Business Times

Many milestones achieved in Islamic Banking in Sri Lanka

At the daylong 3rd Sri Lanka Islamic Banking and Finance Conference held in Colombo last week, speaking on the Journey to create a Level Playing Field in Sri Lanka, Suresh R I Perera, Principal – Tax and Regulatory, KPMG Ford, Rhodes, Thornton & Co said that there were many milestones achieved towards Islamic Banking in Sri Lanka.

He said that deliberations at Islamic Finance Tax Focus Group were made and lobbied the Ministry of Finance. Submissions to the Presidential Taxation Commission (PTC) were made and there were endorsement in the Report issued by the PTC.

He said that rules and guidelines would be issued by the Commissioner General of Inland Revenue with appropriate amendments where necessary would be considered in identifying the financial instrument for tax purposes under the relevant tax laws.

He said that there should be a level playing field for the Islamic finance transactions structured to allow investors to receive returns in forms other than interest and requires additional transactional steps, which in the absence of specific tax laws, may be looked at individually by tax authorities and taxed in isolation. The additional tax costs make Islamic financial products less competitive compared to conventional counterparts.

Faizel Salieh, Managing Director/CEO , Amana Bank Ltd making the keynote address said that if they are to build the right attitude of Islamic Banking and Finance (IBF) in Sri Lanka there should be right behaviour in the whole financial market and the quality dimension over the quantity dimension and a high level of conviction is also important.

He said it is a challenge to find sound and available alternatives for the financial industry to reflect and focus on market discipline in IBF. He said that IBF business model is in the spotlight not only globally but also in Sri Lanka.

He said the peple are watching and examining whether they would succeed or fail because the conventional system has undergone tremendous pressure. Within the conference several panel discussions were held on such areas as: The Entry of Conventional Financial Institutions into the IBF Industry; From Private Equity to Listing and Equity Instruments – the Sharia’h Perspective.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Strict rules necessary against insider trading
National Intellectual Property Office has limited resources to grant patents
Sri Lanka to export rice to ME, Asia
Citi Bank reversal in oil hedge claim triumph for Sri Lanka
Hotels overflowing for Kandy Perahera
Hemaka Amarasuriya, new NDB Chairman
Modern times for the Veddahs
COMMENT - Jobs for Lanka’s elder citizens
Hedging theatrical, a comedy and a tragedy
SLPA kick-starts marketing campaign costing Rs.100 million
Havelock City chairman donates Temple Complex
Finco Leisure investments tops Rs.2.5 bln
Sampath Bank grows by 52%
Fitch continues Commercial Bank's 'AA(lka)'
Micromax targets Sri Lankan fisherfolk with waterproof handsets
SLIA launches Architect 2012
Fitch upholds 'AAA (lka)' for SCB's SL branch
Many milestones achieved in Islamic Banking in Sri Lanka
Commercial Bank’s Bangladesh operations upgraded to AAA
Uva Wellassa University produces qualified Actuarial students
Expolanka-APIIT Entrepreneurship Incubation Programme launched
Amãna Bank, Sri Lanka’s first Islamic or Sharia compliant bank, opens for business
Master Baker and As paragus Expert from the Netherlands
Courage for creativity!
Sri Lanka-born Canadian chef promotes the country’s tourism overseas
Great leaders are humane, inspirational and work as a team : Neela
SLAAQP to revive interest in quality circles
University of Colombo to felicitate Prof. S.M.P.Senanayake
Level playing field must in Colombo stockmarket
Cigarette sales boom on North-East activity, more tourists: CTC
Aug 24-25 NITC offers cloud, iPV6, cyber war, m-payments, farming
Local ad agencies freelance out digital: Study
Evolving Marketing - Direct marketing and deal of the day websites
Aug 26 SLASSCOM workshop for all IT faculty of state regional universities
Nokia’s dual SIM Plus phones now in Sri Lanka
Many m-banking solutions not secure, not CBSL compliant
Face of the new Sri Lankan Call Centre?
Change of direction this week
B.Sc. degree in Transport and Logistics Management at Moratuwa University
Sri Lanka gets Hybrid car maintenance centre from Singapore


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution