Sri Lanka opens first Sharia-compliant commercial bank

Sri Lanka's Amana Bank will open its first Sharia- compliant commercial bank in 14 branches across the country.

Over the last 10 years, Amana developed its insurance and investment divisions as it prepared to become a bank.

"Islamic banking is in fact a concept gaining fast popularity and acceptance across the world," the bank said in a statement.

"Guided by strong values and ethics the banking model has shown great resilience during the recent global economic downturn and as a result is now emerging as a popular alternative to conventional banking."

The bank said it will offer current accounts, savings accounts, children’s savings account, term investment accounts, home financing, small and medium enterprise banking, corporate banking, trade and treasury services.

The bank has 14 branches with its main office in Colombo 03 and other branches in Colombo's Pettah commercial area, Kandy, Kurunegala, Akurana, Gampola, Mawanella, Galle, Oddamavadi, Kattankudy, Kalmunai, Akkaraipattu and Sammanthurai.