The 3rd November 2011 witnessed the release of the first ever Islamic finance country report in Sri Lanka by KPMG Ford, Rhodes, Thornton & Co in collaboration with Research Intelligence Unit. The publication, titled ‘Islamic Finance Country Report – Window of Opportunity in Sri Lanka’ provides an insight into the demographics of the Islamic finance market and an in-depth analysis of the trends in the industry, together with its future outlook and a series of interviews with key professionals in the field.
Sri Lanka has witnessed an important milestone in that the Central Bank of Sri Lanka has permitted the operation of a fully fledged Islamic finance bank and recently an Islamic fund was launched facilitating investment in listed securities. This new report will no doubt assist the entrance of new players and investors into the market, both foreign and local alike.
Osman Kassim, the chairman of Amana Bank, during his address commented on the development of the Islamic finance industry in Sri Lanka and also mentioned that the country’s strategic geographic location provides a window of opportunity for Sri Lanka to service Islamic finance needs in the South Asian Association for Regional Cooperation region.
Also at the release, as the CEO of Research Intelligence Unit, I spoke on how the publication provided information on both the demand and supply side of the industry. I went on to comment on how the methodology used provided insights on product profiles, customer profiles, market penetration levels, labor market dynamics and the potential growth of the industry.
Commenting at the event, Reyaz Mihular, a partner and the head of advisory at KPMG, said: “KPMG Ford, Rhodes, Thornton & Co has continuously endeavored to eliminate the barriers faced by the Islamic finance industry and this publication provides an overview of these challenges and opportunities.”
Roshan Madawela is the CEO/director of Research Intelligence Unit and he can be contacted at
[email protected]
.