Bhd a Malaysia based consultancy has linked up to provide Islamic banking and bond market instruments, officials said. The firm advices on Islamic banking and corporate finance and advisory services for specialist industries like steel, cement and cotton.
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"We find Sri Lanka as an emerging market for Islamic finance with immense future growth potential," Al Tayseer Advisors Services, chief executive and partner Fahd Hashim, told reporters in Colombo.
"Sri Lanka is the second fastest growing economy in Asia right now and growth is linked to public sector investment with imports of cement steel.
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Al Tayseer can help with setting up plants or acquiring them to supply commodities to Sri Lanka, Hashim said.
The firm was also working in Pakistan.
Hashim said it was already advising a Pakistan based cement maker that is exporting to Sri Lanka. In addition to corporate finance the consultancy also advised in materials and energy efficiency and use of carbon credits.
Mangala Boyagoda, head of Wealth Lanka Management, a senior fixed income specialist in Sri Lanka said the new partnership could provide Shariah based bond market products to help create an interbank market in Islamic finance.
"You cannot develop Shariah banking without an interbank market," Boyagoda said.
"We are looking at the possibility of raising a Shariah government bond."
Though several banks have Islamic finance units in the country, they have constraints in Treasury management due to lack of compliant products.
The partnership will also advice on setting up Islamic banking units or outsource such units for banks, finance companies and leasing firms, Hashim said.