NDB Shareek Islamic Bank of the year | Daily News


 

NDB Shareek Islamic Bank of the year

NDB Shareek, the Islamic Banking Unit of NDB was awarded the prestigious ‘Islamic Bank of the Year – Sri Lanka 2020’ by the globally renowned Financial Times’ publication, “The Banker Magazine – UK” amid strong competition from domestic competitors.

 NDB Shareek won this award amongst 11 individual country winners globally, 2 regional winners and 1 global winner.

The global award recognises NDB Shareek’s leading position among Sri Lanka’s best Islamic financial institutions. NDB Shareek won this award from Sri Lanka along with world renowned banks such as Qatar Islamic Bank, ADIB Egypt, Jordan Islamic Bank, Boubyan Kuwait, Samba Financial Group Saudi Arabia, Emirates Islamic UAE and Al-Amal Microfinance Bank (AMB) Yemen. Launched in 2014 as the Islamic window of Sri Lanka’s National Development Bank, NDB Shareek has grown to be one of the country’s largest Islamic lenders. Its sharia asset base has more than doubled since 2017, growing by 16% to $69.2 million in 2019, with Tier 1 capital growing by 11%. Profit after tax rose by 13% year-on-year, a faster growth rate than NDB’s conventional operations.

 


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