Amana Bank of Sri Lanka is negotiating with Islamic Corporation for the Development of the Private Sector (ICD) to sell new shares as part of measures to raise its core capital. According to a stock exchange filing, the bank said the central bank had extended time to raise the bank’s core capital to Rs 7.5 billion to 30 June 2017 from 1 January 2017. Amana Bank is an Islamic bank in Sri Lanka and it is required to increase capital further to Rs 10 billion by 1 January 2018. ICD is a multilateral development financial institution and is part of the Saudi-based Islamic Development Bank and is the fund manager of the IB Growth Fund (Labuan).
