Amãna Bank goes for IPO and listing on the Bourse

@ monster ,

Thank you for the information about the competition.
Many banks in Sri Lanka too tried to attract Muslim crowd by introducing Islamic banking. For them, managing the funds with prevailing interest rates is the problem.
I think (not sure) in Middle East the interest rates are low in conventional system also; hence may be easy for Islamic Banks to compete.

In Sri Lanka it will be much difficult to grow for a Islamic bank if we value it by EPS or monitory gains. In long term, they may grow expanding branch network and by influencing the society of their values. They will need backing by big funds for it.

About post IPO,
They may try to keep trading above IPO price. Somehow, I do not think this IPO price is worth compared to prevailing lower prices of other good shares. If no artificial support investors will go for better shares with more promising future.

Anyway, I am not going to apply this IPO. If someone really wants to buy 'Amana', then wait for another few months, this will trade at the floor below 4 Rs..

seek wrote:Anyway, I am not going to apply this IPO. If someone really wants to buy 'Amana', then wait for another few months, this will trade at the floor below 4 Rs..

This is true for most of the IPOs. Let's buy after IPO.

I dont think this is a sheetu scheme like CIFL, or other failed finance companies.
Jiggysaurus, seems to be blab erring thro his ***

Jiggy,

People losing billion of rupees investing in Cse last 3 years. will lose for at least another 2 years.If you can educate the public on this.

If Islam which was founded in 610AD(now1435year old) is a cult religion what about other religons older than that.I know you are not a buddhist.Can you find your cult religon which is also older than islam in this long list?

History Timeline of World Religions and its Founders

2,085 BC. Judaism-Abraham

1,500 BC. Hinduism- no specific founder

560 BC. Buddhism- Gautama Buddha

550 BC. Taoism - Lao Tzu

599 BC. Jainism, Mahavira

30 AD. Christianity –Jesus Christ

50-100 AD. Gnosticism-

150-250 AD. -Modalism (Monarchianism)–Sabellius, Praxeus, Noetus, Paul of Samosata

325 AD. -After being persecuted for almost 200 years Constantine made the Church becomes a legal religion, compromise begins to enter.

590 AD.-Roman Catholicism- Developed after Constantine; Pope Gregory?

610 AD.- Islam- Mohammed

1400 AD.- Rosicrucians-Christian Rosenkreuz (1694 US) Rosicrucians- Master Kelpius, Johann Andrea

1515 AD.- Protestantism- (Reformers) Martin Luther, Ulrich Zwingli, John Calvin

1650 AD.- Tibetan Buddhism-Dalai Lama

1700 AD.- Freemasony- Albert Mackey, Albert Pike

1760 AD.-Swedenborgism- Emmanuel Swedenborg

1784 AD.- Shakers - Mother Ann Lee

1830 AD.- Mormonism – Joseph Smith

1830 AD.-Cambellites-Alexander & Thomas Cambell, Barton Stone

1838 AD.-Tenrikyo- Miki Maegawa Nakayama

1844 AD.-Christadelphians- John Thomas

1840-45 AD.-Millerites 2nd day Adventists –William Miller then became 7th Day Adventists

