Amana Bank Archives - Page 2 of 10

June 6, 2022

Amana Bank recently commissioned five new ATMs at its existing Self Banking Centres located at Rajagiriya, Wattala, Kalutara, Batticaloa and Trincomalee. In addition to cash withdrawals Amana Bank Self Banking Centres also facilitates cash deposits and cheque deposits.

Having 33 fully fledged branches across the island, Amana Bank has a network of 20 Self Banking Centres covering a wide range of localities including Slave Island, Maligawatte, Mattakuliya, Kalubowila, Hill Street Dehiwala, Rajagiriya, Kolonnawa, Ratmalana, Wattala, Kaluthara, Dhargatown, Malwana, Thihariya, Pulichchakulam, Siyabalagaskotuwa, Hemmathagama, Batticaloa, Trincomalee, Muttur and Thoppur. Amana Bank customers have convenient access to cash withdrawals at over 5400 ATMs island-wide enabled through LankaPay.

Commenting on the commissioning of the five new ATMs, the Bank’s Chief Operating Officer Imtiaz Iqbal said “Having established these Self Banking Centres initially facilitating only cash deposits, we have found over time that these localities show a lot of prospects for our people friendly banking model and we are happy to now enable cash withdrawals with the installation of these ATMs.”

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amana Bank is recognised amongst the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

May 17, 2022

PAT up 92% | PBT up 78% | Deposits up 10% | Advances up 14%

Amana Bank PLC recorded its best ever quarterly performance since inception recording an impressive 78% YoY growth in Profit Before Tax (PBT) and a 92% YoY growth in Profit After Tax (PAT). This remarkable performance within the quarter amidst an environment of economic challenges was enabled through double digit growth, both in deposits and advances which testifies once again to the resilience and growing acceptance of the Bank’s unique people friendly banking model.

Having surpassed the LKR 1 billion PBT, milestone in record time in 2021, Amana Bank continued its positive trend into Q1 2022 with a PBT of LKR 385.8 million and a PAT of LKR 250.7 million compared to PBT of LKR 217.1 million and PAT of LKR 130.6 million booked in Q1 2021.

The double digit growth in both Customer Advances and Customer Deposits was aided by the Bank’s strong focus on the SME segment, which is the most vital sector in driving economy growth and revival. With Customer Deposits crossing the LKR 100 billion milestone during Q1 2022, the Bank went on to achieve a sound growth of 10% in deposits to close at LKR 106.0 billion, while Customer Advances closed the quarter at LKR 86.7 billion, reflecting an impressive three-month growth of 14%.

Owing to its advances growth being well supported by a healthy financing margin of 3.5%, the Bank’s Net Financing Income grew by a solid 26% YoY to close the quarter at LKR 1.1 billion compared to LKR 891.9 million achieved during the corresponding period of 2021. Despite import controls and challenges in the foreign currency market, which impacted Fee and Trading Income, the Bank achieved a 41% YoY growth in Total Operating Income to reach LKR 1.46 billion, while Net Operating Income after accounting for adequate impairment, grew by 30% to LKR 1.22 billion.

Despite headline inflation being in excess of 21% in March 2022, the Bank contained the increase in its operating expenses to 8%. Following this, the Bank recorded a 75% YoY growth in Operating Profit before VAT on Financial Services to reach LKR 541.4 million. The Bank’s aggregate tax contribution of LKR 290.7 million for Q1 accounted for 54% of the Bank’s Operating Profit before all taxes.

The Bank’s Total Assets as at end of 31 March 2022 stood at LKR 139.6 billion, reflecting a noteworthy enhancement of 14% during the quarter. The Bank continued to place great emphasis on portfolio management and recoveries through timely customer engagement which resulted in containing non-performing advances (NPA) well below the industry averages with Net NPA and Gross NPA ratios of 0.5% and 2.8% respectively. The Bank’s Total Capital Ratio stood at a healthy 14.4% as at Q1 2022, well above the minimum regulatory requirement of 12.5%.

Commenting on its Q1 2022 performance, the Bank’s Managing Director/CEO Mohamed Azmeer said “I am humbled and honoured by the Bank’s remarkable Q1 performance, which is our best quarterly performance to date, especially considering that same has been achieved during a challenging period marred by economic uncertainties. I strongly believe that our people friendly banking solutions are better grounded to endure the current economic challenges. Since 2018, our economy has undergone multiple challenges, but it is the learnings from those challenges that have moulded and prepared us to be more robust, resilient and grounded to face the realities”.

