The value of the local Islamic finance industry was estimated at US$ 1.2 to 1.5 billion encompassing sectors such as trade and motor finance. Roshan Madawela, Research Intelligence Unit’s Chief Executive Officer who together with KPMG Ford, Rhodes, Thornton and Co. under took a survey on Islamic finance in the island, speaking at a seminar on Thursday (November 3) said that Islamic finance is about profit and loss type of trading as opposed to interest based.
He said that in Sri Lanka a large number of village level institutions practiced Islamic finance. The customer base exclusive of high networth individuals was close to 2,000………………………………………..Full Article: Source