Bank of Ceylon named as Islamic Retail Bank of the Year – Asia by The Banker

Ajith Karunarathne

Bank of Ceylon (BOC) has been awarded Islamic Retail Bank of the Year – Asia by The Banker, a Financial Times publication, at its 2025 Islamic Banking Awards. 

This prestigious regional recognition highlights BOC’s long-standing role in offering Shari’ah- compliant financial services alongside its conventional operations and affirms its contribution to the Islamic banking sector in South Asia.

BOC became Sri Lanka’s first local conventional bank to offer Islamic banking, following the legislative amendments in 2005 that permitted the introduction of Islamic financial services within the licensed banks. Since then, BOC has led the way through its BOC An-Noor portfolio, offering a wide spectrum of Shari’ah-compliant deposit and financing products through its entire branch network.

BOC’s Islamic banking services are governed with complete segregation from conventional funds and include key products such as Mudaraba and Athfal savings accounts, Wakala facility, Murabaha financing and Ijara, all offered under the BOC An-Noor umbrella. 

Commenting on the award, Deputy General Manager Branch Credit Operations Range 1 Ajith Karunarathne stated, “We are proud to be recognised as the Islamic Retail Bank of the Year in Asia at The Banker’s Islamic Banking Awards 2025. This award acknowledges the consistent effort to make Islamic finance accessible, secure and relevant to the needs of our diverse customer base. It also reflects our goal of delivering inclusive banking solutions aligned with Sri Lanka’s economic and cultural fabric.”

In keeping with its customer-centric approach, the bank has also integrated digital convenience into its Islamic banking services, providing access to mobile and internet banking, fund transfers and bill payments.

Today, BOC’s Islamic banking services are available across its over 650 branches islandwide, making it the only provider of Shari’ah-compliant banking accessible in all districts of Sri Lanka. This reach has significantly expanded financial inclusion for the customers seeking interest-free and ethically guided banking.

Internationally, BOC has established a strong presence in key locations such as a subsidiary in London, UK, branches in Male and Hulhumalé in the Maldives, Chennai, India and the Seychelles.