The Islamic Finance Unit of Richard Pieris Finance bagged the Gold Award recently for Emerging Finance Entity of the year, organised by UTO Edu Consult in Sri Lanka, Islamic Banking Finance Industry (SLIBFI)
This is the fourth consecutive year the SLIBFI held this awards ceremony among the Islamic finance operators that includes commercial banks, insurance companies and financial institutions.
The evaluation of the performance of each company in the respective fields is totally independent and it was conducted in association with KPMG Sri Lanka, the independent auditors and the UTO Edu Consult.
“Among all the veterans in the finance companies sector, ARIJ, the branded name for the Islamic Finance Unit of the Richard Pieris Finance won this award and as the CEO, I must emphasise that it is a remarkable achievement of our company,” said K. M. M. Jabir, Chief Executive Officer of Richard Pieris Finance Ltd.
“By thanking the Almighty for guiding us to achieve this prestigious award, as the youngest company in Sri Lanka, it gives us a tremendous boost and increases the motivation level of the whole team of our financial institution,” pointed out Jabir.
The ARIJ Islamic Financial Unit of Richard Pieris Finance has just completed one year building up a portfolio of one billion. The success behind this award is the trust placed by our valuable customers and the total commitment of our dedicated staff members of this unit, noted the CEO.
“In Sri Lanka, the Islamic finance industry is gathering momentum with about 15 players already on the platform. We met all criteria successfully and the independent evaluators unanimously decided that the emerging institution award should go to Richard Pieris Finance Ltd.
“Our Islamic Finance Unit ARIJ offers innovative products to accommodate our customer requests in compliance with Shari’ah principles. We have been experiencing demand from our customers for various business transactions. Our dedicated and committed employees meet those requirements in consultation with our Shari’a scholars,” said Jabir.
The company’s Shari’ah scholars are internationally qualified, experienced members who are well versed in Islamic finance AAOIFI standards. So the company meets international standards in delivering our Islamic Finance standards, said CEO Jabir.
Richard Pieris Finance maintains the strong firewall between the conventional and the Islamic financial operations. And these facilities are offered to all Sri Lankans irrespective of religion or race. Islamic Finance Unit of Richard Pieris Finance has quite a number of non Muslims in the client base which is ever growing.
“We thank our customers and our staff members and the Board of Directors who are committed to comply in the growth of Islamic finance of Richard Pieris.
Commenting on the future, he said the company had plans to go into other categories as well in the years to come.
Pointing out the advantages of investing in Islamic banking, Jabir said that in conventional fixed deposits, the interest rates are predetermined. “Investments may generate more profit than the pre-determined rate but your return will be confined to that percentage. However, in Islamic Finance, you stand to gain more when that financial institution earns more profit and your share of profit will go over and above the predetermined rate. That is the advantage. Past experience has proved that none of the Islamic financial institutions had incurred a loss. In Islamic finance, they make the profit and share it,” said CEO Jabir.