JEDDAH — Islamic banking has made its entry in Suriname with the approval of the Central Bank of Suriname (CBvS) for Islamic products and services in the banking sector.

The official opening of Trustbank Amanah, the first Islamic Bank in Suriname and the region, took place on Tuesday in the presence of the Islamic Corporation for the Development of the Private Sector (ICD) representatives.

To commemorate this event, Nida Raza, director of advisory at ICD, and Mohammed Mannai, program manager of Islamic Financial Institutions, attended the opening ceremony..

After two years of preparation, Trustbank Amanah is now ready to serve Surinamese society in Islamic financing. With this, the organization concludes a period of 28 years of service to the community as a secondary bank institution.

Trustbank Amanah builds on the same foundation laid by the financial institution for the development of small business. Trustbank Amanah aims to develop, support and encourage Small and Medium Enterprises (SMEs) in accordance with Islamic finance principles.

The vision of Trustbank Amanah is sustainable business growth through ethical banking. The goal is to ensure sustainable economic growth and, in time, serve the financial needs of regional markets.

By offering this alternative way of banking, Trustbank Amanah hopes to open doors for sustainable growth and distribution of prosperity, with which the economic stability of Suriname can be realized.

"Trustbank Amanah is committed to developing the private sector and strengthening public-private partnerships", said Maureen Badjoeri, chief executive officer of Trustbank Amanah.

The spin-off effect is that the country’s manufacturing sector will be encouraged to be more competitive and export-oriented.

Successful and growing companies create employment, purchasing power gains and ultimately increased economic growth. "A very ambitious task, but not impossible,"Badjoeri said.

Trustbank Amanah has commissioned ICD as a partner, seeing that it has the knowledge and experience in this field and has already earned its good reputation in other parts of the world.

Indeed, Islamic finance is gaining traction in both developing and developed countries. This puts Suriname on par with countries such as Malaysia, Indonesia and Saudi Arabia where Islamic finance has made its fair share of contribution in aiding growth and development.