New Structures New Markets
By Hawser, Anita | |
Proquest LLC |
Islamic finance is going mainstream, with new banks opening and new regulatory endeavors under way in this dynamic global market.
Sovereign sukuks in Western countries; structured financing deals involving both conventional and Islamic tranches; and cross-border sukuks between the
Islamic assets (those designed to uphold shariah law, and thus fundamental Islamic principles) now stand at more than
So, yes, to a certain extent, Islamic finance has gone mainstream. There has been rapid growth in long-standing Islamic financial markets-
Profitability, risk management and liquidity remain challenges for Islamic banks, however, and other than the
The seventh annual Global Finance Islamic Financial Institutions Awards honor the leading shariah-compliant institutions in the regions, countries and product areas in which Islamic banking has an established or growing presence. The awards criteria incorporated a range of subjective and objective factors, including customer service, growth in assets, profitability, geographic reach, strategic relationships, new business development, innovation in products and banks' financial stability.
The selected winners represent best-in-class Islamic financial institutions that not only stand out in terms of financial performance, profitability, market share and assets but that also continue to innovate and strive for greater operational efficiency through enhanced risk management and technology gains. In some markets, they may be the only Islamic financial institution, but as pioneers they are setting the standard for others to follow. They are also leaders in their home markets who are also expanding globally in order to drive growth and sustain future profitability.
GLOBAL WINNERS
BEST SUKUK BANK
BEST ISLAMIC RETAIL BANK
Pioneers of Islamic banking in
BEST ISLAMIC PRIVATE BANK
NCB Capital_
The investment banking arm of Islamic finance pioneer
BEST ISLAMIC INVESTMENT BANK
BEST ISLAMIC CUSTODIAN
BEST
BEST RETAKAFUL PROVIDER
ACR ReTakaful
Compared to takaful providers, there are only a handful of retakaful companies globally. ACR ReTakaful says it is the world's highestcapitalized Islamic reinsurance entity. A joint venture between
BEST IJARAH (LEASING) PROVIDER
Kuwait Finance Flouse
ijarah is one of the most widely used constructs in Islamic finance. Typically, an Islamic finance provider buys an asset, then the customer pays for it in installments via a "lease to own." KFH applied this concept to a card, Baytik Ijarah, marking what it called "a new era in card finance" providing greater credit flexibility and capacity.
BEST ASSET MANAGEMENT COMPANY
CIMB-Principal Islamic Asset Management
CIMB-Principal Islamic is a joint venture between leading Malaysian bank
BEST SHARIAH-COMPLIANT INDEX PROVIDER
BEST LAW FIRM WITH ISLAMIC SERVICES
Allen & Overy_
Allen & Overy is part of the
BEST ISLAMIC PROJECT FINANCE PROVIDER
With the conventional project financing expertise of its major shareholder,
BEST ISLAMIC COMMODITIES PROVIDER
BEST ISLAMIC REAL ESTATE FINANCE PROVIDER
Qlnvest
In 2013, Qinvest underwent a strategic refocusing that will see it concentrate on the financing aspects of principal investment, while reducing risk. The principal investment team's real estate franchise continues to deliver strong results and will concentrate on prime real estate transactions in the GCC,
BEST ISLAMIC FUND MANAGER
BEST UP-AND-COMER
Amäna Bank
As the first bank in
ISLAMIC FINANCE DEAL OF THE YEAR
Al Bayan Group Holding Sukuk Wakalah program of up to
Hong Leong Islamic Bank Berhad (HLISB) was appointed as the Joint Principal Adviser, together with HSBC Amanah Malaysia Berhad (HBMS). The two banks were also joint lead managers alongside
REGIONAL WINNERS
GULF COOPERATION COUNCIL (GCC)
AÍ Rajhi Bank_
One of the largest Islamic banks in
NON-GCC
Few Islamic banks boast the footprint of Al Baraka, which continues to invest in its operations in politically and economically challenging markets in
Maybank Islamic Berhad
Maybank Islamic Berhad is the largest Islamic bank in Asean, based on total assets and market share. Outside its core Malaysian market, it boasts operations in
The
COUNTRY AWARDS
Banque Albaraka D'Algérie
Part of the Al Baraka group, which has an extensive footprint throughout the
Al Baraka Bahrain
Al Baraka Bahrain benefits from the financially strong position of the parent company, the
Islamic finance makes up approximately a fifth of the total
The majority government-owned bank is the largest Islamic bank in
The overthrow of
AGIB was set up to provide
Bank Muamalat Indonesia_
JIB is a subsidiary of the
The first Islamic bank to be established in
Al Baraka Lebanon
Economic conditions in
Maybank Islamic Berhad
With
Banque Al-Wava Mauritanienne Islamique
Banque AI Wava Mauritanienne Islamique was established in
Attijariwafa_
There are no fully fledged Islamic banks in
NIQERIA
BankMuscat Meethaq_
Meezan was
PALESTINE
According to a 2012 report by Awraq Investments,
Al-Amanah is the only Islamic bank in
Calling itself "the fastest growing bank in
Banque Islamic du
Maybank Singapore Islamic Banking
Last year
Al
Despite a slowdown in the rate of economic growth last year, Al Baraka saw total assets for 2013 increase by 19% to
Amána Bank_
Amäna Bank is the first bank in the country to align itself with shariah-compliant principles. Having only commenced operations in 2011, the bank already boasts more than 100,000 customers and a network comprising 23 branches and more than 500 ATMs. Its shareholders include
Faisal Islamic Bank Sudan has a 13.6% market share of local banking deposits and 32 branches covering most states. In March last year, the bank introduced 24-hour automated banking services to facilitate the paying of bills, acceptance of checks and purchasing of services such as electricity and mobile-phone recharging.
Kuveyt Türk_
A subsidiary of
Islamic Bank of
ADIB is the emirate's largest Islamic lender and is majority-owned by members of the
American Finance House Lariba
America is still relatively behind other regions in the world when it comes to the acceptance of Islamic finance. However, American Finance House Lariba, based in
Tadhamon commenced operations in
Copyright: | (c) 2014 Global Finance Media Inc. |
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