Indonesia: In a well-attended event, Cambridge IFA held its 8th Islamic Retail Banking Awards in Jakarta this year. The event saw the presence of VIPs, Ambassadors, CEOs, and distinguished guests from countries as diverse as South Africa, Malaysia, UK, and many more. The event was graced with the presence of Dato' Dr Asyraf Wajdi Dusuki, Economic Advisor to the Deputy Prime Minister of Malaysia, Markus Werne, Head of the Office for the Coordination of Humanitarian Affairs (Regional Office for Asia and the Pacific, Thailand), Tengku Ahmad Badli Shah Raja Hussin, Chief Executive Officer of Agrobank, Dr Sutan Emir Hidayat is currently the Director of Islamic Economy Supporting Ecosystem at National Committee for Islamic Economy and Finance (KNEKS), and Oza Olavia, Expert Staff to the Minister of Finance for State Revenue Policy.

Islamic banking share is rapidly increasing in most countries favoured by government support and a growing consumer demand. It is an industry that is facing competition not only from the conventional system but within the industry as well. IRBA, in its 8th year, has been at the forefront of Islamic retail finance, acknowledging the outstanding contributions of leading market players in the industry.

Professor Humayon Dar, Founder of the Islamic Retail Banking Awards and Director General of Cambridge Institute of Islamic Finance in his welcome address, stressed that as technology has permeated every nook and corner of our lives and inevitably businesses, this disruption has also trickled in the Islamic finance space and digital services across the globe are in an upward spiral. Therefore, it came as no surprise that this year’s IRBA saw an increase in FinTech related institutions, which is a good sign.

Since 2015, IRBA has been recognising the contributions and successes of Islamic retail banks, individuals and other market players, globally and in their respective national markets. They are the industry game-changers. Winners of IRBA exemplify how Islamic retail banks have successfully embraced digital innovation, enhanced their operational efficiency and delivered new, improved services for customers.

One of the most coveted industry awards presented during the ceremony was the Islamic Retail Banking Leadership Award 2022, awarded to Bank Islam Malaysia Berhad, the only full-fledged Islamic bank publicly listed on the Main Market of Bursa Malaysia, for their commitment to delivering customers’ expectations and continuous focus on providing comprehensive and innovative Shari’a-compliant solutions to the market.

IRBA celebrates excellence and best practices in Islamic retail banking in two broad categories. The strongest Islamic retail banks should be considered the safest Islamic banks in terms of doing business with, both by customers on the liabilities side and those seeking financing or doing business with these banks on the assets side.

The Strongest Islamic Retail Bank awards were awarded to:

  • Bank Nizwa – Strongest Islamic Retail Bank in Oman 2022
  • Saba African Bank - Strongest Islamic Retail Bank in Djibouti 2022
  • Tadhamon Bank - Strongest Islamic Retail Bank in Yemen 2022
  • Islami Bank Bangladesh Limited - Strongest Islamic Retail Bank in Bangladesh 2022 
  • Islami Bank Bangladesh Limited - Strongest Islamic Retail Bank in South Asia 2022
  • ZamZam Bank S.C.- Strongest Islamic Retail Bank in Ethiopia 2022
  • PT Bank Syariah Indonesia Tbk - Strongest Islamic Retail Bank in Indonesia 2022
  • Banque Misr - Strongest Islamic Retail Window in Egypt 2022
  • FNB Islamic Banking - Strongest Islamic Retail Banking Window in Africa 2022

The IRBA Critics’ Choice Awards aim at including those institutions and individuals that cannot be captured by efficiency analysis. These awards are determined by Critics’ Choice Committee. This award category is wider in scope as they are based on a wider set of variables beyond efficiency.

The world’s most cutting-edge Islamic retail banks are pioneering unrivalled standards and capabilities. They are banks that are transforming the industry by setting new benchmarks in service delivery, digital innovation, product development, payments, technology, customer experience and more.

U Microfinance Bank - Islamic Banking won the Upcoming Islamic Retail Banking Window in Pakistan 2022; KT Bank AG was presented the Most Innovative Islamic Retail Bank in Europe 2022 while the Most Improved Islamic Retail Bank in Pakistan 2022 was won by MCB Islamic Bank Limited.

