Amana Bank has been assigned a long-term investment-grade rating of BBB+ with a Stable Outlook by Lanka Rating Agency (LRA) following its initial rating assessment. LRA is an independent credit rating agency approved by the Central Bank of Sri Lanka. According to LRA’s communiqué, the rating reflects the Bank’s strong asset quality, enhanced capitalization, and consistent growth and performance over the years, when compared to other banks in its category.
As of Q3 2024, Amana Bank recorded an industry-low Stage 3 Impairment Ratio of 1.4%, underscoring its robust credit risk management. The Bank also achieved an impressive CASA ratio of 42.3%, setting a benchmark for the industry.
Commenting on the milestone, Amana Bank’s Chairman, Asgi Akbarally, stated: “This rating achievement comes at a time when the Bank is reaffirming its position as a trusted and resilient financial institution. It not only reflects our financial strength and sustainable growth but also opens new opportunities to further expand our footprint and enhance our offerings, paving the way for greater value creation for all our stakeholders.”
Further sharing his thoughts Amana Bank’s Managing Director/CEO, Mohamed Azmeer said “We are honoured to receive yet another investment-grade rating, this time from LRA, which underscores the Bank’s stability and resilience. This recognition reflects our strong performance across key metrics and our ability to set new industry benchmarks. These ratings further strengthen our position and pave the way for future growth and expansion”.
Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange, with Jeddah-based IsDB Group being the principal shareholder of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amãna Banks continued to be recognised amongst the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker. Fitch Ratings has conferred upon Amana Bank an investment-grade rating of BBB-(lka) with a stable outlook, paving the way for multiple opportunities to drive the bank’s growth and expansion.
Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.
