Amana Bank has received confirmation from IB Growth Fund (Labuan) LLP, a subsidiary of the Islamic Corporation for the Development of the Private Sector (ICD), to participate in the Bank’s forthcoming rights issue.
ICD is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group, who is currently a strategic shareholder of the Bank with a 9.62% stake.
The Central Bank of Sri Lanka has granted approval for the said parties in conjunction to hold up to a maximum of 29.99% of voting shares of the Bank.
The Bank signed an investment agreement with ICD in Jeddah on the sidelines of the 42 Annual Meeting of IDB Governors, which was attended by over 2,000 participants belonging to 57 member countries to discuss challenges and opportunities facing IDB Group member countries.
Commenting on this strategic investment, Amana Bank’s Chairman Osman Kassim who was in Jeddah for the signing said “AmanaBank is truly honoured to have the confidence of ICD, resulting in this strategic shareholding.
“Belonging to a non-member country of IDB, we are happy that IDB have made an exception on investing in Amana Bank at its inception in 2011, and now ICD too making this investment is sincerely appreciated and we are committed to further strengthen this relationship.”
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