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
"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.