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CONTENTS SPECIAL ISSUE
EDITOR’S LETTER
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rom all of us at CPI Financial, thank you again for attending the Islamic Business & Finance Awards 2018 and the Islamic Business & Finance Southeast Asia Awards 2018. It was a privilege for us to welcome you there, and to bring so many familiar faces together across the globe. With such a diverse industry, it is a privilege to be a part of one of the most significant events on the Islamic finance calendar. With so many deserving winners this year, it was an honour to stand on stage with each and every one of you. In these challenging economic times, your innovation and perseverance is an inspiration to us all. Congratulations to those that went home with a coveted IB&F Awards crystal, and congratulate all of those working in the Islamic financial space for the strides that the industry has made. Here’s to another 13 years like the 13 we have shared together.
William Mullally
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OPINION
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PICTURING SUCCESS
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A selection of images from the evening
THE WINNERS – ISLAMIC BUSINESS & FINANCE AWARDS
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DUBAI ISLAMIC BANK
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AL RAJHI BANK
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AHLI UNITED BANK KUWAIT
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KIB, THE NATIONAL COMMERCIAL BANK
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MASHREQ AL ISLAMI, ALINMA BANK
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EIGER TRADING ADVISORS, EMIRATES ISLAMIC WITH INFOSYS
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NBF ISLAMIC, ISFD
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ALKHABEER CAPITAL, ADCB ASSET MANAGEMENT GCC ISLAMIC
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GFH, EMIRATES REIT
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NOOR BANK, ADIB EGYPT
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FAISAL ISLAMIC BANK, AL BARAKA BANK LEBANON
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BAHRAIN ISLAMIC BANK, AJMAN BANK
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WARBA BANK, AL BARAKA BANK SYRIA
Log on to www.cpifinancial.net for news, polls, events, analysis, blogs, features, commentary and more. islamicbusinessandfinance.net
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CONTENTS SPECIAL ISSUE
islamicbusinessandfinance.net
CHAIRMAN
SALEH AL AKRABI CEO
STEVE LEE steve.lee@cpifinancial.net +971 4 391 4681
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EDITOR - ISLAMIC BUSINESS & FINANCE
WILLIAM MULLALLY william@cpifinancial.net Tel: +971 4 391 3718
EDITORS
NABILAH ANNUAR nabilah.annuar@cpifinancial.net Tel: +971 4 391 3726
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ISLAMIC BUSINESS & FINANCE SOUTHEAST ASIA AWARDS
26 BANK NEGARA MALAYSIA 27 CIMB ISLAMIC 28 KFH MALAYSIA 30 MAYBANK ISLAMIC 31 RHB ISLAMIC, OCBC AL-AMIN 32 BANK BNI SYARIAH, BANK RAYKAT 33 SHOOK LIN & BOK, CIMB-PRINCIPAL ISLAMIC
ASSET MANAGEMENT
34 35 36 38 39 40 41
BANK RAYKAT INDONESIA SYARIAH, RAM RATING SERVICES AMANIE ADVISORS, BANK ISLAM INCEIF, AMMETLIFE TAKAFUL ETIQA, TAKAFUL KLUARGA INDONESIA PRUDENTIAL BSN TAKAFUL, MUNICH RE SATURNA, STANDARD CHARTERED SAADIQ A SELECTION OF IMAGES FROM THE EVENING
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OPINION
Celebrating achievement across the world
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William Mullally
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Islamic Business & Finance
t Islamic Business & Finance, we travel the world in order to share stories of all the exciting things happening across the Islamic economy. But as much as we love chasing down stories and speaking to the leaders of the industry, our favorite days of the year are always our Awards ceremonies. It is on these days that we are able to gather all of the industry’s key executives and financial professionals together in one room to share in each other’s accomplishments. Our Awards are, as always, a reflection of how the industry views itself, and though December is normally a time spent looking forward to the next year and what it may bring, it is important to look back on all we have accomplished in the last year. Just as we celebrated our thirteenth Islamic Business & Finance Awards in Dubai, we returned for the second time to Kuala Lumpur to meet directly with the leaders of Southeast Asia’s Islamic finance world, and each one was a unique experience and a wonderful chance to get to know you all. We thank you so much for coming to both of these memorable nights. There are changes in store at Islamic Business & Finance as well. We have launched www.islamicbusinessandfinance.net, a standalone site that accompanies our digital-first plans for the publication. I encourage you to sign up for our daily newsletter, and get the latest developments as they happen, while our print publication will as always find time for reflection on the most recent events and intimate and honest conversations with those that are changing the Islamic finance world for the future.
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Selected images from the awards evening
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Islamic Business & Finance
Photo Credit: Florante Magsakay/CPI Financial
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MIDDLE EAST
Islamic Banker of the Year (Dr. Adnan Chilwan), Best Islamic Bank, Best Islamic Home Finance, Best Islamic Corporate Bank, Best Islamic Retail Bank, Best Sukuk Arranger – Dubai Islamic Bank
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Dr. Adnan Chilwan, GCEO, DIB; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial;Dr. Adnan Chilwan, GCEO, DIB; Steve Lee, CEO, CPI Financial
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ubai Islamic Bank collecting five major accolades at Islamic Business & Finance Awards 2018. The Awards bestowed on the bank includedBest Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best Sukuk Arranger in the region. In addition to this, the Group CEO of DIB, Dr. Adnan Chilwan, was honored with the prestigious Award of Islamic Banker of the Year for his outstanding contributions towards DIB’s growth, and his remarkable role in fostering advancements in the Islamic finance industry.
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honor and I aim to continue my individual efforts whilst working collectively with those around me further the growth and progress of Islamic finance as it transforms into a global norm” DIB’s principal activities center on retail banking, business banking, corporate banking, real estate, contracting finance, investment banking and treasury. With a strong presence in seven markets worldwide, DIB aspires to continue its global expansion and strengthen its leadership in transforming the Islamic finance industry.
