SRI LANKA ISLAMIC BANKING DIRECTORY

Islamic
Finance Directory – Sri Lanka

(Updated: 27th February
2013)

Fully fledged Islamic Bank

Name
Address/contact
details
Shari’a
scholars
comments
AMANA BANK PLC

http://www.amana.lk

No. 480, Galle Road, Colombo 3

Phone: 94 11 7756 756

Fax: 94 11 257 4419

Managing
Director/CEO:

Mr Faizal Salieh

-Rtd. Justice
Ash-Sheik Mufti Muhammad Taqi Usmani

Ash-Sheik
M M A Mubarak

– Ash-Sheik Mufti M I M Rizwe

Ash-Sheik
Mufti Muhammad Hassan Kaleem

Ash-Sheik
Mohd Nazri Bin Chik (Ustaz)

-Offering Islamic Finance since 1997 under the name of Amana Investments
Ltd

– Commenced Banking Activities from August 2011

– 24 Branches

Islamic Banking Windows
at Conventional Banks

Name
Address/contact
details
Shari’a
scholars
comments
BANK OF CEYLON

‘An-Noor’ Islamic Banking Unit

http://web.boc.lk

25th Floor, Head Office, No. 4, Bank of Ceylon Mawatha,
Colombo 1

Phone: 94 11220 5036

Fax: 94 11 244 5811

email: ibu@boc.lk

– Head of Islamic Banking Unit:

Mr M K S Mohamed Bishry

Ash-Sheik
Mufti M I M Rizwe

Offering Islamic Finance since 2009

– At Selected 50 Branches

COMMERCIAL
BANK OF CEYLON PLC

‘Al Adalah’ Islamic Banking Unit

http://www.combank.net/

No. 75 M/1 Hemas Building,  York Street, Colombo 1

Phone: 94112486273 to 275

Fax: 94112336021 – Senior Manager: Ms. S. Feroza Ameen

– Assistant Manager Mr. M Zamrooth Azmi

Sheikh
M M A Mubarak

– Sheikh Fazil Farook

– Sheikh M M Murshid


Offering Islamic Finance since 2011

– Account opening only at Islamic Banking unit

– Deposits/Withdrawals from any branch

HATTON NATIONAL
BANK PLC

‘Al Najah’ Islamic Finance Unit

http://www.hnb.net/

LEVEL 16, HNB Towers, Darley Road, Colombo 10

Phone: 94 112661545, 2661546, 2661580

Fax: 94 11 2664866

E-mail – Islamic.banking@hnb.lk – Head of Islamic Banking Unit:

Mr L.A.M. Hisham

– Manager Islamic Banking Unit:

Mr Fariz Fuad


Ash-Shaikh Mufti Yoosuf Haniffa

– Ash-Sheikh M.M. Mubarak,

– Ash-Shaikh Fazil Farook

– Ash-Shaikh Mohamed Mashood Muhamed Insaf

In operation
from February 2012

account opening
forms available at all branches

MCB BANK LTD

Islamic Banking Division

http://www.mcb.com.lk

Head Office
No. 8, Leyden Bastian Road,Colombo 1.

Tel : (+94)112 448765

Tel : (+94)112 448766

Tel : (+94) 115 222 200

Email-info@mcb.com.lk

Hotline: 94 115000622


Dr. Muhammad Zubair Usmani, Fazil Takhassus

– further approved and vetted by Dar ul Ifta, Jamia Dar ul Uloom Korangi
Karachi.


Offering Islamic Finance since March 2006

– Six branches

Islamic Banking Windows
at Finance and Leasing Companies

Name
Address/contact
details
Shari’a
scholars
comments
LANKA ORIX FINANCE COMPANY PLC

‘Al-Falah’ Islamic Finance Unit

http://www.lankaorix.com/

Islamic_products.php

No. 100/1,
Sri Jayawardenepura Mawatha, Rajagiriya, Sri Lanka

Phone: 94 115880786

Fax: 94 11 2861616

Chief Executive
Officer – IBU

-Mr Krishan Thilakaratne

Chief Manager – IBU
– Mr. Shiraz Refai -+94 11 5880752

-Ash-Shaikh
Fazil M. Farook

– Ash-Shaikh Murshid M. Mulaffar

– Mufti Shafique Ahmed Jakhura

Offering
Islamic Finance since 2008

– At 5 Al-Falah Centres

– 43 Main LOLC Branches

– 7 LOLC service centres

LB FINANCE PLC

‘Al-Salamah’ Islamic Finance Unit

http://www.lbfinance.com/islamic.html

Stanley Wijesundera Mawatha, Colombo 7

Phone: (011)452 1222

Fax (011) 534 5327

Head of Islamic Finance Unit-

Mr. Zakir Sally

– Ash-Shaikh
Ahamed Mohideen

– Ash-Shaikh
Aasir Hussein


Offering Islamic Finance since 2009
PEOPLES LEASING
FINANCE LTD

‘Al Safa’ Islamic Finance Unit

 

