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Wednesday, May 22, 2024

GIFA2022 -Celebrating the Distinctiveness of Africa


The 12th Global Islamic Finance Awards (GIFA) and the Global Islamic Finance Summit took place at the Kempinski Palace in Djibouti, Africa. The event was hosted by HE Ismail Omar Guelleh, the President of Djibouti and the Central Bank of Djibouti. HE Abiy Ahmed, the Prime Minister of Ethiopia was the Chief Guest of the ceremony. The international event was well attended with ambassadors from 26 countries, senior ministers, members of the cabinet, multilateral institutions, and local & international institutions and individuals.
This Global Islamic Finance Summit was organised to provide a forum for the government and the private sector organisations to promote opportunities for investment in Islamic financial instruments and gain greater understanding of the challenges faced by both sectors. In addition, the summit intends to highlight the potential of Africa in developing its economy with respect to Islamic finance and focusing on the role of Islamic social finance.
There were three sessions, the first was “Technology Adoption and Innovation in Islamic Banking and Finance”. The panelists discussed the importance of technological adoption for Islamic banks and how technology can ease banking and financial services for the underprivileged and the financially excluded and also to enhance the experience for the banked. Technological adoption in Africa is limited due to infrastructure capabilities, however, there is still huge potential for advancements in this field.
The second session was “Islamic Social Finance and its Potential Role in the Economic Development of Africa”. The session held valuable discussion on the subject of, how social finance can be embedded in the core of Islamic banking system and social responsibility be made a cornerstone to ensure the rapid economic development of the nation and the Islamic finance industry.
The last session was a high-powered Governor’s Panel, including Governors of three central banks from 3 countries. Eng. Ali Abdilahi Dahir, Governor of the Bank of Somaliland; Abdullahi M. Abdullahi, Governor of the Central Bank of Somalia, and Ahmed Osman Ali, Governor of the Central Bank of Djibouti. The Governors’ discussed how it was similar and different to run an Islamic financial organisation versus a conventional central bank. The Governors also touched on the possibility of having one centralised Shari’a board for all central banks in an attempt to sustain resources, share expertise and have a standard regulatory policy and system.
The unique circumstances surrounding this financial crisis have brought to the centre stage the role of Islamic social finance in alleviating the social and economic impacts. Reeling from this pandemic, Islamic finance in general and Islamic social finance, in particular, will have to develop innovative and sustainable products and services to further enhance and develop the industry to its full potential.
Africa is emerging as an Islamic financing and investment centre and this continent has huge potential to shift the growth curve of Islamic finance to cater to a large population. Sub-Saharan Africa (SSA) has around 18% of the world’s Muslim population but its Islamic finance assets make up only 1% of such global assets.
The Global Islamic Finance Awards (GIFA) were founded as part of the advocacy campaign for the Islamic banking and finance industry. Since then, the event has been held annually with its top award

– the Global Islamic Finance Leadership Award
– presented to heads of state or government (or equivalent) for their leadership and advocacy roles in promoting Islamic banking and finance in their respective jurisdictions or globally. The winners of the prestigious GIFA award are recognised as GIFA Laureates. This year, our GIFA Laureate is His Excellency Abiy Ahmed Ali, Prime Minister of the Federal Democratic Republic of Ethiopia. Under his able leadership, Ethiopia is emerging as the giant of East Africa.

“This is indeed a matter of huge pride for us that the Summit and Awards are being hosted by HE Ismail Omar Guelleh who was our GIFA Laureate in 2017 when GIFA was hosted by the then President of Kazakhstan, HE Nursultan Nazarbayev,” said Professor Humayon Dar, Founder of GIFA. “We are the only awards body that have honoured prime ministers and presidents of the countries for their commendable contributions to promotion of Islamic banking and finance. In fact, we are second to only Nobel Peace Prize Committee in terms of the number of laureates drawn from the top echelons of the political spectrum.”
GIFA Laureates over the years have included: HE Tun Abdullah Badawi, Former Prime Minister of Malaysia (2011); HRH Sultan Nazrin Shah of Perak (2012); HE Shaukat Aziz, Former Prime Minister of Pakistan (2013); HE Nursultan Nazarbayev, First President of Kazakhstan (2014); HH Muhammadu Sanusi II, the then Emir of Kano, Nigeria (2015); HE Joko Widodo, President of Indonesia (2016); HE Ismail Omar Guelleh, President of Djibouti (2017); HE Bakir Izetbegovic, Former Chairman of Presidency of Bosnia-Herzegovina (2018); HE Cyril Ramaphosa, President of the Republic of South Africa (2019); and HE Dr Arif Alvi, President of the Islamic Republic of Pakistan (2020), and HE Ma’ruf Amin, Vice President of Indonesia (2021).
Other GIFA winners come from around the world and were selected based on a proprietary methodology, making GIFA the most objectively administered awards in the Islamic financial services industry.
GIFA 2022 acknowledges them for their dedicated efforts to promote Islamic banking and finance in their countries, and respective institutions and of course for their commitment to continue to make Islamic banking and finance relevant to the global financial markets.

