A.I. Marikar: A Legacy in Islamic Finance

A.I. Marikar: A Legacy in Islamic Finance

Al Haj Ahmed Ismaildeen Marikar, commonly known as A.I. Marikar, was a pioneering figure in Sri Lanka’s financial sector, notably as the first Managing Director of Amana Investments. His contributions were instrumental in introducing and promoting Islamic finance principles within the country.

Early Life, Education, and Career

Al Haj Ahmed Ismaildeen Marikar, fondly known as A.I. Marikar, was an old boy of Zahira College, Colombo, having studied there during the renowned Azeez era—a time marked by intellectual rigor and moral guidance. He later graduated from the University of Ceylon in 1965, joining a distinguished group of alumni who would go on to shape various professional spheres in Sri Lanka.

A.I. Marikar became a leading banker both in Sri Lanka and abroad, earning respect for his integrity, vision, and professionalism. His exposure to international banking systems and his deep-rooted Islamic values played a pivotal role in shaping his commitment to establishing ethical and Sharia-compliant financial services in Sri Lanka.

Amana Investments

In pursuit of his vision, A.I. Marikar was the First Managing Director at Amana Investments, laying the groundwork for what would become a significant entity in Sri Lanka’s financial sector. Under his leadership, Amana Investments focused on providing Sharia-compliant financial services, emphasizing ethical banking practices and community development.

Authorship and Thought Leadership

Beyond his entrepreneurial endeavors, A.I. Marikar was also an author. He penned the publication titled ‘An Alternative Approach to Finance published by the Dr AMA Azeez Foundation,’ aiming to dispel common misconceptions about Islamic finance and shed light on its principles and benefits. The foreword to this publication was written by the respected academic, the late Dr. M.A.M. Shukri. This work reflects Marikar’s commitment to educating both professionals and the public about viable alternatives to conventional interest-based banking models.

Passing and Legacy

Al Haj Ahmed Ismaildeen Marikar passed away on April 6, 2025. The Janaza (funeral prayer) held at Negombo family burial grounds. His passing marks the end of a significant chapter in Sri Lanka’s financial history, but his legacy continues through the institutions he established and the knowledge he imparted.

Conclusion

A.I. Marikar’s dedication to integrating Islamic principles into Sri Lanka’s financial system has left an indelible mark. His efforts have paved the way for ethical banking practices and have provided the Muslim community with financial services that align with their values. His life and work remain a testament to the impact that visionary leadership can have on an industry and a community.