HNB launches "HNB Al- Najah" Islamic Banking
Hatton National Bank PLC the premier private sector commercial bank in the country entered in to Islamic banking with the introduction of an Islamic banking unit to cater to the rapidly growing Islamic banking market.
"Al Najah", the first Islamic banking unit launched by HNB will serve its Islamic banking clients with a special banking unit located at its head office at HNB Towers. The unit is fully equipped with trained staff and systems and well structured products to serve its customers. The unit will operate under the overall supervision of HNB and will offer a broad spectrum of Shariah compliant products and services to its entire clientele.
In addition to the current accounts, the bank's Islamic Banking Unit (IBU) will provide depositors with profit sharing Mudaraba savings and Mudaraba Investment options which will provide depositors with a Shariah based return on their investments. For Business and Personal customers seeking financing, the Bank would offer a range of Trade related services, Leasing for Vehicles/equipment & Machinery, Home Financing, Working Capital requirements and other personal financial services.
All operations of the Islamic Banking Unit will be in accordance with the CBSL guidelines and shall also be in conformity with the Shariah principles. This will also ensure that the Fund Management operations and earnings of the IBU will be segregated and distinct from the conventional banking activity. The Bank has already appointed a Shariah advisory panel headed by Ash - Shaikh Mufti Yoosuf Haniffa comprising of extremely knowledgeable and experienced well known Shariah scholars who would supervise and advise on Shariah related aspects of the IBU business.
The first deposits of the Islamic Banking unit were accepted by Dr Ranee Jayamaha, Chairperson of HNB. The vote of thanks was delivered by Mr. Fariz Fuad, Manager - Islamic Banking Unit of HNB.