Honouring a Legacy: Mohamed Minaz Receives Ismaildeen Marikar Memorial Gold Medal

The South Eastern University of Sri Lanka recently held its convocation ceremony, celebrating the academic achievements of its graduates. Among the notable recognitions was the awarding of the prestigious Ismaildeen Marikar Memorial Gold Medal to Mohamed Minaz, a graduate of the Faculty of Islamic Studies and Arabic Language, for his outstanding performance in the Islamic Banking and Finance Special Degree programme.

The gold medal, named in memory of the late A. Ismaildeen Marikar, is a tribute to a pioneer who played a foundational role in introducing Islamic finance principles to Sri Lanka’s academic and financial sectors. Marikar was the founding Managing Director of Amana Investment Ltd, which later evolved into Amãna Bank PLC, the country’s first fully-fledged Islamic bank.

Marikar’s vision, commitment, and behind the scenes leadership were instrumental in shaping the landscape of alternative finance in Sri Lanka. He was not just a senior banker but a true visionary who devoted his life to establishing a viable, ethical financial model grounded in Islamic principles. He helped spearhead efforts to promote the non-interest-based banking concept in Sri Lanka and contributed to reforms in the national banking framework, including his advisory role in amendments to the Banking Act to accommodate non-interest-based financial systems.

His work, often done quietly and humbly, away from public attention, is remembered as a form of ‘Sadaqa Jariyah’; a continuous charity. Many current professionals in the field may not fully grasp the intellectual depth, strategic efforts, and personal sacrifices he made to lay the foundation for Islamic banking in Sri Lanka. Yet, his impact continues to echo through every Islamic financial transaction and academic milestone achieved today.

“It is truly an honour to be recognised under the legacy of such an extraordinary individual,” said Mohamed Minaz. “Receiving this medal is not just a personal achievement; it’s a reminder of the commitment and vision that established the very foundation of our industry. I am proud to now serve as a banker at the institution he once led, and this recognition shines as a light guiding my professional journey.”

The South Eastern University of Sri Lanka remains a trailblazer in the academic field of Islamic finance. It is the only State university in the country offering a Special Degree in Islamic Banking and Finance. The university houses a dedicated Islamic Banking and Finance Unit under the Department of Islamic Studies within the Faculty of Islamic Studies and Arabic Language. It also leads the way in conducting academic research on Islamic finance in Sri Lanka, contributing significantly to the development of knowledge in this growing sector.

Minaz’s success not only reflects his personal dedication but also symbolises the continuing growth of Islamic finance in Sri Lanka, a field Marikar helped nurture from concept to reality. As the country moves forward in expanding ethical finance, the legacy of leaders like Marikar remains a beacon for future generations. As the community mourns his recent passing, tributes continue to pour in, honouring his humility, leadership, and enduring contributions to Sri Lankan society.