The Commercial Bank of Ceylon has opened a dedicated Islamic Banking Counter at its branch at Main Street, Pettah, for the convenience of customers seeking Sharia-compliant banking products and services.

This is the third such dedicated counter to be set up by Commercial Bank. The main branch of the Bank’s Islamic Banking Unit is located at its City Office building in Colombo 01 while another dedicated Islamic Banking Counter is operated at the branch in Kattankudy in Batticaloa.

These counters offer a wide range of essential banking services including account opening, lending facilities and customer service support and are staffed with personnel familiar with the banking products designed to conform with the religious beliefs of customers seeking Sharia-compliant banking and investment products.

Among the products offered by Commercial Bank under Al Adalah Islamic Banking are the Wadiya Yad Dhaman Current Account; Mudaraba Savings Account, Mudaraba Investments, Diminishing Musharaka, Murabaha, and Musawamah, Ijara Leasing and import financing.

All of these products are offered under the guidance of the Bank’s Sharia Board comprising of eminent experts in Islamic jurisprudence, to ensure that all transactions conform to the tenets and parameters of the Sharia.

Voted Sri Lanka’s Most Loved Bank brand, Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalisation in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest private sector lender, the largest lender to the SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.

Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, and a Microfinance company in Myanmar. The Bank recently received approval from Dubai Financial Services Authority to establish a representative office within the Dubai International Financial Centre (DIFC) and is the first Bank in Sri Lanka to achieve this milestone, making a significant step towards broadening its global footprint. The Bank’s fully-owned subsidiary CBC Finance Ltd., also delivers a range of financial services via its own branch network.

Photo caption:

Commercial Bank Deputy General Manager - Corporate Banking Mr Hasrath Munasinghe accepts a deposit at the new Islamic Banking Counter in the presence of the Assistant General Manager - Corporate Banking Mr B. A. H. S. Preena and Assistant General Manager – Personal Banking/Retail Products Department Mr Kapila Liyanage.