Amãna Bank disburses over Rs 1.8 billion under Saubagya Covid-19 Renaissance Facility

Irshad Iqbal- Vice President Business Banking

Amãna Bank, Sri Lanka’s flagship non-interest based banking provider, has obtained approval from CBSL to disburse Rs 1,904 million in re-financing to its customers under CBSL’s Saubagya Covid-19 Renaissance Facility scheme having received applications from 180 customers. The Bank has thus far disbursed Rs 1,843 million in working capital to 174 eligible customers under the refinance scheme, which aims to assist businesses adversely affected by the Covid-19 outbreak, thereby supporting the revival of economic activity in the country.

Commenting on the Bank’s contribution towards the Saubagya Covid-19 Renaissance Facility, the Bank’s Vice President Business Banking Irshad Iqbal said “We wish to commend CBSL in introducing and subsequently enhancing the limits of the Saubagya Covid-19 Renaissance Facility.  We truly feel that this scheme has contributed towards providing relief which is a lifeline for many small businesses in the current unprecedented times.  Through this scheme we were able to help individuals for survival and grow their small businesses, encourage communities to prosper, and enhance the self-worth of people, especially towards the destitute and affected businesses in Sri Lanka.  The Bank focused its efforts in catering this scheme towards people at the bottom of the economic pyramid, through which they were able to generate adequate finance in order to facilitate growth and performance.”

Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In October 2020 Fitch Ratings Sri Lanka affirmed the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than the ‘OrphanCare’ Trust.