Seylan Islamic Banking Wins Gold Award for ‘Emerging Entity of the Year’ at SLIBFI Awards 2020
Seylan Bank, the Bank with a Heart, has won the coveted Gold Award for ‘Emerging Entity of the Year’ at the Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards 2020.
The SLIBFI Awards are the premium awards for Islamic Finance in Sri Lanka, setting the competitive benchmark for the industry. Seylan Bank’s Islamic Banking Unit commenced operations in 2018 under the Bank’s strategic vision to cater for the niche market segment of clients, looking for Islamic banking solutions and services.
The unit has achieved significant growth in income level, and assets and liabilities base. During the year 2020, the Islamic Banking unit achieved over 100% growth in the top line, while the assets and liability books grew by a similar level for the same period. M. Z. Sameer Mohamed, Head of Islamic Banking Unit, Seylan Bank commented on winning the award.
“Islamic Banking is an alternative banking system practised around the world alongside conventional banking and has a growing clientele in Sri Lanka. This system is not confined or available only to a particular faith or ethnic group, rather, it is available for anyone wishing to embrace the alternative system. To be part of a Bank loved by customers for decades and be recognised as ‘Emerging Entity of the Year’" at the SLIBFI Awards is a true testament of our efforts and the seamless integration of the Islamic Baking Unit into the Banking industry.”
In a year with unprecedented challenges posed by the outbreak of the COVID-19 pandemic, the Islamic Banking unit was able to proceed in a steadfast manner. Seylan Islamic Banking Unit offers all types of Islamic Banking Products and Services to meet the needs of its diversified client base. Diminishing Musharakah, Wakalah Financing, Murabaha are few to name on the financing side while deposit products are structured under Mudarabah and Wakalah deposit principles.