No. 74, Union Place,
Colombo 2, Sri Lanka

Phone: 94 112490000

Fax: 94 11 249 0105

email: islamicfinance@plc.lk

-Deputy General
Manager-Al Safa Islamic Finance Unit- Mr K M M Jabir

-Senior Manager
– Al Safa Islamic Finance Unit- Mr Imruz Kamil

– Ash-Shaikh
Mufti M I M Rizwe

– Ash-Shaikh Murshid M. Mulaffar

– Ash-Shaikh Haniffa Abdul Nazar


Offering Islamic Finance since 2009
CITIZEN DEVELOPMENT
BUSINESS FINANCE PLC

‘CDB Meezan’ Islamic Finance Unit

416, First Floor, Galle Road, Colombo 6

Head of Islamic
Finance Unit – Mr Shabni Mohideen 0772674562

email: shabni@cdb.lk

– Ash-Shaikh
Mufti Yoosuf Haniffa

– Ash-Shaikh Haniffa Abdul Nazar

– Ash-Shaikh
Mohamed Mashood Muhamed Insaf

-Ash-Shaikh Mohideen


Offering Islamic Finance since December 2012

Islamic Finance Instituion
– others

(incorporated by Act of Parliament – Act no.16 of 2000)

Name
Address/contact
details
Shari’a
scholars
comments
Islamic Service Society Akurana Providers
of Islamic Financial Services

Islamic Finance Advisory
& Other Service Providers

Name
Address/contact
details
Shari’a
scholars
comments
Adl Capital (Pvt) Ltd

Islamic Finance Advisory Service

http:// http://www.adlcapital.com

82-B/1,
Bauddhaloka Mawatha,
Colombo 4

Phone: +94 112585227

email: ishrat@adlcapital.com Managing Director – Mr. Ishrat Rauff

– Mufti Shafique
Ahmed Jakhura

– Ash- Shaikh
Fazil Farook

– Ash- Shaikh
Murshid M. Mulaffar

-Investment
Manager licensed by Securities Exchange Commission -Sri Lanka.

-Expert Consultants
and facilitators in setting up Islamic Banking Units/Windows at Banks
and Finance Companies

– Corporate
Advisory, Investment Advisory,

– Private
Equity, Stock market related operations and

– product
structuring in conformity with the shariah law

KPMG
Ford, Rhodes, Thornton & Co.

Islamic Finance Advisory Service / Tax consultants

32 A, Sir Mohamed Macan Markar Mawatha, P.O. Box 186, COLOMBO 3

Phone – 011 542 6426

Facsimile -0112445872

E-mail frt@kpmg.com Mr Reyaz Muhlar

Mr Suresh Perera

– Tax consultation

Coordination
of Islamic finance focus group

Earnst & Young Colombo main office
201, De Saram Place
Colombo 10.

Tel: + 94 11 2463500

Fax: + 94 11 2697369

Tax
Consultation
RAM Ratings (Lanka) Ltd No.9,
Arthur’s Place,

Colombo 4

Phone: 011 2553089 / 011 2503551

Fax : 011 2553090


Rating agency
The Research Intelligence Unit

http://www.riunit.com

Information Desk
Bartleet House
65 Braybrooke Place
Colombo 2

Tel: +94 11 4718258

Mobile: +94722741305

Fax: +94 11 5510143

e-mail: roshan@riunit.com, riu@pan.lk Mr Roshan
Madawela


Research agency

Takaful Companies (Islamic
Insurance)

Name
Address/contact
details
Shari’a
scholars
comments
Amana Takaful PLC

(Takaful – General)

http://www.takaful.lk

No.98, Bauddhaloka Mawatha,
Colombo 4, Sri Lanka

Phone: 94 11 259 7430

Fax 94 11 534 0658 Chief Executive
Officer:

– Mr Mohamed Fazal Ghaffoor

– Mufti Shafique
Ahmed Jakhura

– Ash- Shaikh
Fazil Farook

– Ash- Shaikh
Murshid M. Mulaffar


Takaful

( Islamic Insurance)

Amana
Takfaul PLC

(Takaful -Life)

No.6, Glen Abor Place
Colombo 4, Sri Lanka

Phone: 94 11 576 9986

Fax: 94 11 534 0658

Chief Executive Officer:

-Mr Reyaz Jeffry

Same
Islamic Insurance

Islamic Capital Market

Name
Address/contact
details
Shari’a
scholars
comments
Amana
Global Ltd
No.102
1/3, Bauddhaloka Mawatha

Colombo 4

Phone: (011) 255 6411

Fax : (011) 255 6412 General
Manager: Mr. Fawas Farook – Mobile: 077 2288525

Amana-Heraymila
Shariah Fund
Amana Asset Management Ltd No.6, Glen Abor Place
Colombo 4, Sri Lanka

Phone: 94 11 576 9986

Fax: 94 11 534 0658

Director/Chief
Executive Officer::

Mr Ehsan Saheed

Comtrust Asset Management (Pvt) Ltd. 4th Floor , Majestic City, Colombo 4
Sri Lanka.

E-mail : info@comtrust.lk

Tel : 94-11-575 9571

Fax : 94-11-250 6347

Mr P Asokhan

Cresent
i-fund and the Comtrust-Adl Mudharabah fund.

