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|17 April, 2019

ICD and Amana Bank sign joint strategic collaboration MoU to expand on synergies

ICD, IsDB group has had a long term partnership with Am?na Bank since 2011, and currently holds a collective 29.97% shareholding in the Bank.

ICD and Amana Bank sign joint strategic collaboration MoU to expand on synergies

Amãna Bank, Sri Lanka’s torchbearer of people friendly banking has recently signed a Memorandum of Understanding with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, to expand on its strategic synergies.

ICD along with the IsDB group has had a long term partnership with Amãna Bank since 2011, and currently holds a collective 29.97% shareholding in the Bank.

Having recognized the growth potentials and investment opportunities in ICD member countries, both ICD and Amãna Bank through this joint strategic collaboration intend to cooperate and work closely together in cross-selling and sourcing syndication mandates, term finance, line of financing, advisory, sukuk transactions, asset management, PPP, equity and other investment opportunities or transactions of mutual interest to both parties.

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Mr. Ayman Sejiny, the Chief Executive Officer of ICD, and Mr. Osman Kassim, Chairman Amãna Bank signed the MoU.  

During the signing ceremony, Mr. Ayman Sejiny commented: “We are pleased to continue our partnership with Amãna Bank. We believe that Amana Bank can play a valuable role in the region and in the global industry towards the furtherance of Islamic Banking across the world, and this collaboration is the first of many steps towards achieving this.”

Commenting on this historic occasion Mr Osman Kassim said “We are honoured to further expand on our synergies with ICD and IsDB Group which has been beneficial towards the Bank’s growth. With this new collaborative partnership inked, I am confident that Amãna Bank will further its cause in promoting people friendly banking across the South Asian region. I am thankful for ICD’s continued confidence in our operations.”

-Ends-

About ICD

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.. For more information, visit www.icd-ps.org 

About Amãna Bank

Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IDB Group being the principal shareholder having a 29.97% stake of the Bank. The IDB Group is a ‘AAA’ rated multilateral development financial institution with an authorized capital base of over USD 150 Billion which has a membership of 57 countries. Fitch Ratings, in June 2018, affirmed Amãna Bank’s National Long Term Rating of BB(lka) while revising its outlook to Positive from Stable. Amãna Bank does not have any subsidiaries, associates or affiliated institutions representing the Bank.

© Press Release 2019

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