Commenting on this occasion, Chairman of Amana Bank Asgi Akbarally said “In gratitude for the trust and confidence placed towards the Bank, we would like to affirm that Amana Bank along with the support and engagement of our committed staff are steadfast to stand by and support our customers to overcome this period of economic adversities, by understanding their needs and providing equitable financial solutions, which currently is a matter of national importance, and thereby contribute towards ensuring a better tomorrow for everyone.”

April 25, 2022

Recognising the best of the best under the theme ‘Rewarding Excellence’, Amana Bank Awards 2022 was recently held at Shangri-La Colombo under the patronage of the Bank’s Chairman Asgi Akbarally.

The ceremonial event commenced with the recognition and felicitation of the Bank’s Founder Chairman Osman Kassim and Founder Directors Tyeab Akbarally, Harsha Amarasekera PC and Mohamed Jazri Magdon Ismail, who retired from the Bank upon completion of the maximum 9 year statutory period of holding a directorship in a Licensed Commercial Bank as per CBSL directions.

The event also had the participation of the Bank’s Senior Director Rajiv Nandlal Dvivedi and Directors representing the IsDB Group, the principal shareholders of the Bank, Mohammed Ataur Rahman Chowdury and Syed Muhammed Asim Raza, who flew from overseas to be physically present at the occasion. Others in the audience included Directors Aaron Russell-Davision, Omar Kassim, Tishan Subasinghe, Mohamed Adamaly; the Bank’s CEO Mohamed Azmeer, Management Committee, Branch Managers, Award Nominees while Bank staff were invited to witness the event via a virtual platform.

The highlight of the ceremony was the presentation of the CEO Award, given to the most outstanding employees of the Bank for their unwavering display of dedication, passion and going beyond the call of duty. Six CEO Award recipients were selected based on a stringent evaluation criteria. The recipients of the prestigious CEO Award at Amãna Bank Awards 2022 were Mohamed Asmil (Manager – Acquisition Channels), Sameera Senanayake (Manager – Operations), Azim Rali (Head of Marketing & Corporate Communications), Nizath Mustafa (Manager – Software Development and MIS), Udara Kodipilli (Head – Emerging Corporates Western Region) and Azam Ameer (Head of Business – Kandy Branch). Other employees who were nominated for the CEO Award were Aadil Haniffa, Arkam Azeez, Aslam Shahabdeen, Dilan Joseph, Fawaz Ansar, Harindra Marasinghe, Imran Razick, Mushtaq Jiffrey, Nadeeka Weerasekara, Razi Giado, Rizniya Faiz, Sanjeewa Fonseka and Shakir Nawaz.

In the category of Branch Awards, the Bank’s Nintavur Branch walked away with the Gold Award for Best Overall Branch which was presented to Branch Manager Mohamed Nafeel while Kandy Branch was bestowed the Silver for Best Overall Branch, collected by Head of Business – Kandy Branch Azam Ameer. The Gold Award for Best Branch Central Region was won by Kuliyapitiya Branch and was accepted by Branch Manager Shiran Ibrahim, while the Silver Award was presented to Kurunegala Branch, which was collected by Branch Manager Hussain Samsudeen. The Bank’s Sammanthurai Branch was recognised with the Gold Award for Best Branch Eastern Region which was accepted by Branch Manager Siraz Mohamed while Kinniya Branch walked away with the Silver Award, received by Branch Manager Imran Bathurdeen. The Main Branch Colombo 3 was awarded the Gold for Best Branch Western Region, while Silver was conferred to Dehiwala Branch. Mohamed Rimzan representing the Main Branch and Irshardh Nazeel representing the Dehiwala branch collected the respective accolades for Best Branch Western Region.

Further in recognition of the Bank’s relationship managers engaged in corporate business, awards were also presented to the Best Corporate CRMs. The Gold Award for Best Corporate CRM was won by Harindra Marasinghe while Silver Award was won jointly by Jisthi Mohamed and Ahamed Musthaq.

Commenting on the event Amana Bank’s Chief Executive Officer Mohamed Azmeer said “Amãna Bank Awards stands evidence to our customer centric and performance driven culture where we recognize the best of the best. In the recent past we witnessed the Bank reach many milestones, and behind these milestone we have had star performers whose passion, attitude and commitment to excellence were distinguishable. Amana Bank Awards is all about recognizing these stars and honouring them for the value they have created for the Bank.”