1844 AD.-Bahai- Baha'u'llah (Abul Baha)

1845-1870AD.- 7th Day Adventists-E.G. White

1848 AD.-Spiritualism - Kate and Margaret Fox

1870 AD.-Jehovah's Witnesses- Charles Taze Russell

1875 AD.-Theosophical Society- H.P. Blavatsky, Henry Olcott

1879 AD.-Christian Science-Mary Baker Eddy

1889-1924 AD.-Unity School of Christianity- Myrtle Fillmore

1900 AD.-Rosicrucian Fellowship-Max Heindel

1902 AD.- Anthroposophical Society –Rudolf Steiner

1906 AD. -The Pentecostal Assemblies of the World

1914 AD.- Iglesia ni Cristo- Felix Manalo

1914 AD.- Oneness Pentecostalism- Frank Ewart, G.T.Haywood, Glenn Cook

1917 AD.-True Jesus Church. Founders Paul Wei, Lingsheng Chang and Barnabas Chang

1930 AD. -Black Muslims (Nation of Islam) –Wallace D. Fard

1927 AD.- Mind Science- Ernest Holmes

1934 AD.-World Wide Church of God- Herbert W. Armstrong

1935 AD.-Self Realization Fellowship- Paramahansa Yogananda

1954 AD.- Unification Church- Sun Myung Moon

1945 AD. -The Way -Victor P.Wierwille

1948 AD.- Latter Rain –Franklin Hall, George Warnock.

1964 AD.- Eckankar The Ancient Science of Soul Travel (Eck). Founded by Paul Twitchell

1968 AD.- Hare Krishna (US)- Swami Prabhupada

1968 AD.- Children of God- David (Moses) Berg

1945 AD.-United Pentecostal International- Howard Goss, W.T. Witherspoon (can be traced back to 1914)

1944 AD.- Silva Mind Control –Jose Silva

1950 AD.-Urantia Book- Dr. Bill Sadler

1950 AD.-Lafayette Ronald Hubbard published his book Dianetics-SCIENTOLOGY

1954 AD.-Atherius Society (UFO’s)- Dr. George King

1955 AD.- Scientology- L. Ron Hubbard

1958 AD.- Institute of Divine Metaphysical Research- Henry Kinley

1958-1970 AD.- Church Universal and Triumphant –Mark and E.C. Prophet

1958 AD. -Henry Kinley begins (IDMR) the Institute of Divine Metaphysical Research

1959 AD.-Unitariarian Universalist

1960 AD.-Transcendental meditation- Maharishi Mahesh Yogi

1960 AD.-Enkankar- Paul Twitchell

1961 AD.- Unitarian Universalism was officially formed.

1965 AD.-Assembly of Yahweh-Jacob Meyer

1966 AD.- Church of Satan –Anton LaVey

1970 AD.-Findhorn Community –Peter and Eileen Caddy –David Spangler

1970 AD.- Divine light Mission- Guru Maharaj Ji

1973 AD.- CARP was established in the United States. [The Collegiate Association for the Research of Principles] to introduce the teachings of un Myung Moon.

1974 AD.-Assemblies of Yahweh-Sam Suratt

1979 AD.-Church of Christ International - Kip McKean

1980 -1982 AD.- Tara Center-Benjamen Crème

1980 AD.- House of Yahweh (Abilene) Jacob Hawkins

My point exactly Hanoi man.

As per your list 610=1830=1930=1955

You can even add Jim Jones, David Koresh, Charles Mansen and Soko Asahara to your list if you like.

Every one has the right to believe in whatever cult they want but please don't try to force your nonsense down other peeples throats.

And like some of your cult members don't try to come and censor criticisms and questioning of your weird and dangerous belief systems and dangerous IPOs.

This is not Saudi or Afghanistan where crackpots can come and censor questions and criticisms.

Uncle, you are not trading with your own money. It is the collection from congregation. Later those money is used to convert people in Sri lanka.Ha Ha. you are earning from our investment and converting people to your cult .Isn't you are forcing into people?

Jiggysaurus wrote:My point exactly Hanoi man.

As per your list 610=1830=1930=1955

You can even add Jim Jones, David Koresh, Charles Mansen and Soko Asahara to your list if you like.

Every one has the right to believe in whatever cult they want but please don't try to force your nonsense down other peeples throats.

And like some of your cult members don't try to come and censor criticisms and questioning of your weird and dangerous belief systems and dangerous IPOs.

This is not Saudi or Afghanistan where crackpots can come and censor questions and criticisms.

Guys.. stop it.. i'm giving u guys the final warning..

A frank discussion on the subject matter without insulting any one is necessary in order to make this dialoge a usefull one. So far, I have not seen any reason for action by admins as all participants appear to be using restrain in their expressions, thogh to some its otherwise. After all we operate in a multi-religious democratic environment where expression of views is gauranteed. This forum values such healthy discussions.

Will Amana get the tax concessions proposed by the government if they go listed?
Will it make a change in their bottom line?

Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

Dear Admin/Moderators

Is racism hate speech allowed in this forum? If yes, I can be silent. Because I cannot do any hate speech. I visit here to read only equity related subjects.

glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

In order to talk about a dangerous IPO that is based on a (whatever) (whatever) ancient law or belief system, we have to talk and criticize that (whatever) law.

The point of this thread is to educate people about a dangerous IPO which is in turn based on a (whatever) law.

If you read the thread you can see that it is (whatever) members who came and made personal attacks on me along with the (whatever) tactic of making a death threat as well. On top of that some glwking came and tried to impose censorship because his sensitive feelings were getting hurt.

