Amana Bank wins ‘Deal of the Year’ at SLIBFI Awards 2021

Amana Bank was bestowed the Gold Award for Finance Deal of the Year at the recently concluded SLIBFI Awards 2021, which were adjudicated by KPMG and organized by UTO EduConsult.

The Deal of the Year Award was adjudicated to the bank owing to financing the operations of Fits Aviation, a private airline operating both international and local passenger and cargo flights. 

The bank provided financing to restructure the company’s long term financing as well as for the working capital requirements of a newly leased A320-200, which was converted from a passenger aircraft to a PF mode cargo aircraft.

Commenting on winning the award, the bank’s Vice President Business Banking Irshad Iqbal said, “We are truly honoured to have won the award for Deal of the Year, which testifies how our non-interest based financing model is aptly suitable for financing large scale projects. 

At a time when the country’s focus was on promoting exports, we are happy to have partnered with Fits Aviation, who timely supported the local industries to fulfil their export requirements by providing reliable air freight service, especially for perishable goods, at a time when many international cargo flights were limited.”

Fits Aviation which goes under the brand FitsAir is a pioneer in Sri Lankan aviation industry and is the first privately-operated Sri Lankan airline to be licensed for international cargo operations by the Sri Lankan Civil Aviation Authority. 

Additionally, Fits Aviation is a BOI-approved entity that currently operates with a fleet of One Air Bus A320-200, One ATR-72, Two Cessna 208 and Two Cessna 152, which are manned by professionally qualified local pilots and cabin crew. 

The company carries outbound cargo flights from Bandaranaike International Airport to Male, Dubai, Singapore, Indonesia Nairobi Bangalore, Kotchi, Trivadnrum, Chennai, Yangon and Saigon, with plans afoot to extend destinations on the induction of the second A320-200 aircraft before year end. 

The airline will commence operation of scheduled domestic passenger flights to Jaffna and Batticaloa through its ATR-72 aircraftt shortly, while also offering charter flights, scenic flights and sky diving through its Cessna 208 aircrafts. Continuing on its trailblazing journey as a leader among small operators, the airline plans to commence international passenger flight operations from Ratmalana as well as Jaffna airports.