Bank of Ceylon (BOC), the country’s premier state-owned commercial bank, has been awarded “Islamic Retail Bank of the Year – Asia” by The Banker, a Financial Times publication, at its 2025 Islamic Banking Awards. This prestigious regional recognition highlights BOC’s longstanding role in offering Shari’ah compliant financial services alongside its conventional operations and affirms its contribution to the Islamic banking sector in South Asia.
BOC became Sri Lanka’s first local conventional bank to offer Islamic banking following legislative amendments in 2005 that permitted the introduction of Islamic financial services within licensed banks. Since then, BOC has led the way through its BOC An-Noor portfolio, offering a wide spectrum of Shari’ah compliant deposit and financing products through its entire branch network.
BOC’s Islamic banking services are governed with complete segregation from conventional funds and include key products such as Mudaraba and Athfal savings accounts, Wakala facility, Murabaha financing, and Ijara, all offered under the BOC An-Noor umbrella.
Commenting on the award, Deputy General Manager (Branch Credit Operations Range 1) Ajith Karunarathne stated: “We are proud to be recognized as the Islamic Retail Bank of the Year in Asia at The Banker’s Islamic Banking Awards 2025. This award acknowledges the consistent effort to make Islamic finance accessible, secure, and relevant to the needs of our diverse customer base. It also reflects our goal of delivering inclusive banking solutions aligned with Sri Lanka’s economic and cultural fabric.”
In keeping with its customer-centric approach, the bank has also integrated digital convenience into its Islamic banking services, providing access to mobile and internet banking, fund transfers, and bill payments.
Today, BOC’s Islamic banking services are available across its over 650 branches island-wide, making it the only provider of Shari’ah compliant banking accessible in all districts of Sri Lanka. This reach has significantly expanded financial inclusion for customers seeking interest-free and ethically guided banking.
The award adds to BOC’s growing list of accolades for Islamic finance. In 2024, the bank was recognized with two gold awards at the Islamic Finance Forum of South Asia (IFFSA), reinforcing its position as the country’s most established Islamic finance provider.
For over 85 years, Bank of Ceylon has been a cornerstone of Sri Lanka’s financial landscape, connecting individuals and businesses to global opportunities. BOC’s extensive network with over 2,300 touch points spread across the nation, ensures that bank’s customers have convenient access to a wide range of financial services. Moreover BOC was ranked as the only Sri Lankan Bank among the Top 1000 World Banks 2024 and the Banker of the Year 2021,2023 and 2024 by The Banker Magazine UK, The Number 1 Banking Brand in Sri Lanka by Brand Finance Lanka. BOC also received the People’s Banking Services Brand of the year at the SLIM KANTAR Peoples Awards 2024.Internationally, Bank of Ceylon has established a strong presence in key locations such as a Subsidiary in London, UK; branches in Male and Hulhumalé in the Maldives; Chennai, India; and the Seychelles.
