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Islamic Finance Country Report: Sri Lanka
Research Intelligence Unit, Aug 2011, Pages: 30
Islamic finance is a discipline which has its roots in the holy Quran, the sacred scripture of the religion of Islam as well as the Hadith which represents the teachings of the holy Prophet Mohammed (PBBUH). The discipline is also sometimes referred to as Sharia compliant finance. The term Sharia refers to the concept of Islamic law. A key facet of the Sharia is the prohibition of usury or lending money based on interest due to its detrimental effects of economic equality. However, Islam permits a variety of alternative forms of trade and finance, including transactions that are based on mark-ups and profit and loss sharing.
This study represents an attempt to accurately capture the supply and demand side dynamics of the Islamic finance sector in Sri Lanka with the administration of rigorous primary data collection along with an evaluation of available secondary data.
The entire set of players offering financial and non-financial services in the Sharia-compliant sector in Sri Lanka have been covered with the of a questionnaire on a face-to-face basis. Consequently, the entire-supply side for Islamic finance in the country comprising of banks, Takaful service providers as well as consultants, education institutions and publishers have been covered in the primary data gathering exercise. Similarly, the study has conducted face-to-face interviews with over existing Islamic finance customers from eight of the districts of the island. The sampling of the districts was based on where there is a significant Muslim population.
Several industry case studies and in-depth interviews are also included in this report that aims to provide both a qualitative and quantative assessment of the current state of play for the Sharia-compliant sector in a non-Muslim country. The findings will make interesting reading for both existing players and policy makers in Sri Lanka as well as for existing and potential foreign investors across the globe.
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