IRBA Excellence Award for Islamic Banking Offering in the UK 2022 was won by Habib Bank Zurich plc; IRBA Excellence Award (Islamic Microfinance) 2022 was presented to ALkuraimi Islamic Microfinance bank; Saba African Bank is also the proud winner of IRBA Excellence Award for Islamic Home Financing in Djibouti 2022 for Saba City; Islamic International Arab Bank (IIAB) won the IRBA Excellence Award for Islamic Digital Banking in Jordan 2022; IRBA Excellence Award (Islamic Banking Strategy for Global Growth) 2022 was presented to HABIBMETRO Sirat; and the proud winner of IRBA Excellence Award for Islamic Retail Banking in Bangladesh 2022 is Social Islami Bank Limited.

In recent times, several major macro trends have completely changed the playing field; disrupting the traditional retail banking model, and Islamic retail banks are no exception. The nucleus of Islamic banking remains in the Middle East, centred on the six nations of the Gulf Co-operation Council (GCC), however we see more emerging Islamic retail banks making their mark in the industry as well.

  • Best Islamic Retail Banking Window in the UAE 2022 - ADCB Islamic Banking
  • Best Emerging Islamic Retail Bank 2022 – LOTUS Bank Limited
  • Best Islamic Retail Bank in Bahrain 2022 – Al Baraka Islamic Bank
  • Best Islamic Retail Bank in Saudi Arabia 2022 - Alinma Bank
  • Best Islamic Retail Bank in Pakistan 2022 – Faysal Bank Limited
  • Best Non-Bank Islamic Retail Finance Institution 2022 – Siraj Finance PJSC
  • Best Islamic Retail Bank in Jordan 2022 - Islamic International Arab Bank (IIAB)
  • Best Islamic Retail Banking Window 2022 – UOB Malaysia Islamic Banking 
  • Best Socially Responsible Islamic Retail Bank in Sudan 2022 - Farmer’s Commercial Bank
  • Best Islamic Retail Bank for Priority Banking 2022 - CIMB Niaga Syariah
  • Best Islamic Retail Banking Brand in Indonesia 2022 – bank bjb syariah
  • Best Islamic Retail Bank in Ethiopia 2022 - Hijra Bank Share Company
  • Best Islamic Retail Bank in Malaysia 2022 - CIMB Islamic Bank
  • Best Islamic Retail Development Finance Institution in the World 2022 - Agrobank

Hamad Abdulla Al-Oqab, Chief Executive Officer, Al Baraka Islamic Bank has been awarded the IRBA Personality of the year 2022. Mufti Ibrahim Essa is a well-known Shari’a Expert in the field of Islamic Banking and Takaful and has been named as the Upcoming Shari’a Scholar 2022. Yousaf Hussain, Chief Executive Officer of Faysal Bank has been named as IRBA Transformational Leader of the Year 2022; Mohd Fhauzi bin Muridan currently the Executive Director and Country Head of Islamic Banking, UOB Malaysia has been named as the Upcoming Personality in Islamic Retail Banking 2022; and Melika Bedri Mohammed, Chief Executive Officer of ZamZam bank who has an extensive banking career spanning over three decades won the title of IRBA CEO of the Year 2022.

Our top award for incredible individuals behind the scenes – IRBA Islamic Retail Banking Leadership Award – has for the last seven years recognised and celebrated contributions of some of the exceptionally talented Islamic bankers. The inaugural IRBA Islamic Retail Banking Leadership Award 2015 was presented to Hussain Al Qemzi, then Group CEO of Noor Bank. This was followed by recognition of the services of Musa Shihadeh (then General Manager and CEO of Jordan Islamic Bank) to the development of Islamic retail banking in Jordan. Next year in 2017, Dato’ Wan Fadzmi Othman (then CEO of Agrobank Malaysia) was the proud winner of this coveted award. Abdulmohsin Abdulaziz Al-Faris (Founding CEO of Bank Al-Inma) was presented with the IRBA Islamic Retail Banking Leadership Award 2018. Md. Mahbub ul Alam (CEO of Islami Bank Bangladesh Limited), Adnan Yousif (then Group CEO of Al Baraka Banking Group), and Junaid Ahmed (CEO of Dubai Islamic Bank Pakistan) were winners in 2019, 2020 and 2021, respectively.

This year, Islamic Retail Banking Leadership Award 2022 was presented to Hery Gunardi, the President Director/CEO of Bank Syariah Indonesia (BSI), the largest Islamic bank in Indonesia. He is also the Chairman of the Association of Indonesian Sharia Banks (Asbisindo).

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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 policy makers 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-Edbiz Group of Companies with offices in London, Gibraltar and Islamabad.