William Mullally, Editor, Islamic Business & Finance; Varun Sood, Chief of Home Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Muhammed Raza Jessani, Head of Strategic Planning & Business Analytics; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Anil Kumar Parimoo, Chief Risk Officer; Waleed Al Awadhi, Boardmember, CPI Financial; Abbas Bhujwala, Chief Credit Officer; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Nasser Al Awadhi, Chief of Consumer Banking; Waleed Al Awadhi, Boardmember, CPI Financial;Sanjay Malhotra, Chief Digital Officer; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Mohammed Saleem, Chief of Treasury; Waleed Al Awadhi, Boardmember, CPI Financial; Salman Liaqat, Chief of Strategy and Investor Relations; Steve Lee, CEO, CPI Financial
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MIDDLE EAST
“We are incredibly grateful to be honored, once again, with these prestigious awards and the industry recognition that they carry.” commented Dr. Chilwan on this occasion. “It is always heartening and encouraging when our efforts in building a high-performing bank are acknowledged by the fraternity. We stand proud today of the leading position and reputation we enjoy in the local and global markets and remain steadfast in progressing to even greater heights.” “I am personally delighted to receive the Islamic Banker of the Year award again this year,” he added. “It is a huge
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Best Islamic Bank (KSA), Islamic Banker of the Year (KSA)
- Al Rajhi Bank
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l Rajhi Bank was named Best Islamic Bank (KSA) At the Islamic Business & Finance Awards 2018. In addition, its CEO, Steve Bertamini, was named Islamic Banker of the Year (KSA) For the bank's extraordinary performance and leadership role in the industry. Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 343 billion (US$ 90 billion), a paid up capital of SR 16.25 billion (US$ 4.33 billion) and an employee base of over 9,600 associates. With over 60 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella 'Al Rajhi trading and exchange corporation' in 1978 and it was in 1988 that the bank was established as a Saudi share holding company. Deeply rooted in Islamic banking principles, the Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 570 branches, over 152 dedicated ladies branches, more than 4,794 ATMs, 74,612 POS terminals installed with merchants and the largest customer base of any bank in the Kingdom, in addition to 233 remittance centers across the kingdom. The first men's branch was opened in
Aldirah in 1957, with the first ladies branch being opened in AlShmaisi in 1979.The banking and commercial activity of Al Rajhi Bank was initiated more than fifty years ago. In 1398H corresponding to 1978G, the individual institutions were merged under the name of Al Rajhi Exchange and Trade Company. In 1407H corresponding to 1987G, the company turned into a Joint Stock Company under the royal decree no. (59) dated 3/11/1407H and Al-Rajhi Banking and Investment Saudi Joint Stock Company was announced under the ministerial resolution no. (1398) dated 5/4/1409H. Al Rajhi Bank is considered one of the major joint stock banking and investment companies with a 100% Saudi capital initiated by SAR 750 million, then doubled to SAR 1500 million and a stock grant and split up to SR 2,250 million took place. The capital doubled again to reach SR 4,500 million and also a stock grant and split up to SAR 6,750 million took place. The capital doubled a third time to reach SAR 13,500 million. And in 2008, the capital was increased to become SAR 15 billion. During the year 2014, the bank's capital increased to SAR 16.25 billion. The Bank is run by a management organization that includes the Headquarters in Riyadh and six Regional Departments distributed over the following regions: Western, Central, Eastern, Qassim, Hail, Al Madina, Northern and Southern. The Bank owns the largest network of branches in the Kingdom (with more than 570 branches, 233 remittance centers in addition to 152 ladies branches), the largest ATM network (with more than 4,794) and POS distributed to merchants in more than 74,612 devices.
William Mullally, Editor, Islamic Business & Finance; Steve Bertamini, CEO, Al Rajhi Bank; Steve Lee, CEO, CPI Financial
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MIDDLE EAST
Islamic Banker of the Year (Kuwait), Best Islamic Bank (Kuwait), Best Premium Banking (Kuwait) – Ahli United Bank – Kuwait
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Ms. Jehad Al Humaidhi, Deupty CEO, Banking Support Group; Steve Lee, CEO, CPI Financial
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hli United Bank – Kuwait won Best Islamic Bank (Kuwait), Best Premium Banking (Kuwait) at the Islamic Business & Finance Awards 2018. In addition, Ahli United Bank Kuwait's Senior Deputy CEO, Tareq Muhmood, was named Islamic Banker of the Year (Kuwait). Ahli United Bank (formerly Bank of Kuwait and Middle East) prides itself of the prestigious standing it has built among local banks, not only for having been the first bank ever inaugurated in Kuwait and the first building block in the edifice of the banking industry in Kuwait, but also for having the potential to position itself in the lead for over 76 years since it was affiliated to a British bank in 1941 under the name “Imperial Bank of Persia”, by virtue of a concession that was sanctioned by Kuwait’s ruler; HH late Sheikh Ahmad Al-Jaber Al-Sabah.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Mrs. Hayat Al Khider, Executive Head of Premium Banking and Business Development; Steve Lee, CEO, CPI Financial
In 1971, the term of the concession awarded to the British Bank in the Middle East expired and the bank was ultimately owned by the Kuwaiti Government and Kuwaiti citizens. Meanwhile, the name of the bank changed to Bank of Kuwait and Middle East (BKME). BKME kept on its outstanding performance achieving more accomplishments particularly after it has obtained its national birth certificate as a 100 per cent Kuwaiti bank. AUBK’s conversion to a Shari’ah–compliant bank on 1 April 2010 was the landmark event and historic turning point in the bank’s history. The conversion into Islamic which was based on a prudent strategy adopted by the major shareholders and put into effect by the bank’s executive management under the supervision of its Board of Directors has in fact propelled the bank vigorously towards penetrating the Islamic banking industry until AUBK has been able to position itself in the forefront of Islamic banking in the region.
islamicbusinessandfinance.net
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MIDDLE EAST
Best Branding (Kuwait) – Kuwait International Bank
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uwait International Bank won Best Branding (Kuwait) at the Islamic Business & Finance Awards 2018. Kuwait International Bank (KIB), a fully Shari’ahcompliant bank, commenced its Shari’ah-compliant operations on 1 July 2007. It was incorporated in 1973 and was originally known as the Kuwait Real Estate Bank. As an Islamic bank, KIB’s business covers all banking services including acceptance of deposits, financing transactions, direct investment, Murabahah (auto, real estate and commodities), Ijarah, Muntahia Bittamleek, Istisnah, Tawarruq, credit cards, Wakalah and other products. Currently, KIB has a network of 26 branches spread across the State of Kuwait.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Raed Bukhamseen, CEO, KIB; Steve Lee, CEO, CPI Financial
Best HR Programme (KSA), Best Customer Loyalty Programme (KSA), Best Corporate Advisory (KSA), Best Islamic Credit Card (KSA) – The National Commercial Bank
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he National Commercial Bank (NCB) was named Best HR Programme (KSA), Best Customer Loyalty Programme (KSA), Best Corporate Advisory (KSA), Best Islamic Credit Card (KSA) at the Islamic Business & Finance Awards 2018. The National Commercial Bank was the first Saudi bank to be licenced in the Kingdom. It is considered the largest in Saudi Arabia and a leading financial institution in the Region. The bank initiated its business under the name of ‘The National Commercial Bank’ following the Royal Decree on 20 Rabi Thani 1373H (26 December 1953). In 1999, the KSA government, through the Public Investment Fund (PIF), acquired a majority holding in the bank. The National Commercial Bank has 90.71 per cent direct ownership of NCB Capital, its premier investment arm, and owns 67.03 per cent of Türkiye Finans Katılım Bankası (TFKB), the leading participation bank in Turkey.NCB is one of the largest Banks in the Arab world. The Bank’s paid-up capital is SAR 20,000 million ($5,333 million).
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NCB is considered among the first Saudi companies that implemented the principle of corporate governance and the first bank in Saudi Arabia to receive International Certification on Business Continuity Management.
MIDDLE EAST
Innovation in Islamic Banking – Mashreq Al Islami
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ashreq Al Islami, the Islamic banking division of Mashreq Bank won Innovation in Islamic Banking at the Islamic Business & Finance Awards 2018. Mashreq Al Islami continues to expand its Sharia’h-compliant product offerings to cater to customer requirements and further strengthen its Islamic banking proposition, said the bank. Mashreq Al Islami offers a full suite of Shari’ah-compliant products and services, with a host of new products launched for both retail and corporate customers. Mashreq Al Islami also provides Islamic Advisory Services, Working Capital Financing, Comprehensive Trade Finance solutions, Sukuk Advisory, Islamic Investment Products, and Islamic Treasury Products. On the retail side, Mashreq Al Islami offers a comprehensive suite of Islamic Wealth Management Products, including the award winning Mashreq Al Islami Income Fund, Mashreq Arab Tigers Fund. Murabahah Sukuks and funds financing, and Murabahah shares financing, Islamic structured investments are offered through its Shari’ahcertified relationship managers. MAI also offers Ijarah home financing, car financing, personal financing, and specially
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial;Ibrahim Al Mhiri, Head of Mashreq Al Islami and team; Steve Lee, CEO, CPI Financial
designed Takaful and savings plans through its wide network of branches across the UAE. Its Commodity Murabahahbased credit card comes with a host of benefits and offers its rewards programme, Salaam, in the UAE.
