The Commercial Bank of Ceylon is launching ‘Sharia Compliant Banking’ to better serve an important segment of its customer base that requires Sharia-compliant financial products based on Islamic principles, the bank said.
It has announced the appointment of three eminent scholars in Islamic jurisprudence to its Sharia Board, to guide the operations of its new Islamic Banking Unit and to conduct periodic audits to ensure that all transactions conform to the parameters of the Sharia. Sheikh M M A Mubarak, Sheikh Fazil Farook and Sheikh M M Murshid are members of the All Ceylon Jamiyyathul Ulama who will serve on Commercial Bank’s first Sharia Board.
Commercial Bank’s Managing Director Amitha Gooneratne said that as one of Sri Lanka’s largest private banks it is their obligation to ensure that the services the unit provides are fully compliant with the tenets of the Sharia.
The Commercial Bank’s Islamic Banking Unit would initially be located on the fourth floor of its headquarters building at Bristol Street, Colombo. The products would be later be made accessible to customers visiting branches via the bank’s IT system.