With an in-depth understanding of this unique banking genre and its growing popularity the world over, CDB established CDB Meezan in December 2012 to offer a plethora of expansive Islamic financial solutions.
CDB Meezan provides customers a compelling value proposition for personal, business and corporate needs, all of which are accessible via specific window operations in all 69 CDB branches islandwide.
Head of Islamic Finance Operations of CDB, Shabni Mohideen states that CDB Meezan embeds the promise of being true to customer beliefs, offering the competitive advantages of financial services while following the principles of Islamic Banking.
“The CDB Meezan product portfolio combines traditional values with modernity and are inspired by faith, while adhering to the highest ethical standards.”
The expansive range of Shari’a compliant Islamic Finance solutions include Mudharabah Savings and Deposits, Ijarah (leasing) and Murabaha facilities for both vehicle and business trading.
CDB Meezan operations are closely monitored by a panel of recognised Shari’a scholars in Sri Lanka, whose guidance is sought in charting progress and vision.
Investment options within the Mudharabah savings and deposit schemes are attractive.
Mudharabah deposit is a profit sharing term investment option in accordance with Shari’a guidelines, with profits generated at maturity shared between the customer and CDB on a pre-agreed ratio at the time of investment.
CDB offers competitive profit sharing ratios at deposit periods of one to 36 months, with profit payable monthly or at maturity.
Also on a similar profit sharing basis and on a pre-agreed ratio at the time of investment is the Mudharabah Savings scheme, which has the value addition of withdrawal options from the invested funds, either fully or partially at any given time.
Based on the promise of a higher profit returns monthly and having no restrictions on withdrawals or deposits unlike other counterpart products, CDB also enables customers to effect standing orders and debit facilities on this scheme.
Notes Mohideen: “It’s a fully loaded account with uncompromising focus on customer convenience plus customer ideals, as it’s a faith related value to them.”
Another product offering is Murabaha, a trade financing facility for vehicles and business, with its defining characteristic being the cost of goods and the profit margin (gained by CDB) disclosed to the customer at the time of entering into a Murabahah agreement. Significant advantages include competitive pricing, convenient instalment payment options, minimum documentation and a speedy service.
Ijarah, which is CDB Meezan‘s unique leasing scheme addresses vehicle leasing requirements with competitive leasing rentals aided by customised payment options, minimum documentation and an additional comprehensive Shari’a compliance insurance cover.
All this is better amplified with CDB’s signature fast and efficient service. As Mohideen opines, “CDB’s Islamic finance service is differentiated due to the deep understanding we have of customer requirements.
The efficiency, speed, convenience and the fact that we customize our solutions are our selling points. Our compliance with Shari’a Law is uncompromising and has gained credence from the inception in our audit reports, accreditations and certifications.”
Elaborating on CDB’s future plans, he says, “Expansion is key for the growth of this financial genre which combines a dedicated knowledgeable team in all our branches.
We will augment this with dedicated marketing teams deployed around the country, to ensure that a clear and comprehensive Islamic financial product portfolio is accessible to customers.”
Photo caption : CDB Meezan operates across all 69 CDB branches island wide. Photographed is CDB Meezan at Head Office