Feelings getting hurt is an absurd and crazy reason.
Look at the following scenarios
1) I'm a strict believer in fun-the-mentals when medium ville posts charts and tech analysis this hurts my feelings. Will admins give a stern warning to ville?
2) I'm a strict believer in anti splitting, when gainer comes and goes "split coming, split coming" it hurts my anti split feelings. Will admins ban gainer?
3) I'm a lover of achchis when TAH comes comes and says fib-on-achchi is broken this hurts my beleifs and feelings. Will admins allow this anti achchi hate speech of TAH?
4) I'm a strict believer in anti politics when DG Dayaratne talks about politics it hurts my anti-political feelings? Any warnings?
5) I'm a strict beliver in English when Chinwi uses sinhala fonts this hurts my belief system. any warnings?

Don't allow crazies to impose censorship on this forum. Admins can step in and give warnings if things get out of hand but crackpots can't some and demand censorship to hide and whitewash their dangerous beleifs.

Jake Sully wrote:Will Amana get the tax concessions proposed by the government if they go listed?
Will it make a change in their bottom line?

Can anyone aware of the above?

Yes, They will get. Though IPO is open from December, listing will happen in January.

Jiggysaurus wrote:

glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

In order to talk about a dangerous IPO that is based on a (whatever) (whatever) ancient law or belief system, we have to talk and criticize that (whatever) law.

The point of this thread is to educate people about a dangerous IPO which is in turn based on a (whatever) law.

If you read the thread you can see that it is (whatever) members who came and made personal attacks on me along with the (whatever) tactic of making a death threat as well. On top of that some glwking came and tried to impose censorship because his sensitive feelings were getting hurt.

Feelings getting hurt is an absurd and crazy reason.
Look at the following scenarios
1) I'm a strict believer in fun-the-mentals when medium ville posts charts and tech analysis this hurts my feelings. Will admins give a stern warning to ville?
2) I'm a strict believer in anti splitting, when gainer comes and goes "split coming, split coming" it hurts my anti split feelings. Will admins ban gainer?
3) I'm a lover of achchis when TAH comes comes and says fib-on-achchi is broken this hurts my beleifs and feelings. Will admins allow this anti achchi hate speech of TAH?
4) I'm a strict believer in anti politics when DG Dayaratne talks about politics it hurts my anti-political feelings? Any warnings?
5) I'm a strict beliver in English when Chinwi uses sinhala fonts this hurts my belief system. any warnings?

Don't allow crazies to impose censorship on this forum. Admins can step in and give warnings if things get out of hand but crackpots can't some and demand censorship to hide and whitewash their dangerous beleifs.

besthope innam

Jake Sully wrote:Will Amana get the tax concessions proposed by the government if they go listed?
Will it make a change in their bottom line?

What use is a tax concession to a loss making "bank", long as they make losses no change in the bottom line.

this jiggy guy is a racist.......... who has no interest in shares but just here to cause racial disharmony.... and wut is pathetic is ... our darling moderators... are passively tolerating him... as they them selves inwardly support him.... this is exactly wut is happening in the outside world... think about it... "passive support"

Zaiban wrote:this jiggy guy is a racist.......... who has no interest in shares but just here to cause racial disharmony.... and wut is pathetic is ... our darling moderators... are passively tolerating him... as they them selves inwardly support him.... this is exactly wut is happening in the outside world... think about it... "passive support"

True facts hurt, not a single (whatever) member have countered the facts I have presented.
You are trying to sweep the facts under carpet and censor this thread because you know what I'm saying is true and you are unable to face facts.
You can see the implicit racism within this (whatever) by the number of (whatever) members who have ganged up to try and censor this thread. This is the same inbuilt racism that leads these (whatever) members to back Pakistan in a cricket match. The racist rules within this (whatever) gives a higher weightage to the rules of this (whatever) than the rules and laws of the country and civilized world.
This is why the Amana IPO is so dangerous because they operate on weird belief systems and rules.

Any one reading this thread can see that it is the (whatever) members who are dragging this discussion away from the topic by making personal attacks. This seems to be the usual (whatever) tactic.

glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

Dear Admin/Moderators

Is racism hate speech allowed in this forum? If yes, I can be silent. Because I cannot do any hate speech. I visit here to read only equity related subjects.

Direct answer to your question "Is racism hate speech allowed in this forum?" is NO..