Islamic Finance – Education
and Training providers

Name
Address/contact
details
Shari’a
scholars
comments
First Global Academy

(Islamic Finance Training)

http://fgkcentre.com/

 

Collingwood Place,
Colombo 6, Sri Lanka

Phone: 94 11 739 5090

email: info@fgkcentre.com

Mr Muath Mubarak

Mr Naeem Thowfeek

Islamic
Finance Qualification- London

(Pioneers is Islamic Finance Courses in Sri Lanka)

Institute of Bankers of Sri Lanka (IBSL)

College of Banking and Finance
No. 1081, Maradana Road, Colombo 08

Phone: – Mr Manuja
Jayawan 0115219246

Ms Sachini Karunadheera – 0115219250

-Diploma
in Islamic Banking

-Certificate in Introduction to Islamic Banking and Finance

Institute of Business Studies

(Islamic Finance Training)

http://www.ibslanka.com/tuition.htm

No. 67, Kawadana Road, Dehiwela, Phone: 9411 552 2188
94 11 552 2488

email: info@ibslanka.com

Islamic
Finance Diploma & Advance Diploma
UTO EduConsult (Pvt) Ltd 82 1/B Baudhaloka
Mawatha, Colombo 4

Contact Person: Ms.Rozana

Phone: 94 77 350 1246

email: rozana@utoeduconsult.com

Islamic
Finance Conference organisers
Zailan Educonsultants 21 1/1, Vishaka
Road, Bambalapitiya, Colombo 4

Contact Person: Moulavi Inshaf

Phone:-0773488455

– Ash-Shaikh
Mufti Yoosuf Haniffa

Ash-
Shaikh Murshid M. Mulaffar

Islamic
Finance Qualification- London

in Arabic
Cosmopolitan College of Business & Technology 502, R A De Mel Mawatha, Colombo 3

Hotline: 0758 703835

Phone: 94 11 2559855

Fax: : 94 11 2559844

email: infosl@ccct.edu.bn

Islamic Finance & Banking Level 4 Qualification

Islamic Microfinance Service
Providers

Name
Address/contact
details
Shari’a
scholars
comments
Al Baraka Islamic Investments (Pvt) Ltd Jamiah Naleemiah Road, China Fort,
Beruwela

Phone: +94 34 7910831

Islamic
Microfinance
Muslim Aid Micro Credit Guarantee Ltd

http://www.muslimaidsl.org

#9/2 Cooray
Place, Edirigoda Road, Nugegoda
Sri Lanka

Tel: +94 11 2815024

Fax:+94 11 2815022

Email: info@muslimaidsl.org

Country Director -Mr. Faizer Khan

Email: mail@muslimaidsl.org

Phone: +94 112815024

Islamic
Microfinance
Serendib
Islamic Micro Finance
Madampe

Contact Person:

Dr. M.M.M. Najim, Ph.D.

Email: najimhn@yahoo.com

Islamic
Microfinance

 

Bank of Ceylon to offer Islamic Microfinance

Islamic Finance in Sri Lanka, 04th January 2013

Islamic Banking unit of Bank of Ceylon has got the blessings of the Board to introduce Islamic Microfinance. Accordingly a Islamic Microfinance pilot project  was launched at Pothuwil recently. If the project is viable, Islamic Banking unit of Bank of Ceylon shall offer Islamic Microfinance products through selected branches.

Sri Lanka gets ‘Shariah’ compliant share list

Mar 23, 2011 (LBO) –

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

BOC AN-NOOR – BANKING SERVICES

01st October 2009

 The Bank of Ceylon (BOC), State-owned commercial bank has introduced (Sharia’a) compliant banking under the brand of ‘BOC An-noor’. The essence of Sharia’a compliance has been ensured with a Sharia’a Supervisory Board (SSB) comprising of eminent Sharia’a scholars in the country, separate firewall to protect the serenity of the unit and by applying the deposits to generate only Sharia’a permitted earnings. Well-experienced, dedicated and professional staff have been assigned to serve you.

BOC An-noor – products are common for any Sri Lankan, irrespective of their faith.

 You can access your BOC An-noor  Accounts to deposit or withdraw funds through:

  • More than 300 branches island-wide
  • More than 150 extension officer
  • More than 130 BOC ATM points

 At present BOC An-noor  offer only Current Accounts. These are Sharia’a compliant Current Accounts where you deposit your money in your account under the concept of Qard (loan) and the bank to own these deposits while enabling the depositor to withdraw on demand.

 For BOC An-noor Currents Accounts, Overdraft facility will not be allowed under any circumstances.

 Further information could be obtained from following contact numbers

 Mr. Nilam                   + 011 2205030

Mr. Abdullah              +011 2205038

Mr. Bishry                   + 011 2205036  – Manager – Islamic Banking

Email:                            ibu@boc.lk

Following scholars are in the Sharia’a Board.         

  • Ash Shaikh Rizvy Mufthi
  • Ash Shaikh Yusuf Mufthi
  • Ash Shaikh Fazil Farook