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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2960

ABC launches Islamic Banking

By Quintus Perera – Asian Tribune

Colombo, 28 July, ( The Sri Lanka market is gathering momentum towards the 'Islamic Concept' of investments and financing and under the new Banking Act, all commercial banks and designated Banks are permitted to have 'Windows' for operation under the Islamic Concept.

ABC Group of Companies added another Company ‘ABC Investments Ltd’ (Barakah Islamic Financial Services) a finance company under Islamic Shareeah Concept which bases their transactions on ‘Profit Sharing Basis’ rather than on ‘interest’.

The Company has emerged due to the innovative business thinking of the Shiran Dissanayake, Chairman, ABC Group and the setting up of the Company was supported by the Board of Directors and some leading Muslims and the New Company would stand independently from other companies of the Group.

An MOU was signed by the Central Bank of Sudan and Al Zuhair Charity Foundation in Sudan agreeing to invest in the new Company. In addition to the funding for projects in both countries, based on the MOU ABC Investments would received technical support, Shareeah documentations, training of staff, manuals and banking documents.

At a Press Conference to announce the setting up of ABC Investments, its Managing Director, M I Mohamed Razeek, said that they would endeavour to make ABC Investments as the foremost Islamic Financial Organization in the country with the support and assistance of his dedicated staff.

He thanked the Ulamas (learned religious scholars) for their guidance and the General Public for having faith in the commitments of ABC Investments.

The four main products in Islamic Finance – Mudharabah (Partnership Investment), Murabahah (buying and selling), Musharakah (venture sharing) and Ijarah (Islamic leasing) would be initially available at ABC Investments. The Company would accept funds from investors both on specific projects and on general projects ‘Mudharabah category.

ABC Investments would tam up with other companies in the Group to provide support services observing Islamic Shaeeah rule.

- Asian Tribune –

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