Islamic financial services at People’s Bank Leasing

An Islamic Financial Services Unit was launched by the People's Leasing Company (a subsidiary of People's Bank) in Kandy with many Muslim traders being present. Chairman of the People's Bank W. Karunajeewa addressing the participants at Queen's Hotel Ballroom, said that this aspect of banking, recently introduced to the country, is based on the Shariah Law. He said that in this there is no interest, but there is trade, which has a deep significance in this law.

He said that he was happy to be in Kandy to launch this financial service, where People's Bank is involved in reaching the masses, as initiated by the bank when it was first established. He said that this service would be a boon for the Islamic community wnich is based on the brotherhood of mankind to establish peace and tranquility in the world.

General Secretary of the All Ceylon Jamiyyathul Ulama and a member of the Shariah Supervisory Board of the People's Leasing Islamic Financial Services Unit Ash-Shallkh H. Abdul Nazar addressing the participants said that the Shariah Board would see that the People's Leasing Islamic Financial Services Unit runs the undertaking in conformity with Shariah laws and it would also audit bi-annually and issue an audit report based on the independent opinion formed from the audit.

He said that to put the record straight Islamic Banking and Finance is an intergral part of Islam which every Muslim is expected to practise. Meanwhile, he said it is not confined to Muslims, but open to non Muslims too. Nazar further said that there was a time when the colonists imposed on all the people irrespective of faith their own man made economic theories which are devoid of equity and fair play and involve interest, injustice and uncertainty. As a result, he said that Muslims who were under imperialism were indeed unable to carry out their business activities, standing within the ambit of the Shariah laws.

He further said that after World War II when a large number of Muslim countries gained independence from colonial rule, the Muslim scholars commenced contemplating independent Islamic economics in a bid to ensure that the Muslims are on the right track in terms of trade, commerce banking and finance.

Among those who spoke were the Chief Executive Officer of People's Bank D.P.Kumarage, Ikram Thowfeek and Dr.M.S.A.M.Shukiri. The function was organised by the Manager of People's Leasing in Kandy I.L.A. Gaffar.