Fastest Growing Islamic Bank (Saudi Arabia) – Alinma Bank
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linma Bank has been named the Fastest Growing Islamic bank in Saudi Arabia at the Islamic Business & Finance Awards 2018. Alinma Bank won the Award based on its financial performance, rapid growth in business activities, and its ability to compete and grow revenues compared to other Saudi banks. Alinma Bank’s Chief Executive Officer, Abdulmohsen Al-Fares, praised the bank’s performance and noted that Alinma’s ongoing strategy to substantively and sustainably grow the bank led to the recognition. As a new bank, Alinma is also able to leverage the very latest technology on behalf of its partners. “Alinma remains fully committed to providing our customers with only the most innovative, transparent, fully Shari’ahcompliant products and services with an almost single-minded focus on exemplary service standards,” said Al-Fares. “Alinma is dedicated to understanding the true needs and aspirations of our partners, and to responding with solutions that support their financial lives and financial objectives. By doing so, Alinma functions as a pillar of the economy and as a cooperative participant in the communities it serves.”
Alinma Bank is the most recent bank to launch operations in Saudi Arabia, and has, in its short history, garnered numerous awards and accolades related to its growth, its product quality, its service excellence, and its Shari’ah-compliance.
islamicbusinessandfinance.net
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Best Islamic Fintech Company – Eiger Trading Advisors
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iger Trading Advisors was named Best Islamic Fintech Company at both the Islamic Business & Finance Awards 2018 and the Islamic Business & Finance Southeast Asia Awards 2018. Eiger Trading Advisors Ltd. is a London-based commodity trading fintech company, specialising as an intermediary in Islamic financial products for almost 100 banking clients globally. Eiger has a consistent track-record for delivering technologydriven solutions to the Islamic Finance sector since 2008, drawing from expertise in Shari’ah-compliant banking, IT-development and physical commodities. Eiger is the FCA-regulated provider and administrator of the Eiger Trading Platform (ETP), a secure and efficient end-to-end commodity trading marketplace that delivers trade facilitation services for Shari’ah-compliant products, including Commodity Murabahah and Tawarruq for deposits, financing, PRS, CASA, credit cards and mortgages. The ETP can manage any number of bespoke workflows to suit your institution’s trading requirements, either as a standalone platform, or integrated with your core systems for
William Mullally, Editor, Islamic Business & Finance; Aminnurllah Mustapah, Director, Eiger Trading Advisors
maximum efficiency. When it comes to integration, Eiger’s APIs and in-house development team can provide for an STP automated commodity trading experience using the latest in web service technology.
Best Islamic Core Banking Transformation – Emirates Islamic with Infosys Finacle
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mirates Islamic with Infosys Finacle was named Islamic Core Banking Transformation at the Islamic Business & Finance Awards 2018. Emirates Islamic, part of Emirates NBD Group, is a leading Islamic bank in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Emirates Islamic offers a comprehensive range of Shari’ah-compliant products and services across the personal, business and corporate banking spectrum with a network of 60 branches and 208 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, being the first Islamic bank to launch a mobile banking app and the first Islamic bank to offer Apple Pay in the UAE. Infosys is a global leader in technology services and consulting. It enables clients in 45 countries to create and execute strategies for their digital transformation. From engineering to application development, knowledge management and business process management, it helps
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its clients find the right problems to solve, and to solve these effectively. Its team of 198,000+ innovators, across the globe, is differentiated by the imagination, knowledge and experience, across industries and technologies that it brings to every project it undertakes.
MIDDLE EAST
Best Islamic Window (UAE) – NBF Islamic
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BF Islamic won Best Islamic Window (UAE) at the Islamic Business & Finance Awards 2018. Commenting on the win, Vince Cook, NBF’s CEO, said,“We are very proud to receive this award for the second time in a row. Given the global economic slowdown, Islamic finance has made some significant strides in terms of penetrating new customer segments and benefiting from breakthroughs in the sector like the establishment of the Shari’ah standard for gold. As we move forward, we can expect further growth in this space as the UAE focuses on transforming itself into a global hub of Islamic economy.” “At NBF, we are committed to leveraging innovation in the sector as we seek to further expand our suite of clientcentric solutions. This prestigious win is testament to the growth we have achieved so far; in fact, our Islamic balance sheet has grown significantly following the inception of NBF Islamic. Moving forward, we will keep pressing on our efforts to enhance our capabilities and invest in resources, so we can continue to compete with the more established Islamic financiers in the market,” added Cook.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; representatives from NBF Islamic; Steve Lee, CEO, CPI Financial
Earlier this year, NBF announced the completion of the first-ever Shari’ah-compliant bullion financing transaction with Malabar Gold in accordance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards in the precious metals industry in the UAE. By doing so, the bank has not only cemented its position as a reliable business partner but clearly reiterated its focus on developing new innovative solutions that enable customers to invest and bank according to their preferences.
Best Humanitarian Initiative
- Islamic Solidarity Fund for Development (ISFD)
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he Islamic Solidarity Fund for Development (ISFD) was named Best Humanitarian Initiative at the Islamic Business & Finance Awards 2018. The Islamic Solidarity Fund for Development (ISFD) is the poverty alleviation arm of the Islamic Development Bank (IDB) Group. It is a primary vehicle for the following activities in IDB Member Countries: fighting poverty & hunger and promoting pro-poor growth; providing financial support to enhance the productive capacity and sustainable means of income generation for the poor; emphasising human development, especially reducing illiteracy and eradicating diseases/epidemics. The Fund’s priorities include: human development (education, health, water and sanitation); agricultural and rural development; basic rural infrastructure development; capacity building; women’s empowerment. Selected ISFD programmes include the Alliance to Fight Avoidable Blindness (AFAB), the Microfinance Support Programme (MFSP), the Vocational Literacy Programme (VOLIP), and the Sustainable Villages Programme (SVP).
islamicbusinessandfinance.net
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Best Asset Manager – Alkhabeer Capital
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lkhabeer Capital won Best Asset Manager at the Islamic Business & Finance Awards 2018. Alkhabeer Capital is a prominent asset management company specialising in alternative investments, and providing innovative world-class products and services to institutions, family offices and qualified high-net-worth investors. The Company’s Shari’ah-compliant business activities are distinguished by the highest standards of ethical and professional conduct, executional vigor, and a profound understanding of clients’ investment needs and risk profiles. Alkhabeer Capital is recognised as the company of choice for sourcing Shari’ah-compliant products and solutions through its insightful approach to creating partnerships with clients for sourcing and investing in attractive investment opportunities. The Company has developed distinctive values to strengthen such partnerships, and endeavors to invest its capital to maximize its value proposition to shareholders and clients. This is supported by a high-caliber team of professionals with diverse expertise and extensive experience.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Abdulrahman Omar Baroom, Director of Corporate Services Division; Steve Lee, CEO, CPI Financial
Alkhabeer’s track record in the Saudi Arabian market capitalises on investment opportunities created by economic and regulatory developments. The Company’s investments are well diversified by sector and geography across the GCC region, together with selected global markets including the United States and the United Kingdom.
