Insurance sector grows 19.63% in 2010
The Sri Lanka Insurance sector has recorded a 19.63 percent growth in 2010 compared with 2009, taking in a Gross Written Premium Income (GWMI) of Rs.68.4 billion, according to the data released by the insurance regulator, Insurance Board of Sri Lanka (IBSL)
The Life Insurance sector grew by 31 percent to Rs.31.1 billion in 2010 while the General Insurance Sector recorded a growth of 11 percent recording a GWPI of Rs.37.3 billion.
The Total Assets of the insurance companies have increased to Rs.222 billion at the end of year 2010. Total Assets valued at the end of year 2009 was Rs.181 billion
The Life Insurance sector grew by 31 percent to Rs.31.1 billion in 2010 while the General Insurance Sector recorded a growth of 11 percent recording a GWPI of Rs.37.3 billion.
The Total Assets of the insurance companies have increased to Rs.222 billion at the end of year 2010. Total Assets valued at the end of year 2009 was Rs.181 billion
Amana Bank and Bank Islam ink Partnership Agreement in KL
Amana Bank Managing Director Faizal Salieh and Bank Islam Managing Director Datuk Seri Zukri Samat signing the agreement. Looking on are Bank Islam Chairman Datuk Zamani Abdul Ghani, Bank Negara (Central Bank of Malaysia) Assistant Governor Bakarudin Ishak and the Sri Lankan High Commissioner in Malaysia His Excellency Dr. D.D. Ranasinghe
Amana Bank signed a Technical Advisory Service Agreement with its strategic partner Bank Islam Malaysia Berhad, the pioneer Islamic financial service provider in Malaysia, at an event held in Kuala Lumpur recently. At the ceremony Bank Islam was also presented with its Share Certificate confirming its 20% stake in Amana Bank, the Sri Lankan pioneer in Islamic Banking.
Under the Technical Advisory Service Agreement, Bank Islam will play a significant role in transferring Islamic banking expertise to Amana Bank. Having been involved with the Amana group since 1999 as a Strategic Partner, Bank Islam will render its valuable technical know-how and service to the new bank.
Speaking to the gathering at the ceremony, Bank Islam’s Managing Director Datuk Seri Zukri Samat said “this business venture was Bank Islam’s maiden overseas banking venture in line with our regional expansion plan.” He further added that “Sri Lanka was chosen not only to capitalize on our existing presence and familiarity with the business environment, but more importantly due to its favourable economic prospects and tremendous untapped potential of its promising Islamic financial service industry.”
Amana Bank’s Managing Director Faizal Salieh commented on Bank Islam’s continued support and commitment to establish Sri Lanka’s first licensed commercial bank to operate under the principles of Islamic Banking. He further said “Malaysia stands out as an icon in the world of Islamic Banking. I see today’s event here in KL as a significant milestone in the area of Islamic Banking cooperation between our two countries. We are indeed happy to be at the centre of this cooperation.”
The signing ceremony was attended by Bank Islam Chairman Datuk Zamani Abdul Ghani, Bank Negara (Central Bank of Malaysia) Assistant Governor Bakarudin Ishak and the Sri Lankan High Commissioner in Malaysia His Excellency Dr. D.D. Ranasinghe.
Both Bank Islam’s Managing Director Datuk Seri Zukri Samat and Chief Operating Officer – Business Support Jaafar Bin Abu have been appointed as directors of Amana Bank. In addition Bank Islam’s AGM and Head of Sharia Division Mohd Nazri bin Chik is also sitting in the Independent Sharia Supervisory Council of Amana Bank.
Amana Bank is well poised to offer the Sri Lankan market a unique and rewarding banking experience and expects to commence operations during the second half of this year
Amana Bank signed a Technical Advisory Service Agreement with its strategic partner Bank Islam Malaysia Berhad, the pioneer Islamic financial service provider in Malaysia, at an event held in Kuala Lumpur recently. At the ceremony Bank Islam was also presented with its Share Certificate confirming its 20% stake in Amana Bank, the Sri Lankan pioneer in Islamic Banking.
Under the Technical Advisory Service Agreement, Bank Islam will play a significant role in transferring Islamic banking expertise to Amana Bank. Having been involved with the Amana group since 1999 as a Strategic Partner, Bank Islam will render its valuable technical know-how and service to the new bank.
Speaking to the gathering at the ceremony, Bank Islam’s Managing Director Datuk Seri Zukri Samat said “this business venture was Bank Islam’s maiden overseas banking venture in line with our regional expansion plan.” He further added that “Sri Lanka was chosen not only to capitalize on our existing presence and familiarity with the business environment, but more importantly due to its favourable economic prospects and tremendous untapped potential of its promising Islamic financial service industry.”
Amana Bank’s Managing Director Faizal Salieh commented on Bank Islam’s continued support and commitment to establish Sri Lanka’s first licensed commercial bank to operate under the principles of Islamic Banking. He further said “Malaysia stands out as an icon in the world of Islamic Banking. I see today’s event here in KL as a significant milestone in the area of Islamic Banking cooperation between our two countries. We are indeed happy to be at the centre of this cooperation.”
The signing ceremony was attended by Bank Islam Chairman Datuk Zamani Abdul Ghani, Bank Negara (Central Bank of Malaysia) Assistant Governor Bakarudin Ishak and the Sri Lankan High Commissioner in Malaysia His Excellency Dr. D.D. Ranasinghe.
Both Bank Islam’s Managing Director Datuk Seri Zukri Samat and Chief Operating Officer – Business Support Jaafar Bin Abu have been appointed as directors of Amana Bank. In addition Bank Islam’s AGM and Head of Sharia Division Mohd Nazri bin Chik is also sitting in the Independent Sharia Supervisory Council of Amana Bank.
Amana Bank is well poised to offer the Sri Lankan market a unique and rewarding banking experience and expects to commence operations during the second half of this year
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