UAE-based Emirates NBD hunts more business in Sri Lanka
July 25, 2013 (LBO) - Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka's state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said.
"We are looking to do similar transactions with other financial institutions," chief executive Mohammad Wajid Kamran said.
"We are looking to extend the partnership with Bank of Ceylon and other banks so that we can also tap the corporate sector."
Emirates NDB syndicated a 200 million US dollar loan for one for less than 3.0 percent which officials said was the lowest for Bank of Ceylon in its 15 years of syndication.
Kamran said Emirates NDB group which was the largest financial group in the UAE, had its own specialist Islamic banking division. But his own unit also structured and advised on Islamic products.
He said Sri Lanka's upcoming infrastructure products could tap into Islamic finance through structures like Sukuks, where an underlying asset has to be built into product similar to a long term bonds.
Islamic finances came at costs lower than conventional finance, he said. An Islamic financial structure would make the project open to a wider base.
"We can tap both sides of the lending, conventional and Islamic," Kamran said. "Islamic banking, the way it is growing, the kind of liquidity it has, and with the kind of infrastructure projects that are being taken up in Sri Lanka, is the way forward."
But there had to be more awareness and also regulatory support for Sri Lankan borrowers to structure projects that comply with Islamic financial rules, he said.
25 Jul, 2013 18:09:41
http://www.lankabusinessonline.com/news/uae-based-emirates-nbd-hunts-more-business-in-sri-lanka/620459830
ලංකා බැංකු සභාපති රසීක් සාරුක්
Mr. Razik Zarook appointed as the Chairman of Bank of Ceylon in January 2013. Mr. Razik Zarook Lawyer, Diplomat and former Chairman of a number of Public Corporations is a senior Attorney at Law and President’s Counsel who was enrolled to the Bar in 1969. His management skills came to the limelight when he was appointed Chairman of the Co-operative Wholesale Establishment (CWE) by the then Trade and Shipping Minister late Lalith Athulathmudali, President’s Counsel. He was given the responsibility of turning around the CWE to become an efficient and viable much sought after consumer organization responsible for the wide distribution of essential commodities without letting any artificial scarcities to be created even during the turbulent times.
Under his tenure, the CWE was a model profitable and viable organization having diversified and acquired many assets developing real estates and establishing a number of public and quoted companies as Sathosa Motors Limited, Sathosa Printers Limited and Lanka Milk Foods Limited of which he was founder Chairman.
Mr.Zarook, an old boy of St. Servatius College, Matara and Zahira College, Colombo also held office as Chairman of the Agricultural Development Authority and National Aquatic Research and Development Authority (NARA). The late President Premadasa appointed him as Ambassador to the then Federal Republic of Yugoslavia and thereafter as the first Ambassador to Hungary.
Subsequently he was appointed as High Commissioner to Singapore. Apart from his professional education at the Sri Lanka Law College, Mr.Zarook is also an Alumni of the Indian Institute of Management Ahamedabad.
http://web.boc.lk/index.php?route=information%2Finformation&information_id=18
July 25, 2013 (LBO) - Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka's state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said.
"We are looking to do similar transactions with other financial institutions," chief executive Mohammad Wajid Kamran said.
"We are looking to extend the partnership with Bank of Ceylon and other banks so that we can also tap the corporate sector."
Emirates NDB syndicated a 200 million US dollar loan for one for less than 3.0 percent which officials said was the lowest for Bank of Ceylon in its 15 years of syndication.
Kamran said Emirates NDB group which was the largest financial group in the UAE, had its own specialist Islamic banking division. But his own unit also structured and advised on Islamic products.
He said Sri Lanka's upcoming infrastructure products could tap into Islamic finance through structures like Sukuks, where an underlying asset has to be built into product similar to a long term bonds.
Islamic finances came at costs lower than conventional finance, he said. An Islamic financial structure would make the project open to a wider base.
"We can tap both sides of the lending, conventional and Islamic," Kamran said. "Islamic banking, the way it is growing, the kind of liquidity it has, and with the kind of infrastructure projects that are being taken up in Sri Lanka, is the way forward."
But there had to be more awareness and also regulatory support for Sri Lankan borrowers to structure projects that comply with Islamic financial rules, he said.
25 Jul, 2013 18:09:41
http://www.lankabusinessonline.com/news/uae-based-emirates-nbd-hunts-more-business-in-sri-lanka/620459830
ලංකා බැංකු සභාපති රසීක් සාරුක්
Mr. Razik Zarook appointed as the Chairman of Bank of Ceylon in January 2013. Mr. Razik Zarook Lawyer, Diplomat and former Chairman of a number of Public Corporations is a senior Attorney at Law and President’s Counsel who was enrolled to the Bar in 1969. His management skills came to the limelight when he was appointed Chairman of the Co-operative Wholesale Establishment (CWE) by the then Trade and Shipping Minister late Lalith Athulathmudali, President’s Counsel. He was given the responsibility of turning around the CWE to become an efficient and viable much sought after consumer organization responsible for the wide distribution of essential commodities without letting any artificial scarcities to be created even during the turbulent times.Under his tenure, the CWE was a model profitable and viable organization having diversified and acquired many assets developing real estates and establishing a number of public and quoted companies as Sathosa Motors Limited, Sathosa Printers Limited and Lanka Milk Foods Limited of which he was founder Chairman.
Mr.Zarook, an old boy of St. Servatius College, Matara and Zahira College, Colombo also held office as Chairman of the Agricultural Development Authority and National Aquatic Research and Development Authority (NARA). The late President Premadasa appointed him as Ambassador to the then Federal Republic of Yugoslavia and thereafter as the first Ambassador to Hungary.
Subsequently he was appointed as High Commissioner to Singapore. Apart from his professional education at the Sri Lanka Law College, Mr.Zarook is also an Alumni of the Indian Institute of Management Ahamedabad.
http://web.boc.lk/index.php?route=information%2Finformation&information_id=18
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