to read other articles on LOLC -AL FALAAH – http://azharseylan.wordpress.com/category/lolc-al-falaah/ ]]> http://azharseylan.wordpress.com/2009/11/30/vacancies-islamic-business-unit-lolc/feed/ 0 ISLAMIC FINANCE SRI LANKA http://azharseylan.wordpress.com/2009/11/30/islamic-banking-finance-course-from-ibs/ http://azharseylan.wordpress.com/2009/11/30/islamic-banking-finance-course-from-ibs/#comments Mon, 30 Nov 2009 13:21:14 +0000 ISLAMIC FINANCE SRI LANKA http://azharseylan.wordpress.com/?p=434 ]]>

30th November 2009

Institute of Business Studies will be commencing the Islamic Banking & Finance course that leads to Post Graduate Diploma (PGD) – (6 months) at – IIBI (UK) and MSc in Islamic Finance (1 year) Durham University (UK).

The course will cover Concepts & Principles of Islamic Economics (Diploma Level) & Islamic Finance (Advanced Deiploma level) of  – ABE (UK).

Entry requirements:
A/L 2 passes, O/L with experience, ABE Certificate Level

Duration : 6 months (Part time)

* ABE - UK
The Association of Business Executives  is an International Examining Body and provider of Business and Management qualifications, leading onto Degree and Masters Routes. ABE has ‘Awarding Body’ status in the United Kingdom and is also recognized in many other countries worldwide.

* IIBI -UK - 
Institute of Islamic Banking & Insurance is one of the World’s leading independent academic and research organizations solely dedicated to the promotion and implementation of Islamic Finance.

Hotline: 011 272 9557

Institute of Business Studies
# 67, Kawdana Road, Dehiwela
# 524/1/1 Peradeniya Road, Kandy
email: info@ibslanka.com

12^th November 2009

Source:

http://www.peacemuslims.org/Ceylinco_Kathankudy_branch_owes_

Rs128_mn_to_depositors-20-1315.html

Ceylinco Kathankudy branch owes Rs128 mn to depositors

Thursday, 05 November 2009

“The Ceylinco Profit Sharing Investment Company’s Kaathankudy branch alone has 1727 customers and a total of over Rs. 73 million in fixed deposits and over Rs. 55 million has been deposited in savings accounts.” This was disclosed at a press conference held by disappointed depositors from Kattankudy by Quaazi Judge Mr. M.M.M. Mahroof Careem who is also a customer of Ceylinco Profit Sharing.

Mr. Mahroof Careem was speaking at a media conference organized by the Kaathankudy Mosques Federation recently on behalf of the customers who had deposited their money in Ceylinco Profit Sharing. The media conference was held in the Mosques Federation headquarters.

“The President who declared there is no minority in this country should find a solution for those people who have been affected by the Ceylinco Profit Sharing Investment Company.We are well aware that the majority community’s problem in the Golden Key scam has been resolved. Similarly, the minority who was defrauded by Ceylinco also needs to be shown compassion and their grievances also resolved by the President” added Mr. Mahrof Careem.

Speaking further Mr. Mahroof Careem added that public companies have placed their deposits in Ceylinco for a monthly income. Political leaders and Ministers are duty bound to work together and ensure the hard-earned money of the poor people are returned to them rightfully. 

Kaathankudy Health Officer Mr. M.S.M. Jafeer, another customer of Ceylinco stated that they had taken this issue to Western Province Governor Alavi Moulana, Minister A.H.M. Fowzie, SLMC Leader Mr. Rauff Hakeem and many government officials. But no progress has been made in this regard.

“Two of the depositors who were swindled by Ceylinco have died and many have lost their health over this distress. So far the Central Bank has taken no proper action against this. The Central Bank should find a solution and come forward to help us.

“Depositors from Kalmunai, Akkaraipattu, Sammanthurai and Oddamavadi who are also in similar plight have joined hands with us in our struggle. In this, 2% of Tamil depositors’ money is also included in the Kaathankudy branch.”

“We have complained this matter to the CID and we will continue our struggle. We call upon the All Ceylon Jamiyyathul Ulama also to intervene and help us resolve this serious issue”, Mr. Jafeer concluded.

