Dubai: In a glittery Awards Ceremony held at JW Marriott Marquis Hotel Dubai, 33 top Islamic retail banks and leading personalities were honoured for their leadership roles in the industry. It was the 4th annual Islamic Retail Banking Awards Ceremony held in Dubai, with participation of Islamic retail banks from around the world.
Islamic Retail Banking Awards (IRBA) were founded by Cambridge IFA, a UK-based financial intelligence house, to highlight, acknowledge and honour success stories, both institutional and individual, in the Islamic retail banking sector. Islamic financial assets world-wide are estimated to be US$2.591 trillion of which 76% are held by Islamic banks. “Islamic retail banking is the face of Islamic finance,” said Mufaddal Khumri, a seasoned Islamic banker, who served as the official host of the Awards Ceremony. “Welcoming a large number of Islamic bankers from different corners of the world to the vibrant city of Dubai is consistent with the vision of Dubai to be a global hub of the Islamic economy.”
The Chief Guest was former British Minister for International Development, Mr. Shahid Malik, who presented the awards to the winning institutions and individuals. In her Welcome Speech, Dr. Sofiza Azmi, CEO of Cambridge IFA, introduced the awards and the methodology for choosing Strongest Islamic Retail Banks.
“IRBA is based on an efficiency analysis developed by Cambridge IFA, which ranks over 150 Islamic banks from around the world,” Dr. Sofiza Azmi informed the packed hall. “It is a performance-sensitive measure that reacts to even small variations in the chosen financial ratios. Last year, the Strongest Islamic Retail Bank in the World was Al Rajhi Bank of Saudi Arabia, a place which has been captured by Dubai Islamic Bank this year.”
The following is the list of the winners of Islamic Retail Banks:
- Strongest Islamic Retail Bank in the World 2018: Dubai Islamic Bank (UAE)
- Strongest Islamic Retail Bank in Asia 2018: Bank Syariah Mandiri (Indonesia)
- Strongest Islamic Retail Bank in Pakistan: Dubai Islamic Bank Pakistan
- Strongest Islamic Retail Bank in Bangladesh: Islami Bank Bangladesh Limited
- Strongest Islamic Retail Bank in Indonesia: Bank Syariah Mandiri
- Strongest Islamic Retail Bank in Saudi Arabia: Bank Alinma
- Strongest Islamic Retail Bank in Turkey: Kuveyt Turk Participation Bank
- Strongest Islamic Retail Bank in Kenya: Gulf African Bank
- Strongest Islamic Retail Bank in Oman: Bank Nizwa
- Strongest Islamic Retail Bank in Qatar: Qatar International Islamic Bank
Numerous Critics’ Choice Awards were also announced at the Awards Ceremony.
Alinma Bank of Saudi Arabia was chosen as the Most Innovative Retail Bank in the World 2018. “It is an honour to have our [innovations] recognised by the Islamic Retail Banking Awards, and I would like to thank the Critics’ Choice Committee for choosing Alinma to be recipient of this accolade,” said Abdulmohsin Al-Fares, CEO of Alinma Bank.
Albaraka Turk Particpation Bank was chosen as Critics’ Choice Best Islamic Retail Bank in Turkey for 2018. Siraj Finance of the UAE was chosen to receive Critics’ Choice Best Non-Bank Islamic Retail Finance Institution.
Amman Muhammad, CEO of FNB Islamic Banking (South Africa) was declared as the IRBA CEO of the Year for 2018. IRBA Leadership Award 2018 was win by Abdulmohsin Al-Fares, CEO of Alinma Bank. Md. Mahbub ul Alam, CEO of Islami Bank Bangladesh Limited, was recognised as the Best Emerging CEO in Islamic Retail Banking.
Human Resource Development is receiving an increasing focus and attention in Islamic retail banking. As a result, the level and quality of knowledge of Islamic banking amongst the branch-level staff has improved significantly. To commemorate this new trend and encourage its further development, the Critics’ Choice Committee recommended to establish a new permanent award – IRBA Investors in People Award, which was one by Islamic Banking Academy set up by ADCB Islamic Banking.
Other Award Winners included:
- Critics’ Choice Most Promising Leader in Islamic Retail Banking: Abdalla Abdulkhalik, CEO of Gulf African Bank
- IRBA Fintech Leader of the Year: Mohammed Ibraheem Khan
- IRBA Personality of the Year: Dr. Ali Adnan Ibrahim, Albaraka Banking Group
- Critics’ Choice Best CRO of the Year: Putu Rahwidhiyasa, Bank Syariah Mandiri
- Critics’ Choice Upcoming Personality in Islamic Retail Finance: Mohamed Rusan Fyroze, Siraj Finance
- Critics’ Choice Best Islamic Retail Banking Brand in Pakistan: Dubai Islamic Bank Pakistan
- Critics’ Choice Best Islamic Digital Retail Bank: Bank Aljazira
- Critics’ Choice Most Trusted Islamic Retail Banking Brand (Islamic Window): FNB Islamic Banking
- Critics’ Choice Most Innovative Digital Retail Bank: Dubai Islamic Bank
- Critics’ Choice Best Bank for Financial Inclusion: BTPN Syariah
- Critics’ Choice Best Brand Experience: Bank Syariah Mandiri
- Critics’ Choice Best Digital Banking Initiative: insha by Albaraka Turk Participation Bank
- Critics’ Choice Best Islamic Retail Banking Innovation: Bank Aljazira
- Critics’ Choice Best Islamic Savings Products: National Bonds
- Critics’ Choice Best Performing Musharaka-based SME Product: Musharaka Partnership Model developed by MIT Global
- Critics’ Choice Best Digital Banking Solution: International Turnkey Systems (ITS)
Top winners included Dubai Islamic Bank Group (5 Awards), Bank Syariah Mandiri (4 Awards), and Albaraka Banking Group (3 Awards).
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