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05 August 2011

Sri Lanka holds Islamic Banking and Finance Conference

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The Sri Lanka Islamic Banking and Finance Conference was held for the third consecutive year on the 25 July 2011 at the Galadari Hotel, Colombo the capital of Sri Lanka.


The Islamic finance industry in Sri Lanka has been really picking up and there has been a vast number of opportunities for Sri Lanka to excel in this lucrative field of Islamic finance and banking. The Islamic Finance industry is expected to reach over $2trillion dollars by 2012 and has further scope to excel with effective promotion and marketing of the industry.


Sri Lanka had recently joined the growing number of countries which are facilitating measures to implement Islamic finance into the threshold and they are doing unprecedently well in establishing themselves as a mini Islamic hub of Asia.


The past two years witnessed experts from the IBF industry in Sri Lanka as well as overseas in attendance. In fact, the past conferences have attracted delegates from several countries spanning four continents.


Given the significant events that have taken place in the industry in the recent past, such as the licensing of the first Islamic bank in Sri Lanka, the launch of the first open-ended Shariah compliant Equity Fund, and the entry of banking giants such as Bank of Ceylon and Commercial Bank, this event is expected to focus on the Sri Lankan industry although many delegates from overseas have confirmed their attendance.


Sri Lanka has even spearheaded India in being the first to facilitate measures to accomodate Islamic finance in the country and further promote Shariah compliant methods of financing as an alternative to conventional methods of financing.


(Courtesy: Global Islamic Finance Magazine)

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