Sri Lankaâ€™s AmÃ£na Bank seeks investment from ICD
ECONOMYNEXT – Sri Lanka’s Amãna Bank said it is in talks with Islamic Corporation for the Development of the Private Sector (ICD) to sell new shares as part of measures to raise its core capital.
A stock exchange filing said the central bank had extended time to raise the bank’s core capital to Rs7.5 billion to 30 June 2017 from 1 January 2017.
Amãna Bank, a Sri Lankan bank operating on the non-interest based Islamic banking model, said it is required to increase capital further to Rs10 billion by 1 January 2018.
ICD is a multilateral development financial institution and is part of the Saudi-based Islamic Development Bank and is the fund manager of the IB Growth Fund (Labuan) LLP (IBGF).
(COLOMBO, Jan 30, 2016)