Best Islamic Investment Fund
- ADCB Asset Management GCC Islamic
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DCB Asset Management GCC Islamic won Best Islamic Investment Fund at the IslamicBusiness&Finance Awards 2018. ADCB was formed in 1985 and as at 31 March 2018 employed over 5,000 people from 80 nationalities, serving retail customers and corporate clients in 49 branches, 1 pay office and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 31 March 2018, ADCB’s total assets were AED 267 billion. ADCB is a full-service commercial bank, which offers a wide range of products and services in both conventional and Shari’ah-compliant banking, operating in four business segments including Consumer Banking, Wholesale Banking, Treasury and Investments and Property Management. ADCB is owned 62.52 per cent by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 March 2018, ADCB’s market capitalisation was AED 34 billion. Its efforts in ADCB Asset Management focus not only on delivering efficient and transparent investment solutions, but also on building strong client relationships.
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William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Mark Friedenthal, Chief Investment Officer, Rahmutullah Khan, Fund Manager; Steve Lee, CEO, CPI Financial
It offers investment capabilities across all major asset classes for all new and existing ADCB clients. Its local funds are managed by an in-house team of experts to guarantee personal service. The fund are accessible to nonUAE investors along with those from the UAE.
MIDDLE EAST
Best Investment Bank (Middle East), Best Islamic Bank (Bahrain) – GFH Financial Group
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FH Financial Group was named Best Investment Bank (Middle East) and Best Islamic Bank (Bahrain) at the Islamic Business & Finance Awards 2018. “We have a new understanding of our core purpose and, by learning from the challenges of the past, we can now build upon the attributes that have made our company great. These include a self-determination to be the best, our driver for exceptional performance is core to who we are as a company,” said – Hisham Alrayes, Chief Executive Officer, GFH Financial Group, speaking on his vision for GFH. GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial;.Mohammed Abdulla Abdulmalik, Senior Executive Director, Placement & Relationship Management; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Mohammed Abdulla Abdulmalik, Senior Executive Officer; Steve Lee, CEO, CPI Financial
Best REIT (MENA) – Emirates REIT
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mirates REIT won Best REIT (MENA) at the Islamic Business & Finance Awards 2018. Emirates REIT, the first Shari’ah-compliant real estate investment trust listed on NASDAQ Dubai, is a Dubai- based real estate investment trust established to principally invest in income-producing real estate in line with Shari’ah-principles. The manager of the REIT is Emirates REIT Management (Private) Limited. Emirates REIT was established in the DIFC in November 2010 by Emirates REIT Management (Private) Limited. It operates under the Collective Investment Rules of the Dubai Financial Services Authority. Emirates REIT is categorised as a domestic fund, an Islamic fund, a property fund and a real estate investment trust and benefits from an exclusive Ruler’s Decree permitting to purchase properties in onshore Dubai through its onshore Dubai branch. Emirates REIT has acquired various freehold, leasehold and contractual interests in eight properties all located in Dubai.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial;Racha Alkhawaja, Alain Debare, Husseyn Smili - Emirates REIT; Steve Lee, CEO, CPI Financial
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MIDDLE EAST
Best SME Innovation, Best SME Bank – Noor Bank
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oor Bank won Best SME Bank and Best SME Innovation at the Islamic Business & Finance Awards 2018. Noor Bank began operations in Dubai in 2008 as Noor Islamic Bank. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Shari’ah Supervisory Board made up of leading Islamic scholars, with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. In 2018, Noor launched the Noor Business Council, a thought leadership platform catering to the SMEs and corporates of the UAE. The NBC was designed to serve as a platform to discuss topics relevant to the business landscape, including trends and economic policies, their practical implementation, as well as the day-to-day challenges impacting clients with a view to achieving actionable solutions. John Iossifidis, CEO of Noor Bank, said at the time,“The Noor Business Council is one key way we are creating an ecosystem where our customers are at the centre of all that we do. The Council is a newly created thought leadership platform that brings together our most important stakeholder, our customers, who are entrepreneurs, business managers and decision makers of big and small corporates, alongside sector experts and senior industry officials, as well as our own staff, to discuss and debate key topics of mutual interest — topics that are timely, and address concerns of our customers and partners.” Noor Bank also lauched the NoorTrade BizAccelorator app in 2018. For his part, Usman Khakwani, Head of Business Banking at
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Noor Bank team; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Usman Khakwani, Head of Bsuiness Banking; Steve Lee, CEO, CPI Financial
Noor Bank, said, “As SMEs in the UAE continue to expand their footprint, they are likely to require diverse banking services and access to partners that can help them manage their business more efficiently. With the Noor Trade Biz Accelerator, a firstof-its-kind digital platform, we aim to position ourselves at the centre of our SME customers’ ecosystem through providing innovative solutions and access to vital business services.”
Best Islamic Bank (Lebanon) – Al Baraka Bank Lebanon
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l Baraka Lebanon won Best Islamic Bank (Lebanon) at the Islamic Business & Finance Awards 2018. Al Baraka Banking Group (B.S.C) is licenced as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Shari’ah. The authorised capital of Al Baraka is $ 1.5 billion, while total equity is at about $ 2.1 billion.
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William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Mutasim Mahmassani, Board Member and General Manager; Steve Lee, CEO, CPI Financial
MIDDLE EAST
Best Islamic Bank (Africa) – Faisal Islamic Bank Sudan
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aisal Islamic Bank was named Best Islamic Bank (Africa) at the Islamic Business & Finance Awards 2018. Faisal Islamic Bank Sudan (FIBS) is the first bank that has operated with the Islamic banking system since the 1970s and it is one of the pioneers of Islamic banking in the world. The performance of the FIBS during 2016 was a significant development. Their market share is 18 per cent among all banks that are working in Sudan. Likewise, among the total of more than SDG 67.7 billion that represents the outstanding financial balance in Sudanese banking in 2016, FIBS has more than 15 per cent of this balance, according to General Manager Elbaqir Elnouri. The total consolidated budget of the Bank raised to SDG 15.7 billion, compared to SDG 12.5 billion in 2015. That is an increase of 26 per cent, due to the significant expansion in the bank’s resources, with an increase in deposits by 26 per cent and property rights by 16 per cent. The growth of the dividends for investment deposit holders and shareholders has
increased the confidence of investors to keep their investing in the bank, which helped to employ these resources efficiently, which leads to increase the profitability and liquidity ratios, Elnouri told IB&F.
Best SME Bank (Egypt), Best Islamic Retail Bank (Egypt) – ADIB Egypt
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bu Dhabi Islamic Bank (ADIB) Egypt was named Best SME Bank (Egypt), Best Islamic Retail Bank (Egypt) at the Islamic Business & Finance Awards 2018. Abu Dhabi Islamic Bank (ADIB) Egypt started its operations in Egypt after the acquisition of the National Bank for Development (NBD), through the Emirati consortium between Abu Dhabi Islamic Bank and Emirates International Investment Company (EIIC) in 2007. As part of its strategy to be a leading universal Islamic bank in Egypt, the Bank focuses on offering a broad spectrum of Shari’ah-compliant banking solutions, to cater to the needs of corporate and retail customers, the development of a state-of-the art infrastructure, and revamping its 70 branch network. Aiming at integrating its services, the Bank established an investment banking arm, ADIB Capital Egypt, and a leasing company, ADILease. Following the acquisition, the paid-up capital increased almost seven-fold from EGP 281 million to EGP two billion and EGP four billion authorised capital. In addition to the asset and liabilities products and treasury services all delivered
through client centric teams, ADIB Egypt employs a dynamic team of over 2,000 experts providing a growing portfolio of Shari’ah-compliant products and services via a stimulating work environment for staff across its nationwide network of 70 branches, and 40 microfinance units.
