07.11.2011 - Islamic finance in Sri Lanka
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 Unitís 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
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