Amãna Bank has received recognition from the world renowned ‘Global Finance Magazine’ by being amongst the handful to be listed in the magazine’s ‘The Innovators 2016’ index.
This prestigious distinction recognizes groundbreaking organisations worldwide that are disrupting the marketplace and engendering new solutions. The honour for Amãna Bank was bestowed on account of its innovative Gold Certificate Financing product under the Islamic finance category. In Addition to the innovations in Islamic finance, Global Finance also distinguished innovations in corporate finance, transaction services, trade finance and foreign exchange.
Amana Bank’s Gold Certificate Financing facility was introduced as an alternative for conventional pawning and is a first-of-its-kind to be introduced to the nascent Islamic banking and finance industry. The launch of this product is aligned with the bank’s strategic focus on reaching out to the un-banked and under-banked segments of the market. It is also aligned with economic needs of the country to facilitate convenient credit at the grass root levels to help fund personal as well as other micro industries.
Commenting on the accolade, the bank’s Chief Executive Officer Mohamed Azmeer said, “It is a great privilege to be recognized as an Innovator and receive global recognition for our novel Gold Certificate Financing product. Through this innovative product solution the bank has been successful in reaching out to and serving the rural demographic segments of the country. The product development team and Sharia scholars have spent considerable time developing this product as part of the bank’s overall strategy towards financial inclusion.”
Having piloted this product in 2014 at one branch, the bank has now expanded this facility to 16 other branches across the country.
“Testament for the success of this product was the bank being presented the Gold award for Best Product at the Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards. In measuring the success of the portfolio quality, this product has maintained a zero non-performing advances ratio up to date which is a remarkable achievement, given the profile of the un-banked and under-banked market,” continued Azmeer.