Islamic Finance in Non-Muslim Countries: Sri Lankan Perspective

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Presentation transcript:

Islamic Finance in Non-Muslim Countries: Sri Lankan Perspective Mohamed Azmeer, CEO Amãna Bank PLC

Islamic Finance: A Global Perspective IF Penetration : 0.9% Muslims : 23.7% GLOBAL IF Penetration : 1.5% Muslims : 9.7% SRI LANKA Source: Pew Research (USA) / IFSB

Islamic Finance Development Index Ranked 13th 15 Nations 47 Muslim Countries 131 COUNTRIES 84 Non - Muslim Countries QUANTITATIVE DEVELOPMENT AWARENESS Ahead of 118 countries…..xxx muslim countries KNOWLEDGE CSR GOVERNANCE

Sri Lanka’s country score amongst Non Muslim Countries QUANTITATIVE DEVELOPMENT KNOWLEDGE GOVERNANCE CSR AWARENESS SRI LANKA SOUTH AFRICA SINGAPORE UNITED KINGDOM 30.65 22.89 20.04 13.54

Sri Lankan Journey of Islamic Finance 1997 Demonstrate Market Need & Viability 1997 Demonstrate Market Need & Viability Secure Legal & Regulatory Acceptance Risk Governance Compliance Model Congruence Risk Governance Compliance Model Congruence Addition of two Clauses to Banking Act Universal Proposition

Universal Value Proposition of Islamic Finance Financial Sector Excessive Growth in Isolation DEBT TRAP Financial Sector Real Sector External Sector Fiscal Sector FINANCIAL DISCIPLINE INCLUSION ACCESSIBILITY

Sri Lanka: Islamic Finance Industry 1 Fully Fledged Islamic Bank 2 Windows owned by state banks & FIs 14 Windows owned by private banks & FIs 3 Takaful Insurance Companies 4 Sharia compliant unit trusts

Sri Lanka: Islamic Finance Reach All 9Provinces All 25 Districts

Sri Lanka: Islamic Finance Impact Infrastructure Manufacturing Fisheries Agriculture Trading Shipping & Logistics Aviation & Transport Services

Islamic Bank of the World Global Recognition Best Up-and-Coming Islamic Bank of the World Best Islamic Bank In South Asia Global Innovation Award

Sri Lankan Experience: Product Innovation Market Need Legal & Regulatory Acceptance Model Congruence

Thank you