Launching South America’s first Islamic bank - Trust Bank
- Mode Of Finance: Murabaha
- ICD contribution: 2,000,000
In 2017, we were involved in launching the first Islamic bank in the entire South American region, Trustbank Amanah in Suriname. We guided this conventional bank through the journey of transformation into a fully-fledged Islamic bank. Our services included advising on shariah governance and product development, legal support, human resources, IT solutions, accounting, treasury, risk management, and marketing and communications support.
The project was quite complex, due to the novelty of the concept of Islamic banking in the entire South American region and the absence of Islamic banking regulations from the Central bank of Suriname. We were able to overcome the challenges thanks to the remarkable commitment of the Trustbank management team, the support from the government and regulators in Suriname, and the acceptance of the public.