Amãna Bank, Sri Lanka’s premier non-interest based licensed commercial bank, has introduced a novel investment account to the Sri Lankan banking industry, with the launch of its Flexi Term Investment Account. Amãna Bank’s Flexi Term Investment Account provides customers the flexibility of depositing additional funds to one single account at any given time, thereby facilitating customers to grow their account balances beyond their initial investment.
Commenting on the launch of this innovative product, Amãna Bank’s VP - Consumer Banking & Strategic Marketing Siddeeque Akbar said “There was a need in the market for customers to top up their fixed or term investments account balances as and when required without going through the struggle of opening and managing multiple accounts. With the introduction of our unique Flexi Term Investment account we have given our customers the convenience to grow their term deposit balance whenever they get additional cash flows while also enjoying a higher profit ratio.”
Deposits to the Flexi Term Investment Account can be cash, fund transfers or foreign remittances. Customers can monitor the growth of their investment through quarterly statements and the Bank’s Internet Banking facility. The customer can withdraw his initial investment as well as subsequent deposits at the end of initial 12 month investment period.
Amãna Bank is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based banking model and is listed on the Diri Savi Board of the Colombo Stock Exchange. Fitch Ratings, in October 2015, affirmed the Bank’s National Long Term Rating of BB(lka) with a Stable Outlook. The Bank was recognized as the Best Islamic Financial Institution in Sri Lanka for the third consecutive year in 2016 and the Best ‘Up-and-Comer’ Islamic Bank of the World in 2014 by Global Finance Magazine. Amana Bank was also recognized for its novelty, when its unique Gold Certificate Financing product was adjudicated the Gold Award for the Best New Product at the Sri Lanka Islamic Banking and Finance Industry Awards 2015.
Powered by the stability and support of its strategic shareholders including, Bank Islam Malaysia Berhad, AB Bank in Bangladesh and The Islamic Development Bank based in Saudi Arabia, Amãna Bank is making strong inroads within the Sri Lankan banking industry and is focused on capitalizing the growing market potential for its unique banking model across the country.
Photo caption: Amãna Bank Senior Manager – Deposits and Personal Financing Arshad Jamaldeen handing over Flexi Term Investment certificate to a customer. Manager - Corporate Communications and Marketing Azim Rali and Relationship Manager – NRSL Roshan Aliyar look on