Sharing his views, the Bank’s Chairman Asgi Akbarally said “I am honoured to have been a part of Amãna Bank Awards 2022, in celebration of the achievement of our people, whose relentless dedication and engagement has helped us reach many milestones. While congratulating all the award winners, my sincere and humble appreciation goes out to the entire Amãna Bank family.”

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Testifying its position as a leading practitioner of the non-interest based banking model, Amana Bank is recognised amongst the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

April 22, 2022

Amana-Bank-Chief-Operating-Officer-Imtiaz-Iqbal-opening-the-Thoppur-Self-Banking-Centre-along-with-the-Bank-Staff-and-customers.jpg

Amãna Bank recently opened its Twentieth Self Banking Centre at Thoppur under the patronage of its Chief Operating Officer Imtiaz Iqbal and Vice President – Retail Banking & Marketing Siddeeque Akbar alongside customers, area residents and staff of the Bank. The Self Banking Centre facilitates 24×7 cash deposits and withdrawals.

The Thoppur Self Banking Centre, which is centrally located at No 02, Main Street, Thoppur, is the only financial institution in the area to have an ATM and CDM facility, thereby catering to cash needs of many.

Commenting on the expansion of its Self Banking Centre concept to Thoppur, the Bank’s VP Retail Banking & Marketing, Siddeeque Akbar said “With the opening of our Twentieth Self Banking Centre, we are happy to extend our unique model of banking benefitting the people of Thoppur, whom for too long have been deprived of ATM and CDM facilities, for which they had to travel many miles to neighbouring cities. Based on the positive market response on the initial establishment of Self Banking Centres in remote localities, we wanted many more customers to benefit from such convenient services. We hope to expand the concept to many other regions as well.”

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

April 8, 2022

Amana Bank crossed the LKR 100 Bn milestone in Customer Deposits as of Q1 2022 thereby becoming one of the fastest Licensed Commercial Banks to reach this mark within a very short period. The Bank’s accelerated growth in deposits is owing to the wide and growing acceptance of its people friendly banking model across all Sri Lankans. As at end of Q1 2022, the Bank’s Customer Deposits stood at LKR 105.7 billion, up by 10%, compared to the 2021 closing figure of LKR 96.2 Billion. In 2021, the Bank was also bestowed the award for Fastest Growing Retail Bank in Sri Lanka by Global Banking & Finance Review, while also being recognised as one of the Top 50 Strongest Islamic Bank’s in the World by The Asian Banker.

Commenting on this milestone in Customer Deposits, Amana Bank’s Chief Executive Officer Mohamed Azmeer said “We are honoured to have crossed this milestone in such a short period of time, which testifies to the acceptance of our people friendly banking model, and the attractive returns paid by the Bank on a profit sharing basis. We are thankful to our customers for the continued trust and confidence placed in us.”

Further the Bank’s Asst. Vice President – Deposits & Digital Innovation Arshad Jamaldeen said “Over the years Amana Bank has introduced strong array of deposit products including the award winning ‘Savings Plan’ and ‘Flexi Term Investment’. The customer propositions ‘Prestige’, ‘Vantage’ and ‘Expat Gold’ ensures prioritized service and personalized engagement through dedicated relationship management and value added benefits, resulting in a lot of attraction and loyalty, which is testified by our growth numbers.”

Amãna Bank is the country’s first and only Licensed Commercial Bank to operate in complete harmony with the globally growing non-interest based people friendly banking model. With the mission of Enabling Growth and Enriching Lives, the Bank reaches out to its customers through a growing network of 33 branches and 20 Self Banking Centres spread across the country while having access to 5400+ ATMs for withdrawals and 850+ Pay&Go Kiosks for real time deposits. Customer can also benefit from an array of customer conveniences such as Internet & Mobile Banking, 24×7 Cash Deposit Machines and Banking Units Exclusively for Ladies.

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

April 5, 2022

In celebration of International Women’s Day, Amãna Bank organised a virtual panel discussion under the theme ‘Breaking the Bias’ with the participation of Dr Sulochana Segera, Chairperson of the global brand Women in Management (WIM) alongside Ms Zahara Ansary, Country Manager – CIMA Sri Lanka. This event aimed to highlight the importance of current and future roles of women in career, and these conversations provided an opportunity to celebrate the contribution of women around the world, who are leading the change, to build a more sustainable future for the economy. The event was moderated by Ms Muhara Razak, the Bank’s Asst. Product Manager for Card Business & Valued Added Services.

Commenting on the initiative Dr Sulochana Segera said “For women or men, leadership is a skill and there is no significant gender difference that exists in leadership. I am grateful for Amana Bank for having organized such a session to highlight these issues.”

