CDB Islamic Finance

“CDB Meezan” is the Islamic Finance wing of Citizens Development Business Finance PLC (CDB) which operates under the guidance of Islamic Shari’ah concept. CDB Meezan commenced operation in December 2012 to offer Islamic Financial solution keeping with the growing popularity of Islamic Finance among existing and potential customers in Sri Lanka. The operation of “CDB Meezan” is being closely monitored by an eminent panel of Shari’a scholars.

Members of the SHARIA Supervisory Board

  • Sheik Yusuf (Mufthi)
  • Sheik Abdul Nazar
  • Sheik Insaaf
 

Product Offering

CDB Meezan offers a range of Shari’a compliant products:

  • Mudharabah Savings
  • Mudharabah Deposits
  • Ijarah (leasing)
  • Murabaha (vehicle trading)
  • Islamic Property Back (Murabaha trading) facilities

All these products are being approved by the Central Bank of Sri Lanka as well as by the Shari’a Supervisory Board approval.

IJARAH (Leasing)

(leasing facilities for brand new and registered vehicles)

“Ijarah” is a mode of financing in Islamic Sharia Law and widely practiced across the globe in the Islamic Banking and Finance Industry. The Ijarah scheme is unique, being specially designed and tailor-made to address all your vehicle leasing needs. We’ll purchase the motor vehicle of your choice and style, and let you use it over a mutually agreed lease period and gift it to you at the end of the lease period, upon successful completion of lease. All you have to do is pay the rental on time. We will insure and bear the cost of all major repairs, leaving you with only the small hassle of routine maintenance. In this way, we take a major part of your risk away, giving you the freedom to enjoy the benefits of Ijarah.

  • Up to 100% financing
  • Competitive lease rentals
  • Comprehensive Sharia compliance Insurance Cover
  • Maximum leasing period (72 months)

Download the application for a new account

Mudharabah (Savings and Deposits)

“Mudharabah” is a mode of investment prescribed in Islamic Sharia Law and widely practiced across the globe in the Islamic Banking and Finance Industry. The Mudharabah (Investment) is a contract, with one party providing 100% of the capital and the other part providing their specialist knowledge and expertise to invest the capital and manage the investment project. Profits generated are shared between the fund parties according to a pre-agreed ratio and the losses incurred are solely born by the fund provider (unless proven mismanagement, negligence or transgression by the fund manager takes place).

Mudharabah Savings

Mudharabah Savings operates on a profit and loss sharing basis under the Shari’ah guidelines. Customers are free to withdraw money in full or partially at any given time.

Product benefits

Mudharabah Deposits

A term investment option available for customers on profit and loss sharing basis. Profits generated through deposits at the stipulated period is being shared between customer and CDB at a pre-agreed ratio at the time of investment.

Product benefits

Murabahah Vehicle Financing

A shari’ah compliant financing option designed to fulfill vehicle purchase needs on the basis of buy and sell (trading). Cost of goods and profit margin of seller (CDB) is disclosed to the customer at the time of entering in to Murabahah facility agreement.

Product benefits

  • Shari’ah compliant insurance policy
  • Competitive pricing (installment)
  • Minimum documentation
  • Speedy service

Murabahah Trading Finance

Designed to cater customer’s quick business funding and expansion requirements on the basis of buy and sell goods & stocks (trading) CDB will purchase the agreed goods from supplier and resell the same good with a profit margin to the customer on a different payment mode. Security on repayment would be vehicle under customer’s name.

Product benefits

  • Tailor made installment payment options
  • Minimum documentation
  • Speedy service

Property Back Business Financing

Designed to fulfill business financing needs in the form of property back trading facilities requested by the customer. Value of the facility and the security on requirement will be based on property owned by the customer.

Product benefits

  • Tailor made installment payment options
  • Shari’ah compliant documentation process
  • Speedy service

*Terms & conditions apply