COLOMBO : It is no easy task to encapsulate the profound impact that A.I. Marikar had on the development and progress of Sri Lanka’s alternative financial system, commonly known as Islamic Banking and Finance (IBF).
A banker by profession having served the Grindlays Bank, Saudi British Bank, Emirates Bank, Middle East Bank and MCB Bank with distinction, Marikar was a teacher, mentor, leader and role model. I consider it a privilege and honour to have worked alongside such an exceptional human being.
An old boy of Zahira College, Colombo who graduated from the University of Ceylon, Peradeniya in 1965, he served the community with quiet dedication and became a guiding light to many who crossed his path either professionally or by casual acquaintance.
Towards the latter part of his banking career, Marikar dedicated himself to advancing the cause of Islamic Banking & Finance. This was not merely a professional task, it was a historic responsibility which he accepted wholeheartedly, advancing it with unwavering commitment and a deep sense of purpose.
He was part of a pioneering team that worked tirelessly to secure a licence for Sri Lanka’s first fully fledged Islamic bank from the Central Bank of Sri Lanka, a significant milestone. Beyond this effort, he influenced key reforms to the country’s banking regulations.
A man of humility, Mr Marikar never sought recognition or fame. For those who knew him closely, it was evident that he saw his work as Sadaqah Jariyah, a continuous charity whose benefits would extend to future generations.
Today, many within the IBF sector may be unaware of the intellectual depth, personal sacrifices, foresight and relentless effort that laid the foundation for this ethical financial model. Mr Marikar’s leadership was defined by compassion, and a remarkable ability to connect with people of all ages and walks of life, from young graduates to senior professionals and high ranking officials.
Those who had the privilege of working under his stewardship at Amana Investments would fondly remember his mentorship, his guidance and above all, his sincere care. Together with a Chairman and Board of Directors, SSB members, a pioneering management team and staff, Marikar was a key figure among the team that helped establish a workable alternative banking and financial model, one that offered all customers stability, credibility, and opportunities aligned to their individual preferences.
Begun as a bold initiative in the 1990’s, Islamic Banking has become an inseparable part of Sri Lanka’s banking industry.
Handpicked by the board of directors of Amana Investments to lead this mission, Mr Marikar, then as Managing Director, assembled and personally vetted a management team of dedicated professionals who understood the challenges ahead.
Marikar’s influence extended beyond his role at Amana. He generously shared his knowledge and expertise with other leading institutions including Commercial Bank of Ceylon, Hatton National Bank, National Development Bank, and Seylan Bank who derived much benefit from his advisory support in setting up dedicated IBF Units and developing Islamic Banking product offerings for their customers.
He also played a significant role in shaping academic curricula, particularly through his contributions to the Islamic Banking and Finance degree programme at South Eastern University, where he was also a visiting lecturer.
His contribution to the concept of Takaful Insurance in Sri Lanka and his inputs in product structuring enabled IBF service providers to enhance their product offerings to the public.
Yet, his life was not solely defined by his professional contributions. He exemplified balance, between work, family and community service. Following retirement, he devoted time to do what he enjoyed most, notably farming, sailing, charitable work, enjoying nature and most importantly, spending precious moments with his loving and caring family. His special bond with his grandchildren was particularly touching, a true reflection of the warmth and depth of his noble character.
It is now over four months since his peaceful passing. We pray that Almighty Allah (swt) grants him the highest station in Jannah. Aameen.
Inna lillahi wa inna ilayhi rajioon – Indeed, from Allah we come, and to Him we shall return.
Azad Zaheed
