Sudan promotes Islamic concept banking in Lanka

The Central Bank of Sudan has stepped in to provide technical assistance to ABC investments Ltd, to open out a new dimension in trade and finance under the Islamic concept for the benefit of all communities in the country.

The financial transactions of the newly formed Investment and Finance Company will be carried out under profit sharing basis regulated by rules and guide lines of the Islamic faith. The Sudan Central Bank has signed a Memorandum of Understanding with ABC Investments and AL Zubair Charity Foundation to assist the company to develop various innovative financial instruments and Islamic financing, where Sudan has a long history.

The ABC group will be able to set up business in Sudan in the future under this strategic partnership. Addressing a media conference in Colombo last week, Managing Director of the ABC Investments M.I.M Razeek said that the MOU will provide several benefits to Sri Lanka including training of staff, manuals and banking documentation in addition to funding arrangements for projects both in Sri Lanka and Sudan. He added that ABC Investments plans to introduce good practices of savings and investments within the country.

The company which provides Barakah Islamic financial services has devised strategies to increase the 300 million deposit mark before December while operating just in Colombo Razeek said, “They will set up branches in Kattankudy in the island's east and Kandy in the central hills by January”. ABC Investments maintains 1000 accounts in Colombo and hope to reach 10,000 within a year as it moves into the other regions. It will cater to the needs of clients in Matale and Katugastota areas from Kandy and by March open a unit in Puttalam.