Amana Bank PLC
Legal Status and Corporate Identity
Amana Bank PLC is incorporated in Sri Lanka as a public limited liability company. It was established under the Companies Act No. 07 of 2007, with the assigned registration number PB 3618. The bank's legal structure reflects its status as a publicly traded entity operating within the country's corporate legal framework.
The bank is a licensed commercial bank, operating under the provisions of the Banking Act No. 30 of 1988. It was listed on the Colombo Stock Exchange on 29 January 2014. Following its listing, the company was re-registered under the Companies Act No. 07 of 2007 on 28 August 2014, maintaining its registration number PB 3618 PQ.
History and Market Position
Amana Bank commenced its commercial banking operations on 1 August 2011. The bank presents itself as a Sri Lankan commercial bank founded on non-interest based banking principles, which forms the core of its identity and operational model. The bank's registered office and corporate office are located in Colombo.
In the Sri Lankan market, Amana Bank positions itself as a provider of services for retail, Small and Medium Enterprise (SME), and business banking segments. Its market identity is strongly associated with its adherence to Islamic finance principles, distinguishing its offerings from conventional banking products.
The bank's market role includes a focus on financing growth in sectors such as wholesale and retail trade. It also emphasises financial inclusion through its network of self-banking centres and digital channels. According to its 2024 annual report, the bank was ranked among the top 25 strongest Islamic banks in the world in 2024.
Personal and Retail Banking Services
For individual customers, Amana Bank provides a range of standard banking products. These include savings and current accounts, as well as specialised accounts for salary earners and youth. The product set also features fixed and investment products, remittance services, payment cards, SMS alerts, e-statements, and bank lockers.
The bank offers several retail financing solutions based on its non-interest model. Available financing products cover needs such as home and apartment purchases, vehicle and bike acquisition, education, travel, and the installation of solar power systems. The specific terms and structures of these products are not detailed in the available information.
Business and Corporate Banking
Amana Bank extends its services to the business sector with a suite of commercial banking solutions. These offerings include working capital finance, trade services, and treasury products. The bank also provides foreign exchange services and leasing facilities to support the operational and investment needs of its corporate clients.
Financial Performance and Scale
Based on its 2024 annual report, Amana Bank PLC recorded a profit for the year of LKR 1.775 billion, with a profit before tax of LKR 2.787 billion. The bank's total assets stood at LKR 182.34 billion at the end of the financial year. Customer advances amounted to LKR 111.30 billion, while customer deposits reached LKR 154.41 billion.
The bank reported a 16% growth in deposits during the 2024 financial year. In terms of asset quality, the stage 3 provision ratio was recorded at 1.3%. Further details on the bank's capital adequacy, liquidity ratios, or shareholder equity are not provided in the supplied fact sheet.
Network and Digital Channels
As of 31 December 2024, Amana Bank's physical network consisted of 33 branches. This was supplemented by 34 Self Banking Centres and 31 Gold Certificate Financing Units. The bank's network also provided access to over 6,400 withdrawal touch points and more than 1,100 deposit touch points across the country.
The bank's digital strategy is executed through several core channels, including the "Your Bank" mobile application, a web portal, an eOnboarding platform for new customers, and a WhatsApp banking service. The 2024 annual report notes that the bank continued projects for process automation and strengthened redundancy and security for its core and online banking systems.
In 2024, the bank had 66,139 active digital customers. Its mobile application processed 4.7 million transactions during the year. Digital customer acquisition saw 21,126 new sign-ups for the mobile app, and the WhatsApp banking service had 15,750 registered customers by year-end.
