This category of finance, not only impacts the Islamic world, it also provides exciting new methods of financing for the rest of the world. It is important for us to understand these concepts. I believe that conferences of this kind enable all of us to reflect on new developments and fine-tune them to suit our own economies and financial markets, in order to go forward”highlighting the importance of the IFN Roadshow, Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka stated,
Amãna Takaful PLC, the only fully-fledged Takaful operator in the country and the flag bearer of the Takaful way of insurance in Sri Lanka, recently partnered with the world renowned REDmoney group to sponsor the Islamic Finance News (IFN) Roadshow.
The event was held in Colombo and Ajith Nivard Cabraal, the Governor of the Central Bank of Sri Lanka graced the event as the Chief Guest and Dr. Azeema Adam, Governor of the Maldives Monetary Authority (MMA) was the Guest of Honor for the third consecutive year. Also present at the event were members of the Islamic finance fraternity, professionals and practitioners from the insurance and banking industry as well as academics and regulators.
The IFN Roadshow is part of a series of conferences held by the REDmoney group which has conducted shows in 12 markets across the world this year, including Pakistan, Turkey, Brunei, Bangladesh, Singapore, Australia, Thailand and Morocco. This highly anticipated event plays an integral role in identifying opportunities for the future growth of Sri Lanka’s Islamic finance sector covering banking, finance and Islamic capital markets. At the event, a large gathering of delegates came together to discuss current issues, challenges and the potential of Sri Lanka’s Islamic finance industry.
The IFN forum has a strong turnout every year and continues to attract players from different backgrounds and sectors who are looking to tap into Sri Lanka’s massive potential for infrastructure developments, halaal food production and the country’s booming tourism sector. Sri Lanka is also strategically located in close proximity to many other countries in Asia, making it an ideal hub for Islamic finance in the South Asian region. This year, several topics were discussed at the forum including ‘Addressing Challenges through Innovation: Emerging Trends and Opportunities’ and ‘Advancing Sri Lanka’s Islamic Finance Industry: What Needs to be done’. An investor roundtable titled ‘The Islamic Investment Landscape: Market Trends and Strategies for 2015’ was also held.
Dr. AzeemaAdam, Governor of the Maldives Monetary Authority (MMA) stated,“Historically, Sri Lanka and the Maldives have always had a close relationship in trade, tourism and many other areas. When Amãna Takaful was first established in the Maldives in 2003, it was our first introduction to Islamic finance. It is now encouraging to see that this industry is on the rise in the Republic of Maldives and is growing rapidly due to the emergence of other Islamic finance service providers.”
Commenting on the partnership, Fazal Ghaffoor, Chief Executive Officer, Amãna Takaful PLC, stated, “We at Amãna Takaful are proud to partner with REDmoney for the third consecutive year to bring the IFN Roadshow to Sri Lanka. We are very happy to be part of such a prestigious event which brings together so many delegates from different parts of the world. This is a great opportunity for Sri Lanka which is continuously attracting new prospects for growth. More banks, insurers and finance companies are now opening up to the concept of Islamic finance.”
Amãna Takaful PLC was recently recognized at the 2014 SLIBFI awards and received two gold awards for the ‘Best Islamic Finance Entity of the Year’ and for the ‘Product of the Year’ for KruthaGuna, the company’s unique hospitalization insurance policy for senior citizens over 55 years of age.(ECB/KH)
