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Sunday, 1 February 2009

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PB to foray into Islamic Banking



P. V. Pathirana

The Central Bank has given the approval to the People’s Bank to commence Islamic banking in the near future, said CEO/GM People’s Bank P. V. Pathirana and plans are under way to start it as soon as possible.

In addition the bank will launch phone banking in the near future to ensure convenience of transactions, said Pathirana. He also said that everything is in place to launch phone banking and at present testing is going on. This will help the customers to save time and energy and do their transactions at the place and time they wish.

In addition the bank has taken several steps to support the “Api Wawamu Rata Nagamu “ to achieve self sufficiency in food so that Sri Lanka is more resilient to the world food crisis. This will help develop the village as well as the agricultural sector and the economy of the country.

He said that during the harvesting season of potatoes and onions the bank will provide storage facilities while the customers who come to the bank for Ganu denu during the Sinhala and Tamil New Year will also be given a plant.

The bank has already placed orders to purchase plants and every order will be delivered to the branches on April 10 on time for distribution. The bank will also support the paddy farmers, during the next season, to ensure that they get a good harvest.

In addition the bank will introduce a housing loan scheme, increase the number of group loans, support to develop infrastructure facilities in the North and the East, support small industries and businesses so that people will have employment and support develop cottage industries.

He said, if a person is interested in obtaining a loan to start a cottage industry. The managers will guide the entrepreneurs in the field.

He said, according to the unaudited accounts the bank has earned an income of Rs. 400 bln in 2008 while it was Rs 398 bln in 2007.

The savings portfolio of the bank is Rs. 325 bln. Fitch ratings have given a rating of a minus, said Pathirana.

(SG)

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