Demonstrating its commitment to serve the special requirements of its Islamic customers, the Commercial Bank of Ceylon has inaugurated dedicated Al Adalah Islamic Banking Counters at its Dehiwala and Galle Fort branches, further expanding access to banking products and services that fully comply with Sharia Principles.
The new counters are the fourth and fifth such units established by Commercial Bank, following those at the Bank’s City Office in Colombo 1, Main Street Pettah, and Kattankudy.
Staffed by personnel trained in Islamic Banking, these counters will offer a wide range of essential services including account opening, lending facilities and customer support. A dedicated Islamic Banking Unit officer has been assigned to each unit to provide personalised and efficient service to customers in the surrounding areas.
Under its ‘Al Adalah’ Islamic Banking brand, Commercial Bank offers a comprehensive portfolio of products that include the Wadiya Yad Dhaman Current Account; Mudaraba Savings Account, Mudaraba Investments, Diminishing Musharaka, Murabaha and Musawamah, Ijara Leasing and import financing. All these are provided under the guidance and supervision of the Bank’s Sharia Board comprising eminent experts in Islamic jurisprudence, ensuring compliance with Sharia principles.
The first Sri Lankan bank with a market capitalisation exceeding US$ 1 billion, Commercial Bank was also the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
Photo caption:
Mr. Hasrath Munasinghe, Deputy General Manager – Corporate Banking at Commercial Bank and representatives of the Bank’s Senior Management participate in the opening of the two Islamic Banking Counters.
