Sri Lanka Commercial Bank starts Islamic finance
Sri Lanka's Commercial Bank of Ceylon stated that it will start an alternative banking services compliant with Islamic Sharia law, with a three member committee of scholars to ensure compliance.
The Sharia board includes: M M A Mubarak, Fazil Farook and M M Murshid, from Sri Lanka's All Ceylon Jamiyyathul Ulama. As the bank underlined, the products operate on the Islamic principle of both the bank and the customer sharing returns as well as risks.
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