Sharing her thoughts Ms Zahara Ansary said “A world free of biases, stereotypes and discrimination will be a place which is diverse, equitable and inclusive. Differences should be valued and celebrated and it is imperative on all of us to be responsible for our thoughts and actions – every day! That’s when we can collectively break through all the biases in our communities, workplaces, schools and universities. I was delighted to be a part of the IWD session for Amãna Bank. It was refreshing to note the engagement at the session and the aspirations of the young ladies at the Bank! I wish them all the best.”

Commenting on the initiative, the Bank’s Chief Operating Officer Imtiaz Iqbal said “Amãna Bank recognizes the role played by women in society and economy. We believe the younger generation should be exposed to success stories owned by our eminent panellist. I am thankful to all those who participated and benefitted from this discussion”

In line with UNSDG Goal No. 5 on Gender Equality, Amãna Bank is the only Bank in Sri Lanka to provide services exclusively for women which includes Exclusive Ladies’ branch at Head office and exclusive Ladies’ units at selected branches. The Bank also offers exclusive Ladies Saving Accounts, Ladies Current Accounts, Women Entrepreneurship Financing and Exclusive Ladies Debit Card with Online transaction facility and year around offers.

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

March 30, 2022

Amãna Bank successfully held its 13^th Annual General Meeting (AGM) on a virtual platform, following the success of its previous virtual AGM’s held in 2020 and 2021 owing to the pandemic situation.

The AGM which was held on 25March 2022 with the full quorum being present, was broadcasted live from the Bank’s Corporate Office Board Room via a virtual application. The AGM was held under the patronage of the Bank’s Chairman Asgi Akbarally while Senior Director Rajiv Nandlal Dvivedi and Directors representing the IsDB Group, the principal shareholders of the Bank, Mohammed Ataur Rahman Chowdury and Syed Muhammed Asim Raza, flew from overseas to be physically present at the meeting. The meeting also had the physical presence of Director Aaron Russel-Davison, Director Mohamed Adamaly; Chief Executive Officer Mohamed Azmeer and members of the Bank’s Management Committee while the Bank’s Directors Dilshan Hettiaratchi, Khairul Muzamel Perera, Paul Mercer, Omar Kassim and Tishan Subasinghe connected to the meeting remotely. Shareholders who were connected through the virtual platform were encouraged to actively participate at the meeting. The meeting also witnessed the participation of other key stake holders such as the Bank’s External Auditors Ernst & Young (EY).

Commenting on the Bank’s virtual AGM proceedings, Chairman Asgi Akbarally said “With virtual meetings being part of the new normal, we are pleased to have once again successfully hosted our AGM leveraging on virtual technology. I would like to thank the shareholders who connected with us for their active participation to ensure a successful meeting.”

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates, or affiliated institutions.

February 25, 2022

PAT up by 78%

Amana Bank celebrated a decade of people friendly banking in 2021 and concluded the landmark year on a high note, crossing the LKR 1 billion milestone in Profit Before Tax (PBT), becoming one of the fastest banks in Sri Lanka to reach this landmark.

Despite challenging economic conditions that prevailed throughout 2021, Amana Bank showcased resilient performance through a significant growth of 42% in PBT to reach LKR 1.08 billion compared to LKR 761.4 million recorded a year ago. Profit After Tax for the same period reflected an impressive YoY growth of 78% to close at LKR 824.7 million in comparison to LKR 463.7 million recorded in 2020. This translates to an Earnings Per Share of 31 cents in comparison to 17 cents in 2020.

Net Financing Income reached LKR 4.26 billion from LKR 3.45 billion in 2020, reflecting a YoY growth of 23% which was supported by maintaining a healthy financing margin of 3.8% through low cost deposits. It is noteworthy that this achievement comes amidst the relief and concessions offered to Covid-19 affected customers and lower financing rates that prevailed during most part of the year. Despite import controls and restrictions in foreign currency, which impacted Fee and Trading Income, the Bank achieved a 13% YoY growth in Total Operating Income to reach LKR 4.80 billion, while Net Operating Income after accounting for adequate impairment, grew by 8% to LKR 4.01 billion.

Despite inflationary pressures, the Bank maintained Operating Expenses at 2020 levels through active focus on cost containment, resulting in the Bank posting a noteworthy growth of 25% in Operating Profit before VAT on Financial Services to reach LKR 1.44 billion compared to LKR 1.15 billion achieved a year back. The Bank’s aggregate tax contribution of LKR 620 million accounted for 42% of the Bank’s Operating Profit before all taxes.