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MIDDLE EAST
Fastest Growing Islamic Bank (Bahrain) – Bahrain Islamic Bank
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ahrain Islamic Bank was named Fastest Growing Islamic Bank (Bahrain) at the Islamic Business & Finance Awards 2018. Incorporated in 1979 as the first Islamic bank in the Kingdom of Bahrain, and the fourth in the GCC. Bahrain Islamic Bank (BisB) has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy. At the end of 2017, the Bank’s paid up capital was BHD 101 million, while total assets stood at BD 1,229 million. The Bank’s modern branch network comprises four branches, four innovative financial malls, and 51 ATMs located throughout the Kingdom. A steadfast focus on continuous innovation, strong corporate governance and risk management, employee development, and the use of state of the art technology to deliver superior customer service, has cemented Bahrain Islamic Bank’s position as the leading Shari'ah – compliant bank.
Fastest Growing Islamic Bank (UAE) – Ajman Bank
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jman Bank was announced the UAE’s Fastest Growing Islamic Bank at the Islamic Business & Fiannce Awards 2018. Ajman Bank is a young, agile Islamic commercial bank built on the values of integrity, trust and transparency. It was the first Islamic bank incorporated in the Emirate of Ajman just over 10 years ago in 2007. The bank now has branches and ATMs across the UAE. With its strategy of targeting the rapidly expanding Shari’ah financial services market, Ajman Bank provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shari’ah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it. It is committed to recreating that human touch lost in modern banking. Headquartered in Ajman, the Ajman Bank is strongly supported by the Emirate’s Government, which owns 25 per cent of the bank.
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William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial;Mohamed Amiri, CEO and his team; Steve Lee, CEO, CPI Financial
Ajman Bank is a keystone in Ajman’s economic development strategy and in a position to benefit from the Emirate’s growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.
MIDDLE EAST
Fastest Growing Islamic Bank, Best Corporate Advisory (Kuwait) – Warba Bank
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arba Bank was named Fastest Growing Islamic Bank and Best Corporate Advisory (Kuwait) at the Islamic Business & Finance Awards 2018. Warba Bank was officially registered in the Central Bank of Kuwait’s Register of Islamic Banks on 5 April 2010. Warba
Bank offers a wide range of customised Shari’ah-compliant services and solutions which are available through the bank’s three business groups: retail, corporate, and investment and treasury. Branching out in nine strategic locations, Warba Bank has over 300 employees.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Abdullah Al Shoail, Senior Director, Branches, Retail Banking Group; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Thuwaini Al Thuwaini, Acting Chief Investment Banking Officer, Investment Banking Group; Steve Lee, CEO, CPI Financial
Best CSR in Islamic Banking (Syria), Best Islamic Bank (Syria) – Al Baraka Bank Syria
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l Baraka Syria won Best CSR in Islamic Banking (Syria) and Best Islamic Bank (Syria) at the Islamic Business & Finance Awards 2018. Al Baraka Banking Group (B.S.C) is licenced as an Islamic wholesale bank by the Central Bank of Bahrain, listed on
Bahrain Bourse and Nasdaq Dubai stock exchanges. Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Shari’ah. The authorised capital of Al Baraka is $ 1.5 billion, while total equity is at about $ 2.1 billion.
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Mohammad Halabi, CEO; Steve Lee, CEO, CPI Financial
William Mullally, Editor, Islamic Business & Finance; Waleed Al Awadhi, Boardmember, CPI Financial; Mohammad Halabi, CEO; Steve Lee, CEO, CPI Financial
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12/11/2018 11:24
SOUTHEAST ASIA
Lifetime Achievement Award (Malaysia)
- Tan Sri Dr. Zeti Akhtar Aziz, Former Governor, Bank Negara Malaysia
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through the development of a comprehensive talent ecosystem for Islamic finance. This encompasses the establishment of the global university for Islamic finance (INCEIF) and a dedicated Shariah research academy for Islamic finance (ISRA). Former Governor of the Central Bank of Malaysia. Served as the Governor for 16 years and was with the Central Bank since 1985, in a career spanning several senior positions in the Bank in the areas of monetary and financial policies and reserve management. During the height of the Asian financial crisis, Dr Zeti was appointed as Acting Governor on 1 September 1998, and led the Bank Negara Malaysia team to successfully implement the selective exchange controls to restore stability and promote economic recovery in Malaysia Prior to her career in the Bank, Dr Zeti served in the South East Asian Research and Training Centre (SEACEN) from 1979 – 1984, conducting research in the area of financial policies and reform in the South-East Asian region. She has written extensively in the areas of monetary and financial economics, capital flows, macroeconomic management, financial reform and restructuring. She received her B.Sc. in Economics from the University of Malaya and her PhD from the University of Pennsylvania. In 2008, Dr Zeti was selected as one of the members of a special task force for the United Nations to examine reforms of the global market system.
(Photo credit: Aizuddin Saad/shutterstock)
an Sri Dr. Zeti Akhtar Aziz, the former Governor of Bank Negara Malaysia, was given the Lifetime Achievement Award at the Islamic Business & Finance Southeast Asia Awards 2018. Tan Sri Dr. Zeti Akhtar Aziz was given the Award for her outstanding contributions to Islamic finance through her tenure as Governor of Bank Negara Malaysia, in which she helped establish Malaysia as one of the leading markets for Islamic finance worldwide, and helped developed the whole industry across the world. According to Bank Negara Malaysia she was integral in influencing the internationalisation of Islamic finance industry and strengthening the linkages of the domestic Islamic financial system with other financial centres in the international financial system. This was achieved via development of the domestic financial markets, greater liberalisation of the domestic Islamic financial system and advocating Islamic finance into the global financial arena. Also, she helped mainstream Islamic finance into the global financial system with growing international acceptability and recognition. This has been supported by the establishment of international standard setting body and liquidity management infrastructure which have gained global recognition. Zeti also harnessed professional and competent talent
Tan Sri Dr. Zeti Akhtar Aziz, Former Governor, Bank Negara Malaysia
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SOUTHEAST ASIA
Best Sukuk Arranger, Best Investment Bank, Fastest Growing Islamic Bank – CIMB Islamic
William Mullally, Editor, Islamic Business & Finance; Mohamad Safri Shahul Hamid, Deputy Chief Executive Officer, CIMB Islamic
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IMB Islamic was named Best Sukuk Arranger, Best Investment Bank, Fastest Growing Islamic Bank at the Islamic Business & Finance Southeast Asia Awards 2018. CIMB Islamic is the global Islamic banking and finance franchise of CIMB Group. It offers an extensive suite of innovative Shari’ah-compliant products and services that encompass consumer banking, investment banking, asset management, Takaful, private banking and wealth management solutions in Southeast Asia and other major world cities. Headquartered in Kuala Lumpur, CIMB Islamic’s main markets are Malaysia, Indonesia, Thailand and Singapore, countries in which it has full universal banking capabilities. Its presence covers Southeast Asia and global financial centres, as well as countries where its Southeast Asian customers have significant business and investment dealings. CIMB Group is a leading ASEAN universal bank, the largest Asia Pacific (ex-Japan) investment bank and one of the world’s largest Islamic banks. It is the fifth largest banking group by assets in Southeast Asia and at the end of June 2013 had over 40,000 staff and approximately 13 million customers. The Group’s retail banking branch network is the widest in the region, with 1,062 retail branches in Malaysia, Indonesia, Singapore, Thailand and Cambodia.