At some point when talking about this Amana bank, the forum will run into talking about their beliefs, practices and so many things. U also know that Buddhists, Christians are among the front liners opposing acts in sharia law. Therefore, I dont really want to welcome racism but there are disturbing factors with Amana. And many are opposing discussion of this based on the fact that these disturbing factors are come into light.. In addition, a person cannot talk about a bank operate in a niche market and way of out of normal banking concepts without talking about those concepts too..

see the below post;

realman wrote:hi
I heard about Amana bank is asset based attractive valuation  and it is fully fledged shariah based Bank .

Now what do u think of the above statement, a person creating an account to just talk about a sharia based bank? This must be an insider just raising curiosity amongst  members..

Amana bank believes in the below lines. Hopefully, let me ask u, ur offended of what Jiggy said cuz ur a Muslim, rite? If so do u also believe in the following?

√ We believe that you have a right to be treated fairly
√ We believe that one should not gain at the expense of another
√ We believe that being responsible and ethical is as important as making profits and gains
√ We believe that entrepreneurship should be encouraged and given a fair opportunity to succeed
√ We believe that the best of actions are the ones which create true happiness in people
√ We believe that you feel the same way we do

source: http://www.amanabank.lk/index.php/en/amana-bank/our-belief

Now think about the 2nd and 5th points... If one should not gain at the expense of another, how can u buy and sell shares?
By buying a share lower - u can gain cuz u can sell higher to another, then the person who sold to you will not be happy cuz he may've made a loss by selling to you.
On the other hand, if the share goes up and u sell it to another with a good profit, does it create true happiness for you? In the meantime, the person who bought ur shares may have no chance of selling it with a profit cuz he bought at high. Yes.. its his mistake but will he be happy then?

Ok.. exploring more on Amana bank's web site, "why you should bank with us", they say this;

"The interest based system allows a person to deposit Rupees 1000 in a one year fixed deposit and assures that the capital is guaranteed and will be given back in one year's time. It also assures to pay a guaranteed return at an agreed rate (Ex: 10%) where the person will be able to generate Rupees 100 extra. In summary the person is able to invest Rupees 1000 today and be assured of getting Rupees 1,100 in one year. How is this possible? Where is the element of risk which is naturally part of wealth creation and investments?"

Where is the element of risk which is naturally part of wealth creation and investments? The risk an investor takes here is what if the entity (Financial institution) that the person invests his money goes bankrupt.. Yes less chance but not a guarantee right? We saw what happened to Vanik, Pramuka, Sakvithi, etc...

Hmmm... lets explore more; Here's the director & management team list;

BOARD OF DIRECTORS
Osman Kassim (Chairman)
Faizal Salieh (Managing Director)
Dato A Tajudin B H Abdul Rahman (Senior Director and Non-Executive, Independent Director)
Tyeab Akbarally (Non-Executive, Non-Independent Director)
Dr A A M Haroon (Non-Executive, Non-Independent Director)
Harsha Amarasekara (Non-Executive, Non-Independent Director)
Angelo M Patrick (Non-Executive, Independent Director)
Mohamed Jazri Magdon Ismail (Non-Executive, Independent Director )
Ruzly Hussain (Non-Executive, Independent Director )
Haseeb Ullah Siddiqui (Non-Executive, Non-Independant Director)
Jeroen P.M.M. Thijs (Non-Executive, Non-Independent Director)
Wahid Ali Mohd Khalil (Non-Executive, Non-Independent Director)
Badrul H Khan (Non-Executive, Non-Independent Director)

MANAGEMENT TEAM
Faizal Salieh (Managing Director / CEO)
Mohamed Azmeer (Chief Operating Officer)
M. M. S. Quvylidh (Vice President - Operations and Business Support)
M. Pharis Jazeel (Vice President - Treasury and Financial Institutions)
Amrit Canagaretna (Vice President - Business Banking)
Ajmal Naleer (Vice President - Credit)
Preeni Koralege (Chief Compliance Officer, Company Secretary)
Ali Wahid (Chief Financial Officer)
Chandralal Wickramapathirana (Chief Information Officer)
M. Irshad Halaldeen (Vice President - Strategic Planning & Business Processes Re-Engineering)
Roomy Rahim (Vice President - Human Resources)
Fairoze Burah (Vice President - Administration)
Mahesha Thirimanne (Head of Legal)
Shahul Hameed Giado (Chief Internal Auditor)
Siddeeque Akbar (Vice President - Consumer Banking & Strategic Marketing)
Irshad Iqbal (Risk Officer)
Moulavi Siraj Najubudeen (Head of Sharia Supervision)
Fazly Marikar (Head of New Product Initiatives/ Gold Unit)
Nista Badurdeen (Head of Central Operations & Trade Services)
Chaminda De Silva (Assistant Vice President - Leasing and Home Finance)

