Dubai: The Islamic Retail Banking Summit, held in Dubai, proved to be a resounding success, bringing together global leaders, experts, and practitioners in the Islamic finance sector. Under the theme of ‘Strategies for Growth in Islamic Retail Banking and Finance,’ the summit offered a forum for insightful discussions, collaboration and exploration of innovative solutions to propel the industry forward. The event saw the presence of VIPs, CEOs, and distinguished guests from more than fifteen (15) countries.

The summit emphasised key strategies for growth in Islamic retail banking and finance, highlighting the critical role of digital transformation, product innovation, customer experience enhancement, and strategic partnerships. By leveraging cutting-edge technology, banks can streamline operations, improve efficiency, and expand their customer base while delivering highly personalised services tailored to individual needs.

The panel on ‘Leveraging FinTech in Islamic Retail Banking for Enhanced Compliance and Service Delivery’ was moderated by Mr Abdulwasiu Popoola​​​​, Chief Digital Officer at Lotus Bank. The panellists included Mr Amman Muhammad, Chief Executive Officer of FNB Islamic Banking; Mr Umar Iqbal Sheikh, Group Head, BOP Taqwa Islamic Banking; and Mr Salman Ahmed, Senior Vice President of Islamic Banking, Mashreq Al Islami.

As part of the event, the 10th annual Islamic Retail Banking Awards have celebrated the achievements and contributions of exceptional Islamic retail banks, individuals, and market players globally and nationally since its inception in 2015. These award winners are industry pioneers who have successfully embraced digital innovation, streamlined operations and introduced innovative services to enhance the customer experience.

Dr Humayon Dar, Chairman of the Islamic Retail Banking Awards and Director-General of Cambridge IFA opened the event with his welcome address, stating that the global economy faces significant challenges, requiring the Islamic finance industry to adapt proactively. To build resilience, the industry must develop strategies to absorb external shocks. Aligning with global trends, embracing technology, promoting sukuk issuance, and reorienting towards a more inclusive and interest-free model is crucial for sustainable growth.

Our top accolades at the Islamic Retail Banking Awards (IRBA) underscore the remarkable contributions of individuals who have significantly influenced the Islamic banking landscape. This year, the IRBA Islamic Retail Banking Leadership Award was bestowed upon Amman Muhammad, Chief Executive Officer of FNB Islamic Banking. For the past eight years, this award has recognised the extraordinary leadership of Islamic banking globally. Amman Muhammad was honoured for his pivotal role in shaping the Islamic banking framework in South Africa and his influential reach that extends beyond national borders.

In a historic inaugural presentation, the Cambridge Lifetime Achievement Award 2024 was conferred upon Honourable Justice Dr. Syed Muhammad Anwer from the Federal Shariat Court of Pakistan. His pivotal role in the landmark decision to integrate a Riba-free economy into the Pakistani constitution marks a monumental shift in Islamic finance, celebrating his lifelong dedication to Islamic financial principles.

This year, the IRBA Thought Leadership Award 2024 was proudly bestowed upon Mohsin Ali Nathani, Regional CEO of Habib Bank AG Zurich, in recognition of his innovative contributions and visionary leadership within the Islamic banking industry. His strategic initiatives have significantly propelled the sector forward, setting new standards for excellence. Similarly, Abdullah Ali Alkhalifa, Chief Executive Officer of Alinma Bank, was honored with the IRBA CEO of the Year 2024 award. His exceptional leadership and strategic acumen have not only advanced Alinma Bank's growth but have also had a profound impact on the broader landscape of Islamic finance, driving significant developments and innovations.

Highlighting advancements in digital Islamic banking, Syed Amin Ur Rahman, Chief Digital Officer at Faysal Bank, was honoured with the Best Islamic Digital Banker in Pakistan 2024 award.

The 'Strongest Islamic Retail Banks' category has been one of the key highlights of the Islamic Retail Banking Awards since its inception. This year, the strongest Islamic retail banks in their respective countries are named as: PT Bank Syariah Indonesia, Saudi National Bank (SNB), Gulf African Bank, Bank Nizwa, Albaraka Bank South Africa, Jaiz Bank, Tadhamon Bank, Kuveyt Türk Participation Bank and Bank of Khartoum.

Other leading winners included: Alrajhi Bank, Alinma Bank, CBE NOOR - Commercial Bank of Ethiopia, Taqwa Islamic Banking by the Bank of Punjab, HABIBMETRO SIRAT, Salaam Somali Bank, Mashreq Al Islami, Bank Islam Brunei Darussalam (BIBD), U Bank Islamic Banking,  East Africa Bank, LOTUS Bank Limited, Farmer's Commercial Bank (FCB), Amlak International, Bank Simpanan Nasional (BSN), Hong Leong Islamic Bank, Bank Muamalat Malaysia Berhad, Siraj Finance, Tayseer Arabian Company, AmBank Islamic Berhad, Bahrain Islamic Bank (BisB), MCB Islamic Bank Ltd., Faysal Bank Limited, PT Bank CIMB Niaga Tbk-Sharia Business Unit and FNB Islamic Banking.

About Cambridge IFA:
Cambridge IFA is a financial services intelligence house that specialises in developing and utilising powerful cutting-edge analytical tools to evaluate business data, assess macroeconomic indicators and understand market trends, leadership positioning and brand development relevant to the development of the financial services industry globally. The principal activity of Cambridge IFA is developing performance indicators specific to alternative practices of banking and finance.  

It also aims to provide strategic advice to governments, financial institutions and multilateral organisations in the development of financial markets including alternative banking and finance products, procedures, practices and policies. Through our strong and invaluable relations with policymakers and private sector industries, we have insights into market and business trends as well as policy changes. This allows us to identify and prioritise common issues and provide perspectives and solutions that are practical, focused and effective; which will increase the competitive advantage of our clients. 

Cambridge IFA is a member of HD-Cambridge Group of Companies with offices in London, Gibraltar and Islamabad.