Amana Bank, Sri Lanka’s first and only licensed commercial bank completely devoid of interest-based transactions, has been judged as the ‘Overall Best Up-and-Comer Islamic Bank – 2014’ by the prestigious Global Finance Magazine after contending with many institutions globally.
In addition, the bank was also adjudicated the ‘Best Islamic Financial Institution in Sri Lanka – 2014’ by the Magazine.
Speaking on the achievements, Amana Bank Managing Director/CEO Faizal Salieh said: “We are very happy with this recognition from an organisation such as Global Finance, whose awards are recognised and a trusted standard of excellence. Becoming the Best Up-and-Comer Islamic Bank in the world is not only an extraordinary achievement for the bank, which has only been in operation since August 2011, but a significant milestone in the banking industry of Sri Lanka.”
Salieh added: “The road to establishing a regulated Islamic finance institution in Sri Lanka was long and challenging. However, with our determination and the assistance of the Regulators, adequate changes were made to the legislative framework to support Islamic banking which eventually led to the formation of Amana Bank, Sri Lanka’s first commercial bank operating fully on a profit and loss sharing model of banking. These two awards recognise the effort the bank has made in the expansion of its reach and the substantial increase in its product and service offerings and also demonstrates the confidence people have in us from across the world.”
All selections were made by the editorial team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world.
In selecting these top banks, factors that range from the quantitative objective to the informed subjective were considered. Quantitative criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.
Among the subjective criteria considered were reputation, customer satisfaction, and the opinions of analysts and others involved in the industry. The mix of these factors yields leading banks that may not be the largest, oldest or the most diversified in a given country, region or product, but rather the best — the banks with which customers around the world would most likely want to do business with.
Global Finance is a monthly magazine founded in 1987. Its mission is to help corporate leaders, bankers and investors chart the course of global business and finance. The magazine has a circulation of 50,050, audited by BPA, and readers in 163 countries. Its headquarters are in New York, with offices in London, Rio de Janeiro and Milan.
The 2014 award winners list is available under the Press Release section of the magazine’s