Now tell me, aren't there more Muslim directors in this bank?
Like in any other bank, how many Sinhalese and Tamils are employed in this so called bank? Other banks would not be giving chances to a specific religion or a race but mostly to the knowledge, positive attitudes and thinking an individuals possess. So are we to think that all the above are
comprised of such?

I'm not biased towards any race,religion or anyone here.  Comments made here are personal views of individuals.. But I also don't agree with Sharia law if it accepts or enforces any barbaric acts (like we've seen in many videos).

Jiggy,

Be careful of what you say.. As much as u can, u need to be careful with your words so that it wont hurt other religions and races. Hope u can talk about Amana bank without hurting the others..

glwking,

I just saw this banks financials. After losses they boast of their 2012 success and its cuz they more got customers. Non-Muslims are mostly with other banks so I'm skeptical on their performance.
But if you can bring facts to support these, I'd appreciate bringing those to light so you dont have to accuse anyone being racist.

smallville wrote:

Jiggy,

Be careful of what you say.. As much as u can, u need to be careful with your words so that it wont hurt other religions and races.

Accepted and agreed but this so called other religion and race should respect others and other religions and not try to impose censorship and try to curb free speech and criticism of dangerous practices.

smallville wrote:

glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

Dear Admin/Moderators

Is racism hate speech allowed in this forum? If yes, I can be silent. Because I cannot do any hate speech. I visit here to read only equity related subjects.

Direct answer to your question "Is racism hate speech allowed in this forum?" is NO..

At some point when talking about this Amana bank, the forum will run into talking about their beliefs, practices and so many things. U also know that Buddhists, Christians are among the front liners opposing acts in sharia law. Therefore, I dont really want to welcome racism but there are disturbing factors with Amana. And many are opposing discussion of this based on the fact that these disturbing factors are come into light.. In addition, a person cannot talk about a bank operate in a niche market and way of out of normal banking concepts without talking about those concepts too..

see the below post;

realman wrote:hi
I heard about Amana bank is asset based attractive valuation  and it is fully fledged shariah based Bank .

Now what do u think of the above statement, a person creating an account to just talk about a sharia based bank? This must be an insider just raising curiosity amongst  members..

Amana bank believes in the below lines. Hopefully, let me ask u, ur offended of what Jiggy said cuz ur a Muslim, rite? If so do u also believe in the following?

√ We believe that you have a right to be treated fairly
√ We believe that one should not gain at the expense of another
√ We believe that being responsible and ethical is as important as making profits and gains
√ We believe that entrepreneurship should be encouraged and given a fair opportunity to succeed
√ We believe that the best of actions are the ones which create true happiness in people
√ We believe that you feel the same way we do

source: http://www.amanabank.lk/index.php/en/amana-bank/our-belief

Now think about the 2nd and 5th points... If one should not gain at the expense of another, how can u buy and sell shares?
By buying a share lower - u can gain cuz u can sell higher to another, then the person who sold to you will not be happy cuz he may've made a loss by selling to you.
On the other hand, if the share goes up and u sell it to another with a good profit, does it create true happiness for you? In the meantime, the person who bought ur shares may have no chance of selling it with a profit cuz he bought at high. Yes.. its his mistake but will he be happy then?

Ok.. exploring more on Amana bank's web site, "why you should bank with us", they say this;

"The interest based system allows a person to deposit Rupees 1000 in a one year fixed deposit and assures that the capital is guaranteed and will be given back in one year's time. It also assures to pay a guaranteed return at an agreed rate (Ex: 10%) where the person will be able to generate Rupees 100 extra. In summary the person is able to invest Rupees 1000 today and be assured of getting Rupees 1,100 in one year. How is this possible? Where is the element of risk which is naturally part of wealth creation and investments?"

Where is the element of risk which is naturally part of wealth creation and investments? The risk an investor takes here is what if the entity (Financial institution) that the person invests his money goes bankrupt.. Yes less chance but not a guarantee right? We saw what happened to Vanik, Pramuka, Sakvithi, etc...

