Seylan Bank’s Islamic Banking wins Gold at SLIBFI Awards 2019  

Seylan Bank PLC’s Islamic Banking Unit has placed Sri Lanka prominently in the world of Islamic Finance, securing the joint Gold Award for Deal of the Year 2019 at the recently concluded Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards 2019 and Bronze for the same deal at the regional Islamic Finance Forum of South Asia (IFFSA) Awards 2020. Seylan Bank was recognized for successfully financing a Diminishing Musharaka Facility to Timex Bukinda Hydro (U) Ltd as part of a syndicate facility, the bank said in a media release.

The SLIBFI Awards, the premium industry awards for Islamic Finance in Sri Lanka, are presented in conjunction with KPMG, whose key role is to ensure an impartial evaluation process. An independent panel of judges of repute assist in the final adjudications, under the guidance of KPMG. The IFFSA Awards recognize the high achievers in the South Asian region for their efforts in Islamic Banking and Finance during 2019 with industry leading practitioners from Pakistan, Bangladesh, Maldives, India, and other South Asian Countries competing alongside Sri Lanka for accolades.

“Islamic banking is broadly adopted around the world and the preferred choice for some of our clients. Seylan Bank’s Islamic Banking Unit takes pride in being able to facilitate such an important deal for our client. Furthermore, this multiple award-winning deal has also placed Sri Lanka firmly on the global Islamic Finance map,” said Ramesh Jayasekara, Chief Operating Officer, Seylan Bank, in a media release issued by the bank.

The Timex Bukinda Hydro (U) Ltd project transaction has resulted in Sri Lanka understanding the proficiencies and capabilities of Islamic Banking and Financing which has a mere 20-year history in the country. It also portrays Sri Lanka’s own management expertise and engineering capabilities in establishing hydro power plants overseas, thereby putting Sri Lanka on the Global Islamic Banking map.

Speaking on the dual awards, M.Z. Sameer Mohamed, Head- Islamic Banking Unit - Seylan Bank stated, “We are very humbled by the recognition this transaction has received from the wider Islamic Finance community. It has firmly placed Sri Lanka as a partner of choice for future cross border transactions via Sharia compliant platforms, and also created confidence in foreign investors and other leading Islamic Financial institutions to obtain more syndicate financing facilities in achieving their corporate goals, which as a result would promote Islamic Finance.”