Combank wins Islamic finance award

Ms Feroza Ameen of the Commercial Bank receives the award.

The Commercial Bank of Ceylon won the Gold award for 'Emerging Islamic Finance Entity' of the Year at the annual Sri Lanka Islamic Banking and Finance Industry (SLIBFI) awards in Colombo recently.

The SLIBFI awards presented in seven categories recognise people and institutions that have made a significant contribution to the Islamic Banking and Finance (IBF) industry.

The Malaysian High Commissioner Azmi Zainuddin was the chief guest. Key players in the IBF sector were present.

The award was accepted on behalf of the Commercial Bank and its Islamic Banking Unit 'Al Adhalah' by Senior Manager, Islamic Banking, Ms Feroza Ameen.

"The progress made by Commercial Bank in Islamic Banking and Finance over the past two years is creditworthy," the Bank's Chief Operating Officer, Jegan Durairatnam said.

"This award is a fitting recognition of the efforts made by the team to develop and offer products that comply strictly with Shari'ah-compliant banking," he said.

Commercial Bank launched Islamic Banking and Finance in 2011, offering deposit products such as 'Mudaraba' Savings Accounts and 'Mudaraba Investment Accounts,' asset products such as 'Murabaha,' 'Musawamah' and 'Diminishing Musharaka,' 'Ijara' leasing and import financing. These products operate on the Islamic principle of the Bank and the customer sharing returns and risks.