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Best CSR in Islamic Banking, Best Islamic Banking Website, Best Retail Banking Product – KFH Malaysia
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FH Malaysia scored a hat trick at the Islamic Business & Finance Southeast Asia Awards 2018, picking up the Awards for Best CSR in Islamic Banking, Best Islamic Banking Website, Best Retail Banking Product. “As the first foreign Islamic bank in the country, we were the pioneer for a number of unique Shari’ahcompliant products catering to the Malaysian market. We introduced a number of new concepts some of which were the Gold Account, Tawarruq financing and the Reversed Tawarruq concept all which were all a first for Malaysian customers. Our treasury business was the first to introduce the Ijarah Rental Swap which was the first Islamic profit rate swap in the country. KFH Malaysia was also the first Islamic bank to introduce the Promissory FX which allowed the customer to hedge their foreign exchange risk and finally Musharakah financing whereby the bank coowns the asset with the customer. We believe that the demand for retail Islamic banking is growing steadily and over the last few years has surpassed the growth rate enjoyed by conventional banks,” David Power, Chief Executive Officer, KFH Malaysia told Islamic Business & Finance in 2017. “One of the key initiatives that is being undertaken by KFH Malaysia this year is the design of a state of the art digital banking solution that will give us a competitive edge over other banks who have a larger physical franchise. Phase one is to complete our ATM refresh, core banking upgrade and completely redesign and modernise our website. Phase two will be the launch of our Omni Channel digital banking solution at the beginning of 2018. The way of the future is to acquire customers in the channel of their choice and when one considers the burgeoning youth population in Malaysia, true digital banking will be the only key differentiator when choosing a bank into the future. A framework has been developed that will chart the transformation of KFH Malaysia’s banking processes with enhanced digital processing capabilities. This will include business and technology support and IT infrastructure platforms that power the digital business ecosystems,” Power noted on their initiatives in 2017.
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The team from KFH Malaysia celebrating their wins.
SOUTHEAST ASIA David Power, CEO, KFH Malaysia and the KFH Malaysia team
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SOUTHEAST ASIA
Best Islamic Bank, Best Investment Product, Best Digital Bank, Best Retail Bank (Malaysia) – Maybank Islamic
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aybank Islamic won Best Islamic Bank, Best Investment Product, Best Digital Bank, Best Retail Bank (Malaysia) at the Islamic Business & Finance Southeast Asia Awards 2018. Maybank Islamic Berhad, the Islamic finance arm of Maybank Group, has total assets exceeding MYR 91 billion with a leading market share in almost all key segments. An acknowledged industry icon, Maybank Islamic continues to be a leading voice in the industry through the development of new, innovative and competitive propositions. Its diversified products and services are available at a network of over 400 Maybank branches in Malaysia, as well as in key financial centres such as Indonesia, Singapore, London and the Middle East. Maybank Islamic dominates the Islamic banking industry in Malaysia with a market share in financing and deposit segments of 26.2 per cent and 23.2 per cent respectively and total assets standing at MYR 91.4 billion (as at December 2012). Maybank Islamic’s financing portfolios contributed to 30.6 per cent to Maybank Group’s total domestic loans. Maybank Islamic jointly with Maybank Investment Bank consistently rank top tier of the global Sukuk league table.
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William Mullally, Editor, Islamic Business & Finance; Azzady Jamaluddin, Head, Community Banknig, Maybank Islamic
SOUTHEAST ASIA
Best Corporate Bank – RHB Islamic Bank
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HB Islamic Bank was named Best Corporate Bank at the Islamic Business & Finance Southeast Asia Awards 2018. RHB Islamic Bank (RHB Islamic) first opened its doors to customers on 16 March 2005, offering the full suite of Shariah-based banking and financial products and services. RHB Islamic is part of the RHB Banking Group, the fifth largest fully integrated service banking group in Malaysia. RHB Islamic leverages on the capabilities, commitments and synergies within the large network of the RHB Banking Group to ensure customers enjoy reliable, convenient and friendly banking experiences. It is RHB Islamic’s pride to serve the needs and aspirations of its clients, from all religions, as it brings together its solution-orientated banking products with time-tested Shariah expertise.
William Mullally, Editor, Islamic Business & Finance; Ahmad Rizal bin Lope Zainal Abidin, Deputy Managing Director, RHB Islamic
Best Commercial Bank (Malaysia) – OCBC Al-Amin
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PHOTO CREDIT: Shanshan0312/Shutterstock.com
CBC Al-Amin was named Best Commercial Bank (Malaysia) at the Islamic Business & Finance Southeast Asia Awards 2018, OCBC Al-Amin Bank Berhad (OCBC Al-Amin), a whollyowned subsidiary of OCBC Bank (Malaysia) Berhad, was established in 2008 to strengthen the bank’s efforts in Islamic banking, more than a decade after the Bank first started offering Shariah-compliant banking products and services in 1995. OCBC Al-Amin offers a broad array of competitive and innovative financial products and services, ranging from consumer, corporate, treasury, investment and transaction banking, for both Muslims and non-Muslims. OCBC Al-Amin is a member of the OCBC Group with global headquarters in Singapore. The Group has an extensive network of over 600 branches and representative offices in 18 countries and regions, which include Singapore, Malaysia, Indonesia and China.
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Best Commercial Bank (Indonesia) – Bank BNI Syariah
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ank BNI Syariah was named Best Commercial Bank (Indonesia) At the Islamic Business & Finance Southeast Asia Awards 2018. Bank BNI Syariah is a part of the larger PT Bank Negara Indonesia. It offers commercial, corporate, and consumer banking services to customers in Indonesia. The company provides current and savings accounts, personal loans, investment management, treasury products, Sukuk financing, money transfer, as well as foreign exchange services. Bank BNI Syariah’s activities are conducted in accordance with Shari’ah principles.
Best SME Bank – Bank Rakyat
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ank Rakyat was named Best SME Bank at the Islamic Business & Finance Southeast Asia Awards 2018. Bank Rakyat was established on 28 September 1954 under the Cooperative Ordinance 1948 (known as the Cooperative Societies Act 1993). Bank Rakyat is the biggest Islamic cooperative bank in Malaysia with assets totaling MYR 99.22 billion as of the end of December 2016. The transformation in 2002 of the Bank from a conventional banking system to a banking system based on Syariah has enabled the bank to record encouraging profits year after year. It continue to expand its product range and customer facilities that are varied and innovative. The products and facilities include consumer banking, commercial financing, savings and investments as well as products of financial planning to satisfy the many demands of a wide spectrum of modern day customers.
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Best Law Firm - Shook Lin & Bok
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hook Lin & Bok was named Best Law Firm at the Islamic Business & Finance Southeast Asia Awards 2018. From its humble origins as a sole-proprietorship established in 1918, Shook Lin & Bok has grown into one of the largest law firms in Malaysia. It is also the oldest law firm of local origin in the country. The practice began in a limited number of practice areas. As Malaysia evolved from being a British colony into the modern country it is today, the firm grew in tandem to meet the challenges of globalisation, building on its strong, trusted relationships with all its clients. The firm’s practice has evolved into a leading full service firm offering a comprehensive range of legal services, spanning the globe. Such services range from civil and commercial practice, banking and finance, international arbitration, complex litigation disputes and intellectual property. The firm has distinguished itself in its commitment to high standards of the firm has seventeen departments representing major, though not exclusive, practice areas, which combine in a complementary and multidisciplinary practice to serve the needs of clients.