Hmmm... lets explore more; Here's the director & management team list;

BOARD OF DIRECTORS
Osman Kassim (Chairman)
Faizal Salieh (Managing Director)
Dato A Tajudin B H Abdul Rahman (Senior Director and Non-Executive, Independent Director)
Tyeab Akbarally (Non-Executive, Non-Independent Director)
Dr A A M Haroon (Non-Executive, Non-Independent Director)
Harsha Amarasekara (Non-Executive, Non-Independent Director)
Angelo M Patrick (Non-Executive, Independent Director)
Mohamed Jazri Magdon Ismail (Non-Executive, Independent Director )
Ruzly Hussain (Non-Executive, Independent Director )
Haseeb Ullah Siddiqui (Non-Executive, Non-Independant Director)
Jeroen P.M.M. Thijs (Non-Executive, Non-Independent Director)
Wahid Ali Mohd Khalil (Non-Executive, Non-Independent Director)
Badrul H Khan (Non-Executive, Non-Independent Director)

MANAGEMENT TEAM
Faizal Salieh (Managing Director / CEO)
Mohamed Azmeer (Chief Operating Officer)
M. M. S. Quvylidh (Vice President - Operations and Business Support)
M. Pharis Jazeel (Vice President - Treasury and Financial Institutions)
Amrit Canagaretna (Vice President - Business Banking)
Ajmal Naleer (Vice President - Credit)
Preeni Koralege (Chief Compliance Officer, Company Secretary)
Ali Wahid (Chief Financial Officer)
Chandralal Wickramapathirana (Chief Information Officer)
M. Irshad Halaldeen (Vice President - Strategic Planning & Business Processes Re-Engineering)
Roomy Rahim (Vice President - Human Resources)
Fairoze Burah (Vice President - Administration)
Mahesha Thirimanne (Head of Legal)
Shahul Hameed Giado (Chief Internal Auditor)
Siddeeque Akbar (Vice President - Consumer Banking & Strategic Marketing)
Irshad Iqbal (Risk Officer)
Moulavi Siraj Najubudeen (Head of Sharia Supervision)
Fazly Marikar (Head of New Product Initiatives/ Gold Unit)
Nista Badurdeen (Head of Central Operations & Trade Services)
Chaminda De Silva (Assistant Vice President - Leasing and Home Finance)

Now tell me, aren't there more Muslim directors in this bank?
Like in any other bank, how many Sinhalese and Tamils are employed in this so called bank? Other banks would not be giving chances to a specific religion or a race but mostly to the knowledge, positive attitudes and thinking an individuals possess. So are we to think that all the above are
comprised of such?

I'm not biased towards any race,religion or anyone here.  Comments made here are personal views of individuals.. But I also don't agree with Sharia law if it accepts or enforces any barbaric acts (like we've seen in many videos).

Jiggy,

Be careful of what you say.. As much as u can, u need to be careful with your words so that it wont hurt other religions and races. Hope u can talk about Amana bank without hurting the others..

glwking,

I just saw this banks financials. After losses they boast of their 2012 success and its cuz they more got customers. Non-Muslims are mostly with other banks so I'm skeptical on their performance.
But if you can bring facts to support these, I'd appreciate bringing those to light so you dont have to accuse anyone being racist.

Your point relating to composition of the director board and management is very naive.
You can not have directors who doesn't know the underlying subject I.e. Islamic finance.

Whether the existing directors possess at least a diploma in the subject is a separate matter. I work in the Middle East and I have seen non Muslims heading the Islamic finance units.

If Amana explicitly states that they will not employ non Muslims then it is racism from their side. I don't think they have said so.

I ve been following the thread ignoring the unnecessary details but I thought just to put forward the above just for argument sake.

Jake Sully wrote:
Your point relating to composition of the director board and management is very naive.
You can not have directors who doesn't know the underlying subject I.e. Islamic finance.

Whether the existing directors possess at least a diploma in the subject is a separate matter. I work in the Middle East and I have seen non Muslims heading the Islamic finance units.

If Amana explicitly states that they will not employ non Muslims then it is racism from their side. I don't think they have said so.

I ve been following the thread ignoring the unnecessary details but I thought just to put forward the above just for argument sake.