The consistent profit momentum over the years paved the way for the Bank to reward its valued shareholders for the fourth consecutive year with the issuance of a scrip dividend valued at 10 cents per share, resulting in a total pay-out of LKR 260.1 million and being 30% higher than the dividends paid in 2020. Dividends were paid in scrip form to ensure compliance with regulatory guidelines.

In 2021 The Bank recorded double digit growth in both deposit and advance portfolios. Outperforming the banking industry in average credit growth, the Bank grew its Customer Advances by a noteworthy 21%, to close the year on LKR 75.82 billion from LKR 62.57 billion in 2020. Customer Deposits grew by a commendable 15%, despite challenges in market liquidity towards the latter half of 2021, to complete another successful year at LKR 96.16 billion from LKR 83.55 billion in 2020. The growth in customer deposits was enabled through a stable mix of funds as Current Accounts and Savings Accounts (CASA) continued its upward momentum with the ratio improving to 46%. The Bank also placed great emphasis on portfolio management and recoveries through timely customer engagement which resulted in containing non-performing advances (NPA) well below the industry averages with Net NPA and Gross NPA ratios of 0.5% and 3.1% respectively.

Having already surpassed the LKR 100 billion mark in Total Assets in 2020, the Bank went on to further enhance its Total Assets to close the year at LKR 121.91 billion, which translates to a notable YoY increase of 22%. The Bank’s Total Capital Ratio stood at a healthy 15.7% as at 31 December 2021, well above the minimum regulatory requirement.

As a recognition of the strong and steady progress made over the last decade, Amana Bank went on to be ranked amongst the Top 50 Strongest Islamic Banks in the World by The Asian Banker, cementing the Bank’s position as a leading practitioner of the non-interest based people friendly banking model across the world.

Sharing his views, Chairman Asgi Akbarally said “As we celebrate a decade of people friendly banking, I am truly humbled and honoured by the Bank’s resilient performance in 2021. These achievements echo the Bank’s unique business model, which is well aligned to the needs of the economy. I am thankful to my fellow Board of Directors, Board Advisors, CEO led Senior Management and Staff for their commitment and dedication to achieve this commendable performance during 2021. I am also thankful to the Central Bank of Sri Lanka for their swift and timely action which resulted in timely relief to the public, valued support to revive affected SME’s, proactive action to support the Banking Industry, and many other positives which has guided and enabled us to steer through the challenges of 2021.

Despite the challenges, we also ensured the continuity of the OrphanCare initiative, under the stewardship of its independent Board of Trustees, where we completed the 9th round of disbursement, covering 3,000+ orphans representing 85 orphanages across Sri Lanka, for which I would like to thank all the trustees, partners, donors and well-wishers.”

Commenting on the Bank’s 2021 performance Chief Executive Officer Mohamed Azmeer said “Reflecting on our humble beginning in 2011, it is truly satisfying to note how the Bank has relentlessly progressed over the last 10 years and emerged as one of the fastest growing institutions within the local banking industry, backed by the trust and confidence of our valued customers and shareholders. Having demonstrated its resilience against the COVID-19 impact of 2020, Amana Bank started 2021 from a position of strength. The Banks clear vision, ethical business model and strong risk fundamentals combined with prudent planning and strong customer engagement allowed us to further enhance our track record, which is reflected on the Bank’s recent financial performance. While achieving profitability, the Bank also ensured to embrace sustainability in its activities, aligning to selected UNSDGs while also supporting the Sustainable Banking Initiative founded by the Sri Lanka Banks’ Association. I am thankful to our Directors, shareholders, customers and valued partners, for their longstanding trust and confidence on Amana Bank, which has been a pivotal force in our resilient performance. I am confident this will continue in to 2022 and in the many years to come, and invite everyone to be part of our accelerated growth journey, as we lay the foundation to optimize on our opportunities outside the shores of Sri Lanka””

Amana 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 IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In September 2021 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions.

February 14, 2022

In line with its strategic focus, Amãna Bank has strengthened its SME Banking proposition through the introduction of Business Plus which is a platform tailor made to offer peace of mind for business on their finances, allowing them the freedom to focus on the growth of their business.

