Amãna Bank, Sri Lanka’s one and only licensed commercial bank to fully operate on non-interest based banking principles, has successfully completed 10 years of its People Friendly Banking operations.
Having commenced its journey on 1 August 2011, Amana Bank has witnessed strong progress, which was primarily fuelled by the growing support and confidence of it valued customers, which today counts over 380,000. Within these 10 years, the Bank has reached LKR 100 Billion in Total Assets, while growing its franchise to 32 Branches, 19 Self Banking Centers, 5000+ ATMs and 850+ deposit points through collaborations with LankaPay and Pay&Go, offering a wide range of product and service solutions.
Over the years through performing constantly, the Bank has built a strong track record of profitability and dividends, for which progress the Bank has been recognized as the ‘Best Up and Coming Islamic Bank of the World’ by Global Finance Magazine USA and the ‘Fastest Growing Retail Bank in Sri Lanka’ by Global Banking and Finance Awards UK.
Amãna Bank has predominantly served the SME sector which is the backbone of the Sri Lankan economy, where its people friendly banking model forms a strong strategic fit. Going beyond numeric, the Bank’s core business operations and CSR activities are well aligned towards Sustainable Banking initiatives as advocated by the United Nations Sustainable Development Goals (UNSDG).
Stemming from UNSDG Goal No 10 on ‘Reduced Inequalities’ the Bank’s flagship CSR initiative OrphanCare, has enrolled 3,000+ orphans from 80+ orphanages Island-wide, providing financial independence once they reach the age of 18. All Orphan enrollments are guided by Article 2 of the UN Convention on the Rights of the Child, which advocates against all forms of discrimination including race, cast, religion, ethnicity etc. Governed by an independent body of elite trustees of strong social repute, OrphanCare has already made 7 rounds of fund disbursement while providing qualitative care for 18+ orphans. (www.amanabank.lk/orphan-care)
The Bank’s mission towards enabling growth and enriching lives, led the Bank to introduce its award winning ‘Gold Certificate Financing’ solution, which has served as a beacon of hope for over 50,000 customers, in their hour of need. Further the teams passion, commitment and engagement towards upholding the principles of its universal value proposition, brought Amãna Bank the valued accolade of being recognized as one of ‘Sri Lanka’s Best Employer Brands’ by World HRD Congress.
Commenting on reaching this historic milestone the Bank’s incumbent Chairman Asgi Akbarally said “From a humble beginning in 2011, Amãna Bank today has emerged as a fast growing institution steadily progressing towards making a strong impact within the local Banking industry serving all Sri Lankans. This journey would not have been possible if not for the support of our stakeholders, for whom I extend my heartfelt gratitude including the regulators, strategic shareholders, fellow Board of Directors, employees well led by the CEO and Management Committee and most of all our valued customers.”
Further sharing his views, the Bank’s visionary Founder Chairman Osman Kassim, who retired last August upon completing the mandatory serving period as a Board of Director in a licensed commercial bank, said “Amãna Bank has always been a dream and a passion for me which will continue to strongly echo in my heart. Amongst many purposeful initiatives I have pursued during my 40+ entrepreneurial years, I regard Amãna Bank as one of the most challenging initiatives while noting that it is also the one which has brought the most satisfaction and happiness to me. I would like to thank our promoters and strategic partners, who invested in the Bank by believing in its vision, while also thanking our customers, who have always been our biggest strength and encouragement, especially in the early days, who were early adopters, without whom this model would have never taken off.”
Expressing his appreciation on the completion of 10 Years, the Bank Chief Executive Officer Mohamed Azmeer said “As we successfully complete 10 years of banking operations, I take this opportunity to thank our customers profoundly for being an integral part of this journey, not only as a customer but also as an advocate of our unique people friendly banking model. We would have not made it this far if not for the continuous belief our strategic shareholders had in us, namely the IsDB Group, Akbar Brothers and Bank Islam Malaysia, for which we are truly indebted. I am thankful to our visionary Founder Chairman Osman Kassim, Founder Directors, incumbent Chairman Asgi Akbarally and the Board of Directors and Sharia Supervisory Council for their invaluable guidance. Finally, I would like to thank my 800+ team of passionate colleagues, for being the primary enabler of all the Bank’s achievements.”
Sharing his comments on the journey forward, Azmeer added “Having witnessed acceleration in customer demand for its digital banking services, the Bank’s focus has been on its digital transformation journey with emphasis on superlative customer experience, for which the Bank has already drawn up the digital blueprint in taking the Bank to its next level of growth. As we move forward in the next phase of our journey, God willing, we will continue to work hard to ensure a superior service experience, and as a listening bank, always welcome our customers valued thoughts, suggestions and feedback.”
Amana 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 having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In October 2020 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than its flagship CSR project the ‘OrphanCare’ Trust.