Thanks for your input and I accept the fact that's its very difficult of not knowing the underlying subject by non-Muslim directors. I also dont think they've clauses as such preventing others from getting in. However, look at the next level.. That's also 80% Muslims..

Now, not only Muslims but also other religions & races will deposit in this bank... And if others dont this bank will have no future considering the 8% Muslim population in SL compared with a majority of 69% Buddhists.
But, surely they'll have business from business enterprises since majority are again owned by Muslims but these entities also need to be with other banks for the sake of customers and business partners.

I think enough of going into detail of religions, the beliefs and so on.

What I, as an investor in equity, would like to understand is if this is a good buy or not. The numbers I have seen in the prospectus makes me think this is quite over-valued. Then again I would like to know this business model as I have zero knowledge in islamic finance. At the end of the day, I want a return on my investment and thus want to know whether this loss making 'bank' will be able to show profits in future.

For that I request one of you (I can see many who are familiar with the subject) to tell explain the business model. (Sorry i have not read the prospectus nor searched the web)

Since I believe that I cannot consider this as a 'bank' and value it in that way, a more useful discussion on this point will be greatly appreciated

npp wrote:I think enough of going into detail of religions, the beliefs and so on.

What I, as an investor in equity, would like to understand is if this is a good buy or not. The numbers I have seen in the prospectus makes me think this is quite over-valued. Then again I would like to know this business model as I have zero knowledge in islamic finance. At the end of the day, I want a return on my investment and thus want to know whether this loss making 'bank' will be able to show profits in future.

For that I request one of you (I can see many who are familiar with the subject) to tell explain the business model. (Sorry i have not read the prospectus nor searched the web)

Since I believe that I cannot consider this as a 'bank' and value it in that way, a more useful discussion on this point will be greatly appreciated

Exactly, Let some body come forward and explain this model in simple terms!

smallville wrote:
glwking,

I just saw this banks financials. After losses they boast of their 2012 success and its cuz they more got customers. Non-Muslims are mostly with other banks so I'm skeptical on their performance.
But if you can bring facts to support these, I'd appreciate bringing those to light so you dont have to accuse anyone being racist.

I think you misunderstood me. Did I ever said Amana IPO is worth? I never defend or oppose this IPO. You can read my previous comments. In fact, I have no idea to apply this IPO. I can find many attractive companies easily in CSE than this IPO.

I oppose for those who are spreading racist hate speech. This jiggy is not only making hate speech in this topic. Wherever, Muslims are involved, he starts his usual hate speeches. You can view his past comments for more information.

As for the complaint that Mods tolarate hate speech here I should say that I always appreciate the felings of some members hurt by this thread owing to the tricky nature of the subject matter which invariably connects it to religious matters. However, the discussion should continue respecting each other without allowing feelings to take over. So long as the posters do not exceed their limit of free speech the thread can continue.

Guys, let us concentrate on the subject matter. Please refrain from using hate speech in what ever form. Especially, do not use words referring to any religion, cults, or specific religious laws (I know the subject matter canot be discussed without some but try to use genaric words such as "religious laws"), God, God fearing etc which may hurt the feelings of some members, because we need healthy discussion with all who are interested in the subject matter.

Thanks smallville for your comprehensive analysis and advise.

Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

Even the ppl who are affected by hate speech dont bother explaining this.. Subjects such as this are always drag conversations in diverse directions due to the involved criteria which is also sensitive. All express their views and ask for censorship but nobody wants to explain for the rest of us to know this in detail.

smallville wrote:

npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

Even the ppl who are affected by hate speech dont bother explaining this.. Subjects such as this are always drag conversations in diverse directions due to the involved criteria which is also sensitive. All express their views and ask for censorship but nobody wants to explain for the rest of us to know this in detail.

Dear Admin

You are holding a respectable title. Be responsible when you commenting some thing. We know you are already hammered in BLUE discussion.

Do any one need to know the business model of Amana bank to defend any racism hate speech? (I already disclosed, I have no interest on Amana or it's IPO and thier business model)

npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

Seetu schemes based on (whatever) laws cannot be explained. That's why no explanation is forthcoming

Once tough questions are asked the dangerous, crazy aspects of this (whatever) law start coming out. The members of (whatever) don't won't this exposed too much that's why the concentrated attempt to shut down this thread through censorship.

Now the (whatever) members are attacking the Admin as well since he didn't give into their attempt to force (whatever) laws into the forum.