Chapter 27Sri LankaPutting the Pieces Together
Reyaz Mihular
Managing Partner, KPMG
The Democratic Socialist Republic of Sri Lanka is an island state and a unitary republic comprising a parliament and nine provincial councils.
The Sri Lankan economy is considered one of the emerging economies in Asia, having recorded a growth rate of 6.4 percent in 2012 while maintaining inflation at single digits for four consecutive years in the midst of a challenging economic climate both locally and globally.1
The financial sector is an important contributor to the economy, supporting domestic economic activity despite the challenges and risks posed to it by global and domestic developments. The financial sector comprises 24 licensed commercial banks, 9 licensed specialized banks, and 47 licensed finance companies, along with specialized leasing companies, primary dealers, pension and provident funds, insurance companies, rural banks, stockbrokers, securities market intermediaries, unit trusts, and thrift and credit cooperative societies.
The Islamic financial services industry is a key subsector of the financial sector of Sri Lanka. The Islamic financial services industry has gained much popularity among service providers and customers alike. Many financial service institutions, including state and private banks, have established Islamic financial service divisions, catering to the growing demand for this emerging service line.
Past Performance
The Islamic finance industry in Sri Lanka ...
Get The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
