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Sunday, 22 July 2012

Sri Lanka: CDB partners with ADL Capital to offer Islamic financial services

Citizens Development Business Finance PLC (CDB) will venture into the expanding domestic market of Islamic Finance with the scheduled launch of the company’s Sharia’h compliant Independent Finance Unit branded “CDB Meezan” shortly. The specialised Unit will operate under the overall ambit of CDB and will roll out a range of deposit and financing products and services to its entire clientele.
The setting up of “CDB Meezan” was facilitated under the expert guidance and supervision of SEC registered Investment Manager, Adl Capital Limited - a Market Intermediary which in addition to its Fund Management role specialises in structuring turnkey Islamic Financing solutions to the local and overseas industry. These include, establishing fully-fledged Islamic banking units and product structuring for licensed banks/registered finance companies/leasing companies. Adl Capital’s corporate advisory functions also includes structuring Shariah compliant products for the Capital and Equity Markets, and offers specialized staff training and Shariah-based financial advisory services to private businesses.
“We have been exploring the possibilities of launching Islamic Finance for a while now, however, in seeing that the demand for these products is on the increase in the recent times, we believe it is a timely start to offer Islamic Financial products to our customers,” said Roshan Abeygoonewardena, Director/Chief Operating Officer of CDB. 

Associate Director of Adl Capital Limited, Sabri Abdul Cader commenting at the conclusion of the company’s assignment said, “The entry of CDB Meezan into the world of Islamic Finance is testimony to the resilience that the domestic IBF sector has demonstrated in Sri Lanka’s 15 year history of Islamic Banking & Finance. We are delighted to partner CDB in this endeavor. With the guidance and support from learned and reputed scholars, we are confident that CDB Meezan will deliver value and benefits to all its stakeholders”.
(The Nation / 22 July 2012)
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