Seylan Islamic Banking Wins Gold Award for “Emerging Entity of the Year” at SLIBFI Awards 2020

Seylan Bank, the Bank with a Heart, has won the coveted Gold Award for “Emerging Entity of the Year” at the Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards 2020. The SLIBFI Awards are the premium awards for Islamic Finance in Sri Lanka, setting the competitive benchmark for the industry.

Seylan Bank’s Islamic Banking Unit commenced operations in 2018 under the Bank’s strategic vision to cater for the niche market segment of clients, looking for Islamic banking solutions and services. The unit has achieved significant growth in income level, and assets and liabilities base. During the year 2020, the Islamic Banking unit achieved over 100% growth in the top line, while the assets and liability books grew by a similar level for the same period.

M. Z. Sameer Mohamed, Head of Islamic Banking Unit, Seylan Bank commented on winning the award. “Islamic Banking is an alternative banking system practised around the world alongside conventional banking and has a growing clientele in Sri Lanka. This system is not confined or available only to a particular faith or ethnic group, rather, it is available for anyone wishing to embrace the alternative system. To be part of a Bank loved by customers for decades and be recognized as “Emerging Entity of the Year” at the SLIBFI Awards is a true testament of our efforts and the seamless integration of the Islamic Baking Unit into the Banking industry.”

In a year with unprecedented challenges posed by the outbreak of the COVID-19 pandemic, the Islamic Banking unit was able to proceed in a steadfast manner. Seylan Islamic Banking Unit offers all types of Islamic Banking Products and Services to meet the needs of its diversified client base. Diminishing Musharakah, Wakalah Financing, Murabaha are few to name on the financing side while deposit products are structured under Mudarabah and Wakalah deposit principles. 

“Events likes this really inspire and motivate the industry players for better performance and healthy competition which will lead to better services for the growing clientele.” Sameer Mohamed added, praising the annual Sri Lanka Islamic Banking and Finance Industry (SLIBFI) Awards. Seylan Bank’s Islamic Banking Unit is the youngest amongst its peers in Sri Lanka with a dedicated team, serving a customer portfolio comprised of a mix of corporates and retail clients. The unit is well-diversified, covering sectors such as renewable energy, real estate, construction, agriculture and retail sectors, with the retail portfolio primarily focused on financing for housing, vehicles and other movable assets.

The SLIBFI Awards are presented in conjunction with KPMG which ensures an impartial evaluation process of the submissions. An independent panel of judges of repute assist in the final adjudications, under the guidance of KPMG, retaining transparency in the awards.

Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers, and has expanded its footprint with 172 branches, 70 Cash Deposit Machines, 86 Cheque Deposit Machines and an ATM network of 216 units across the country. Seylan Bank has been endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised to ‘A’ (lka). The bank was ranked second among public listed companies for transparency in corporate reporting by Transparency Global and is now part of the S&P Dow Jones SL 20 Index. These achievements are a testament to Seylan Bank’s financial stability and unwavering dedication to ensuring excellence across all aspects.