11th November 2009

by  N M M.Mifly (Naleemy) Senior Assessor (IRD)

Sri Lanka has been devastated for the last three decades by the ruthless war. The Lion’s share of the budget had to be diverted to combat terrorism. No major developments were carried out.

The commitment, sacrifice, patriotism and above all the able political leadership prevailed over the challenges and betrayals. The motherland Sri Lanka was lucky enough to be liberated from terrorism. It is the bounden duty of every patriotic citizen of the country to do his/her best to rebuild the country which lags behind other similar countries by at least 30 years.

Huge investment is indispensable for the reconstruction of the country that is destroyed by the war. Sadly, the global economic meltdown hinders the flow of investment. The irony is that the conventional financial institutions as well contributed to the world economic crisis.

Click here to Download the full article  Islamic finance and reconstruction of Sri Lanka

03rd November 2009

Insha Allah the latest issue of ‘Islamic Finance Today’ Magazine will be released next week.

Editor Mr. Asiff Hussein states that the negotiations are underway to take this magazine to the Global market.

May Almighty Allah make it a success.

03rd November 2009

First Barakah Investments that was to bring in new capital of LKR 250 Million in October, did not materialise. It is learnt that Inshal Allah the new capital will be introduced during November.

Mr. G. Sivajothi is the Chairman and Mr. L. Jamaldeen is the Executive Director. Mr. M.M. Rajabdeen is also one of the Directors.

According to company website http://barakah.lk, Mr. Shibly Aziz, President Counsel, also has joined as a consultant.

Following scholars are in the Sharia’a Board.

• Ash-Shaikh Moulavi Niyas Muhammed – Chairman     
  Founder and Managing Director of Ihsaniya Arabic College, Colombo. Member of the Executive Committee of All Ceylon Jamiyyathul Ulama and  serving on Shari’ah Supervisory Boards of various Islamic Financial Institutions.         
• Ash Shaikh H. Abdul Nazar – In House Shari’ah Supervisor
• Ash Shaikh Thayyoob Mufti – Al Hashimi Al Malahiri
  PhD in Islamic Shari’ah. Lecturer in Ihsaniya Arabic College, Colombo, Sri Lanka  
• Ash Shaikh Rais Mufti – Representative Central Province
• Ash Shaikh Omardeen Moulavi – Representative Central Province
• Ash Shaikh Burhan Moulavi – Representative Central Province

It has 4 branches in Kollupitiya, Pettah, Sarikkamulla and the ladies branch.

Mr. M.I.M. Razeek who was the Managing Director/CEO resigned recently and now functions as a consultant.

03rd November 2009

We have seen many changes taking place at First Global. Mr. M.H.M. Faizer, who assumed duties as a strategic advisor couple of months ago has ended his service.

The Deputy CEO Mr. S.H.M. Faraaz who joined First Global recently  is in the process of addressing the operational issues. The new capital infusion is expected towards early January 2010 to facilitate obtaining Finance Company Licence to comply with the regulatory issues.

Mr. Faraaz has about 20 years banking experience. When he was at Seylan Bank had an opportunity to serve in Oman. He also worked for Thomas Cook before joining Amana Investments.  Mr. Faraaz has following qualfications in his profile. MBA,BBA,AMABE,DIBM,DHRM,DIM,PGDIIB.

He has a big task on his shoulder to streamline the process to facilitate obtianing the regulatory approvals.

30th October 2009

Amana Investments that received provisional licence to open a commercial bank was supposed to commence banking operations in October. However, due to certain constraints, things did not work according the plan. They have requested permission from Central Bank to extend the period. Their Malaysian investors also were in Sri Lanka recently. It is also learnt that the aditional capital is coming from Kuwaiti investors. Insha Allah Amana Bank, the first Islamic Bank in Sri Lanka may open the doors in January 2010.

As we all know ‘every thing in the hands of Almighty Allah.’

Therefore please include in your prayers that May Almighty Allah make things easier for them.

A presentation made at the   2nd International Conference & Exhibition on Islamic Banking and Finance – Lahore, Pakistan. 25th August, 2008 by Muhammad Ikram Thowfeek