Amana Bank amongst Top 50 Strongest Islamic Banks in the world

Amana Bank Sri Lanka has been ranked amongst the Top 50 Strongest Islamic Banks in the World according to the latest ranking index published by The Asian Banker, thereby further cementing the bank’s position as a leading practitioner of the non-interest based banking model, the local bank said in a media release.

In evaluating the ‘Strongest Islamic Banks’ which is based on balance sheet strength, The Asian Banker established a comprehensive and rigorous evaluation scorecard entailing six areas of financial position and performance i.e. the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity. Some of the key indicators used for evaluation include Total Assets, YoY Growth in Advance and Deposits, Advance to Deposit Ratio, Capital Adequacy, YoY Growth in Operating Profit, Return on Assets, Cost to Income Ratio, Non Performing Advance Ratio and CASA Ratio, the statement said.

Commenting on this achievement Amana Bank’s Chief Executive Officer Mohamed Azmeer said “Having been ranked in the Top 100 Strongest Islamic Bank index for the first time last year, we are delighted that Amana Bank has forayed to the Top 50 in just a year’s time, reflecting a significant improvement. We are delighted to share our presence in the Top 50 alongside some of the leading and well-established Islamic Banking and Financial institutions from Middle East and Asia Pacific, which is a great encouragement for the bank.”