Best Asset Manager – CIMB-Principal Islamic Asset Management
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IMB-Principal Islamic Asset Management won Best Asset Manager at the Islamic Business & Finance Southeast Asia Awards 2018. CIMB-Principal Islamic Asset Management Sdn. Bhd. is a partnership between Principal Financial Group and CIMB Group Sdn Bhd. CIMB-Principal Islamic is committed to offering Islamic investment solutions that best meet institutional global investors' needs and objectives. The company is part of the Malaysian International Islamic Finance Centre community and is one of the first global Malaysian-based Shari’ah-compliant asset managers. Shari’ah-compliant investing offers a compelling value proposition for investors, both Muslim and non-Muslim, who value ethical business practices, social responsibility and fiscal conservatism. CIMB-Principal Islamic is a credible choice for investors interested in an established track record of managing Islamic portfolios and is located in a strategic key Islamic investment hub.
William Mullally, Editor, Islamic Business & Finance; Dato' Paduka Syed Mashafuddin Bin Syed Badarudin, Chief Executive Officer
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Best Ratings Agency – RAM Rating Services
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AM Rating Services won Best Ratings Agency at the Islamic Business & Finance Southeast Asia Awards 2018. The RAM Holdings Group is a leading provider of independent credit ratings, research, training, risk analysis, bond pricing and credit information. Formerly known as Rating Agency Malaysia Berhad, RAM Holdings was established in November 1990 as a catalyst for the domestic debt capital market and as the nation’s first credit rating agency. Shareholders comprise major financial institutions in Malaysia, McGraw-Hill Asian Holdings (Singapore) Pte Ltd and Fitch Ratings Limited. On 1 July 2007, rating operations were novated to a newly formed subsidiary, RAM Rating Services Berhad. Apart from credit ratings, the RAM Group also offers a full range of professional training and educational courses as well as conferences related to the debt capital market. Underscored by more than 25 years’ expertise in credit analysis, risk management, economics and industry research, a wholly-owned unit, RAM Consultancy Services Sdn Bhd, delivers innovative solutions to companies. In 2016, RAM Consultancy commenced offering Sustainability Ratings, a tool and framework that measures companies’ Environment, Social and Governance performance.
William Mullally, Editor, IB&F; Firhan Yasser, Director, Client Coverage & Business Development, RAM Rating Services
Best Retail Bank (Indonesia) – Bank Rakyat Indonesia Syariah
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ank Raykat Indonesia Syariah was named Best Retail Bank (Indonesia) at the Islamic Business & Finance Southeast Asia Awards 2018. PT. Bank Rakyat Indonesia (Limited), Tbk acquired Bank Jasa Arta in December 2007 and obtained permission from Bank Indonesia in October 2008 by the letter No.10/67/KEP. GBI/DpG/2008, followed by PT. Bank BRI Sharia officially commencing operations on 17 November 2008. Next, PT. Bank BRI Syariah changed its conventional banking system into an Islamic principle-based banking operation. PT. Bank BRI Syariah has established itself as an outstanding retail modern bank with financial service in accordance with customer’s needs with affordable scope for meaningful life. It has served according to service excellence and offered various products in line with customer’s expectation under Islamic principles. In line with its vision, PT. Bank BRI Syariah has begun to maintain synergy with PT. Bank Rakyat Indonesia (Limited),
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Tbk., by utilising networking of PT. Bank Rakyat Indonesia (Limited), Tbk., as the Office of Shari’ah Service in developing business focused on public fundraising and consumer activity based on Shari’ah principles.
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Best Syariah Advisory Service – Amanie Advisors
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manie Advisors won Best Syariah Advisory Service at the Islamic Business & Finance Southeast Asia Awards 2018. Amanie was founded by Dr. Mohd Daud Bakar, an internationally renowned Shari’ah scholar, as one of the first global consultancies in the field of Islamic finance. Amanie Advisors specialises in providing quality Shari’ah advisory services to a wide range of clientele including financial institutions, corporations, and governments. Amanie’s suite of services include product development and structuring of funds, Sukuk, and banking products, Shari’ah audit, including endorsement form its Shari’ah Supervisory Board (SSB), financial advisory services, business & investment matching and equity stock-screening. Amanie’s multinational team of consultants have extensive and diverse experience from a range of specialised disciplines from Shari’ah financial law, investment banking, corporate and financial law, economics, accounting, risk management, corporate finance, and strategic planning.
With offices in Dubai, Kuala Lumpur, United Kingdom, and Astana; Amanie is in a position to offer an international perspective and global best practises to its clients.
Best Sustainability – Bank Islam Malaysia Berhad
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ank Islam Malaysia Berhad won Best Sustainability at the Islamic Business & Finance Southeast Asia Awards 2018. Bank Islam Malaysia Berhad (Bank Islam) was the first Shari’ah-based banking institution in Malaysia and Southeast Asia; and has been playing a leading role in the development of the nation’s Islamic banking industry. It has provided technical assistance in the setting up of several Islamic institutions in the Asian region such as Indonesia, Thailand and Sri Lanka. Incorporated in 1983, it was originally established with the sole purpose of assisting with the financial needs of the Muslim population of Malaysia. Since then, Bank Islam has extended its services to the wider, nonMuslim, population fulfilling its ‘Banking-for-All’ principle. Today, with over 70 Islamic banking products and services, Bank Islam offers a comprehensive range of Shari’ahcompliant banking and financial solutions to its more than five million customers. Primarily a retail bank with consumer banking constituting more than 70 per cent of total financing, Bank Islam’s list of products ranges from the traditional financing, savings and investment solutions exclusively for
William Mullally, Editor, IB&F; Mohamed Iran Moriff Mohd Sharif, COO, Bank Islam
individual customers, to banking and financial solutions designed to fulfil the fast-changing financial needs of customers from all categories including those related to micro financing, wealth management, capital market, treasury and structured products. In serving its ever expanding customer base, Bank Islam currently has a dedicated Islamic banking network in Malaysia with 144 branches and more than 1,000 self-service terminals nationwide.
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Best Training Institute (Malaysia) – INCEIF
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NCEIF won Best Training Institute (Malaysia) at the Islamic Business & Finance Southeast Asia Awards 2018. INCEIF was set up in 2005 by Bank Negara Malaysia (the Central Bank of Malaysia). It is one of many initiatives undertaken by Malaysia to develop and nurture talents and experts under the MIFC (Malaysia International Islamic Finance Centre). The Chairman of INCEIF is the Governor of Bank Negara Malaysia, Tan Sri Muhammad bin Ibrahim. INCEIF is governed by a Governing Council which is chaired by a Director and comprises representatives from the financial industry, regulators and members of international repute. The Senate, i.e. the Professional Development Panel is also chaired by a Director and comprises of CEOs from Islamic banks and Takaful companies, regulators and representatives from the financial industry. INCEIF offers three postgraduate programmes in Islamic finance, namely Master’s in Islamic Finance Practice (MIFP), Master of Science in Islamic Finance (MSc) and PhD in Islamic Finance.
William Mullally, Editor, IB&F; Prof. Dr. Mansour H. Ibrahim, Deputy President, Academic & Dean, INCEIF
To complement its mission to produce world-class talent for the global Islamic finance industry, INCEIF, as a knowledge leader in Islamic finance, offers industry-focused executive education that includes customised executive programmes. INCEIF’s research unit carries out academic and commercial research which provides trend analysis, economic growth indicators and specific cross border business strategy.