Commenting on its SME offering the Bank’s Chief Operating Officer Imtiaz Iqbal said “SMEs are clearly the driving force of the economy, which is why Amana Bank continues to focus on this sector, supporting them through the mounting challenges of the recent times. We strive to be a trusted partner to SME’s, by providing constructive and timely assistance to help them expand and strengthen their business towards becoming the emerging corporates of the future. The Business Plus proposition creates the perfect platform for this engagement, through the feature of having a dedicated relationship manager. Other services on offer include doorstep banking, preferential pricing, branded cheque books, payroll solutions and many more.”

“By design, the unique banking model we follow insists on sharing risks and rewards with our customers, which is an ideal fit for SME’s who are looking for a trusted and engaged relationship with a Bank. We invite every SME in Sri Lanka to engage with us and experience our unique approach to Banking, so that we can help in “Enabling Growth and Enriching Lives” in line with our Mission statement ” added Imtiaz.

Amana Bank offers a comprehensive suite of products and services to meet the wide array of financial needs of an SME including, Capital Expenditure Financing, Working Capital Financing, Import & Export Financing, Trade Services, Machinery & Equipment Leasing, Permanent Overdraft, Cheque Discounting as well as solutions for Cash Collection and Investments.

Amãna Bank Business Plus is offered in two membership categories, namely Business Plus Silver and Business Plus Gold. More details about Amana Bank Business Plus Membership, could be obtained by visiting the Bank’s website www.amanabank.lk , reaching to the Bank’s Hotline on 011 7 756 756 or visiting any of the Bank’s 33 branches.

January 27, 2022

Ajmal Naleer, joins M Pharis Jazeel and M M S Quvylidh as Senior VP

Amana Bank has appointed versatile banker Imtiaz Iqbal as its Chief Operating Officer (COO) with effect from 1 January 2022. Having joined Amana Bank in 2018, Imtiaz Iqbal served as its VP Operations taking over the responsibilities of Operations, Branches, SME Banking and Administration. With his appointment as COO, Imtiaz Iqbal will also oversee the HR, Legal and IT functions of the Bank.

Imtiaz possesses a strong career track record in banking which commenced in HSBC Sri Lanka where he gathered valuable experience in both business and risk aspects by overseeing many areas such as Credit Risk Management, Operational Risk, Financial Crime Risk Management, Collection & Recoveries and Card Operations, while being exposed to overseas assignments and training. He culminated his illustrious career at HSBC as the Chief Operating Officer – Retail Banking and Wealth Management while also being a member of the Bank’s Management Committee from 2013 to 2016. Imtiaz holds an MBA from the University of Wales, UK as well as a professional qualification from the Institute of Bankers Sri Lanka.

The Bank also announced the promotion of its Chief Compliance Officer Ajmal Naleer to the position of Senior Vice President. Ajmal Naleer joined Amana Bank in 2013 as its Vice President – Credit before taking up the role of Chief Risk Officer and then later Chief Compliance Officer. A veteran banker with 40 years of experience, Ajmal started his banking career at HNB in 1982 and subsequently moved to UAE in 1989 where he worked at Abu Dhabi Commercial Bank and Emirates NBD Bank. During his 18 year span in UAE, Ajmal was exposed primarily to the areas of Bank Management, Risk Management, Credit & Special Assets Management, Credit Control, and Relationship Management. In 2006 he joined the Sri Lanka office of MCB Bank, where he functioned as the Head of Credit and Risk Management. Ajmal possesses strong Credit and Risk Assessment skills with a proven track record in Credit Portfolio Management. He is an Associate of the Institute of Bankers, Sri Lanka and a Member of the Chartered Institute of Bankers, UK

With this appointment, Ajmal joins existing Senior Vice Presidents M M Q Quvylidh (Chief Risk Officer) and M. Pharis Jazeel (SVP – Treasury and Financial Institutions) as part of the Bank’s Management Committee.

Commenting on the new appointments the Bank’s Chief Executive Officer Mohamed Azmeer said “I am delighted to have these four versatile and well-versed bankers taking up greater responsibilities in leading Amana Bank towards its next growth phase. Over the years, they have showcased and established a strong track record of performance and leadership”

Newer Posts

Older Posts

Amana Bank commissions 5 new ATMs

Amana Bank records best ever quarterly performance in Q1 2022

Amana Bank Awards 2022 recognises the Best of the Best

Amãna Bank opens Self Banking Centre at Thoppur

Amana Bank crosses LKR 100 Bn in Deposits

Amãna Bank celebrates International Women’s Day

Amãna Bank holds 13th AGM

Amana Bank 2021 PBT up by 42% and crosses Rs 1 Bn milestone

Amana Bank strengthens SME Banking Proposition with Business Plus

Amana Bank announces Imtiaz Iqbal as COO