Hawzah News Agency – The Islamic Banking division of Hatton National Bank PLC is celebrating a decade of successful operations under the ‘Al Najaah’ brand.

The division was established in 2012 as a minor unit with five staff members under the skilled guidance of HNB AGM- Head of Islamic Banking and local pioneer in the field of Islamic banking and finance, Hisham Ally. Over the previous decade the bank has seen remarkable growth. Infact the HNB Al Najaah now employs 40 people and has a dedicated office in Marine Drive, Colombo 03, as well as six Islamic Banking locations in Pettah, Kandy, Kalmunai, Beruwela, Akurana, and Kattankudy.

In addition to constantly earning the greatest profits in the Sri Lankan Islamic Banking market for the past five years, HNB Al Najaah has been acknowledged for its outstanding performance since its establishment. The business has already earned honors from the Sri Lanka Islamic Banking and Finance Industry (SLIBFI) and the Islamic Finance Forum of South Asia (IFFSA), where it beat off competitors from South Asian nations Pakistan, India, Bangladesh, Maldives, and Kuwait.

“By its nature, Islamic Banking enables opportunities for steady growth. Particularly at a time of such severe volatility, this stability is immensely valuable. Taking into consideration the fact that globally, Islamic finance is estimated to have a value of US$ 2.2 trillion, we see potential for Islamic Banking to make vital contributions in accelerating Sri Lanka’s economic revival. I take this opportunity to express my sincere gratitude and congratulate the Al Najaah team on reaching this vital milestone, and I look forward to working closely with the team to help them gear up for our next phase of growth,” HNB Managing Director/CEO, Jonathan Alles said.

“Our Islamic banking proposition has supported many of the country’s SME’s with evolving products and services. We have also won many accolades over the past decade, in recognition of the outstanding contributions and remarkable growth achieved in Islamic Banking,” HNB DGM – Wholesale Banking Group, Damith Pallewatte said.

Despite a difficult macroeconomic situation, HNB Al Najaah’s asset and liability books rose by 66% and 30%, respectively, in 2021. Furthermore, HNB Al Najaah has lived true to the bank’s motto “partner in progress” by keeping a strong contact with clients during tough circumstances.

HNB Al Najaah is now gearing up for a new phase of growth, leveraging on HNB’s advanced tech capabilities in order to streamline service delivery in the new normal. In addition to this, new Islamic Banking Centres will be created, including two new units in Akurana and Kattankudy.