Best Family Takaful – AmMetLife Takaful Berhad
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mMetlife Takaful was named Best Family Takaful at the Islamic Business & Finance Southeast Asia Awards 2018. AmMetLife Takaful is a strategic partnership between AMMB Holdings Berhad (AmBank Group) and MetLife International Holdings, Inc. (MetLife). The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group. AmMetLife Takaful offers a comprehensive range of Takaful solutions distributed by its authorised Takaful agents and AmBank branches nationwide. With its passion to provide excellent services, together with a deep and respectful knowledge of Shariah principles and values, it aim to be a customer centric and modern takaful operator.
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William Mullally, Editor, IB&F; Noor Azam, CEO, AmMetLife Takaful
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BEST RESEARCH IN ISLAMIC FINANCE 2011 CPI Financials, Dubai, UAE
BEST ISLAMIC RATING AGENCY 2012 Global Islamic Finance Awards, London, UK
MOST OUTSTANDING ISLAMIC RATING AGENCY 2011 & 2013
BEST ISLAMIC RATING AGENCY 2011 & 2016 Islamic Finance News
Kuala Lumpur Islamic Finance Forum
RAM has been the leading credit rating agency for sukuk in the ASEAN region for more than two decades. We have been rating sukuk since 1994 and have grown in tandem with the development of the global sukuk market. Our experience with global sukuk issuance has equipped us with insights and knowledge, positioning us as a major player in the global sukuk market. With an in-depth understanding, underscored by our established credit rating methodologies, we aspire to rise alongside the growing Islamic financial landscape and play a significant role in shaping the global market.
BEST RATING AGENCY 2017 & 2018 CPI Financials, Kuala Lumpur
SOUTHEAST ASIA
Best Takaful Operator (Malaysia) – Etiqa
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tiqa won Best Takaful Operator (Malaysia) at the Islamic Business & Finance Southeast Asia Awards 2018. Etiqa’s history began in 2005 when Maybank Ageas (formerly known as Mayban Ageas), Maybank’s insurance and Takaful arm consisting of Mayban General Assurance, Mayban Life Assurance and Mayban Takaful merged with Malaysia National Insurance Berhad, Malaysia’s largest national insurer and its subsidiary, Takaful Nasional Sdn Bhd, Malaysia’s premier Takaful provider. By the end of 2007, it became Etiqa, one of Malaysia’s leading corporate insurer; proudly associated with the Petronas Twin Towers, AirAsia, Malaysia Airlines, MISC and more.
William Mullally, Editor, IB&F; Ahmad Rizlan Azman, COO, Etiqa
Best Takaful Operator (Indonesia) - Takaful Keluarga Indonesia
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akaful Keularga Indonesia was named Best Takaful Operator (Indonesia) at the Islamic Business & Finance Awards 2018. Takaful Keluarga is a pioneer in Shari’ah life insurance companies in Indonesia. Starting operations in 1994, Takaful Keluarga develops various products to meet Shari’ah-compliant insurance needs including life protection, health protection, children’s education planning, old age planning, and being the best partner in investment planning. Takaful Keluarga is registered and supervised by the Financial Services Authority (OJK) and has a sales force licensed by the association of Indonesian Life Insurance (AAJI) and the Indonesian Sharia Insurance Association (AASI). The positive performance of Takaful Keluarga from year to year is proven by the achievement of prestigious awards given by various institutions. Takaful Keluarga is committed to continuing to strengthen and expanding its service networks throughout Indonesia. The improvement and renewal of information technology systems continues to be pursued in order to provide excellent service to participants. With more than 20 years of experience, Takaful Keluarga is a trusted choice in providing life protection solutions and investment planning according to sharia for the people of Indonesia.
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Islamic Business & Finance
SOUTHEAST ASIA
Best BancaTakaful Operator – Prudential BSN Takaful
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rudential BSN Takaful (PruBSN) was named Best BancaTakaful Operator at the Islamic Business & Finance Southeast Asia Awards 2018. Established in 2006 through the licence awarded by the Central Bank of Malaysia, PruBSN today is a leading Takaful operator who provides financial security to the Malaysian population and their families. PruBSN has over 16,000 Takaful consultants, serving more than 800,000 customers with many impressive firsts in the local Takaful industry. For six successive years since 2011, PruBSN has been the Number one Family Takaful Operator and in 2016, the company achieved New Business Production of MYR 446 million with a 32.5 per cent market share as confirmed by the industry rating agency Insurance Services Malaysia.
Best ReTakaful Operator – Munich RE
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unich RE won Best ReTakaful Operator at the Islamic Business & Finance Southeast Asia Awards 2018. Munich RE’s ReTakaful branch is based in Kuala Lumpur, and licenced by Bank Negara Malaysia (BNM) since December 2007. It has a global remit, and currently focuses on Southeast Asia, Pakistan, the Gulf region, and North Africa. Leveraging on Munich Re’s strong financial rating, international group of Shari’ah experts and the exceptional group expertise, their dynamic team in Kuala Lumpur is able to create solutions to meet client needs. Their primary business focus is to support family (life) Takaful and various riders. The Wakalah model is their primary Takaful model. HoTheirver, Munich RE have several Takaful models that they use to support the specific product and financial needs of their clients, and they continue to develop new Takaful models to meet the fast-changing business environment. They do not accept any conventional life insurance business as part of their ReTakaful pool, and clients can be assured that they maintain a complete end-to-end Takaful chain with no conventional retrocession.
William Mullally, Editor, IB&F; Dr. Mohamed Rafick Abdul Rahman. CEO, Munich RE
The industry has recognised their efforts with several awards since inception. This includes recognition from Kuala Lumpur Islamic Finance Forum (KLIFF) as the Most Outstanding ReTakaful Company in 2009, 2012, and 2016.
islamicbusinessandfinance.net
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SOUTHEAST ASIA
Best ESG Investment Initiative – Saturna
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aturna was named Best ESG Investment Initiative at the Islamic Business & Finance Southeast Asia Awards 2018. Saturna Sdn. Bhd. is the wholly-owned Malaysian subsidiary of Saturna Capital Corporation, resulting from the 2010 purchase by Saturna Capital of Alpha Asset Management located in Kuala Lumpur. Saturna Capital is internationally recognised as adviser to the Amana Mutual Funds Trust. They aim to help individuals and institutions build wealth and preserve capital, according to Saturna. “Saturna’s deep-rooted belief in value investing shines through in the quality of investments. We don’t follow trends, we analyze opportunities. Our broad experience distinguishes Saturna in the investment business. Each of our employees is committed to creating and maintaining a unique firm, where client interests always come first.Our global headquarters in Bellingham, WA sits between the Pacific Northwest’s major cities (Seattle and Vancouver, BC). Employees in the Bellingham, Los Angeles, Reno, and Chicago metropolitan areas service clients across the U.S.,” said Saturna.
William Mullally, Editor, IB&F; Shahariah Shaharudin, President, Saturna
Saturna Sdn Bhd holds an Islamic Fund Management Licence with the Malaysian Securities Commission. Saturna is the first conventional asset manager to be converted to an Islamic asset manager.
Innovation in Digital Banking – Standard Chartered Saadiq
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tandard Chartered Saadiq was named Best Digital Bank (UAE) at the Islamic Business & Finance Awards 2018. Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India, With 1,700 offices in 70 markets, the Group employs over 88,000 staff. It is committed to building a sustainable business over the long term and upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered’s heritage and values are expressed in its brand promise, ‘Here for good’.
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Islamic Business & Finance
William Mullally, Editor, IB&F; Mohammad Ali Allawala, CEO, Standard Chartered Saadiq
SOUTHEAST ASIA 42
Selected images from the awards evening
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