GIFA Power Award (Islamic Rating) 2022 RAM Rating Services Berhad
RAM Rating Services Berhad is the leading and largest credit rating agency in Malaysia and Southeast Asia. Renowned for its independent and insightful views, RAM’s credit ratings and assessments serve as defining benchmarks for investors and market participants to make sound decisions.

Shari’a Authenticity Award 2022
Shari’a Auditor of the year 2022
Best Islamic Bank 2022
Meezan Bank Limited

Meezan Bank, Pakistan’s first and largest dedicated Islamic bank, is a publicly listed company with a paid-up capital of PKR10 billion. It is one of the fastest-growing financial institutions in the banking sector of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of over 930 branches in over 290 cities across Pakistan. Meezan Bank operates strictly under the principles of Islamic Shari’a and is well-recognised for its product development capability and Islamic banking research and advisory services.

Pioneering of Islamic Insurance in Djibouti 2022 Tamini Insurance Company

After more than a decade of great contribution into the progress of Islamic Banking, Salaam Group Djibouti has opened in 2021 the first Islamic Insurance company to add another link in the chain of Islamic Financial system in the Republic of Djibouti. Tamini Insurance is an alternative of providing modern insurance services which comply with Shari’a law.

GIFA Prudence Award (Islamic Asset Management) 2022 Alpha Capital – Saudi Arabia
Alpha Capital Company (“Alpha”) is a leading capital market institution, headquartered in Riyadh and licensed by the Capital Market Authority to conduct asset management and alternative investments services. The firm has around SAR10 billion in client assets under management and advisement. Its clients include government entities, local and international institutional investors, leading family offices, and ultra-high-net-worth individuals.

GIFA Power Award (Islamic Asset Management) 2022 Saturna Sendirian Berhad

Saturna Sdn. Bhd. is the wholly-owned Malaysian subsidiary of US-based Saturna Capital Corporation. Saturna Sdn Bhd holds an Islamic Fund Management Licence (“IFML”) with the Malaysian Securities Commission and is an adviser/fund manager to the ASEAN Equity Fund, the ICD Global Sustainable Fund, and is a technical adviser to the SAM Global Equity Dollar Fund in Indonesia. In collaboration with our global investment team, Saturna Sdn Bhd manages several successful Shari’a-compliant strategies that incorporate Environmental, Social & Governance (ESG) criteria.

Most Innovative Islamic Financial Product 2022 RHB Islamic Bank
RHB Multi-Currency Account (“RHB MCA”) was incepted in 1996, the first pioneer bank with Multi-Currency Account in Malaysia. RHB Multi-Currency Account Islamic (“RHB MCA-i”) was first introduced in 2005 under the Wadiah Shari’a contract. In 2018 we changed our RHB MCA-i from Wadiah contract to Qard contract and is now known as Qard Multi-Currency Current Account-i (“QMCCA-i”), which refers to a contract of lending money by a lender (Customer) to a borrower (Bank) where the latter is bound to repay an equivalent replacement amount to the lender.

Islamic Social Responsibility Award 2022
Zakat, Sadaqah and Waqf Division (ZAWAF) Universiti Teknologi MARA (UiTM)
Zakat, Sadaqah and Waqf Division (ZAWAF) is a division under Malaysian Universiti Teknologi MARA (UiTM) Chancellery that manages UiTM’s zakat, sadaqa and waqf funds and assets. Starting from small unit to manage zakat in 1998, the set-up later evolved into university’s centre for zakat, sadaqa and waqf. Towards sustainable development and Maqasid al-Shari’a, ZAWAF’s mission is to source financial support for UiTM focusing on social aspect. Being the largest university in Malaysia in term of population and Muslim in numbers, such philanthropy is becoming university’s overarching principles.

GIFA Excellence Award (Islamic FinTech Innovation) 2022 ALAMI
ALAMI is a Shari’a-based financial technology company established in 2018 by Dima Djani, Harza Sandityo, and Bembi Juniar. Currently, ALAMI is one of the largest Shari’a-based financing platforms for MSMEs globally, with more than US$200 million loans disbursed and a Non-Performing Financing (“NPF”) rate of 0% (Success Rate of Repayment of 100%). ALAMI has provided financing to more than 10,000 MSME projects in strategic sectors in Indonesia.

GIFA Excellence Award (Human Capital Development) 2022 Salaam Center
Salaam Center is a leading provider in Training, Research and Consultancy that is based in Djibouti and operates within the region of East Africa. The Center is a forum where customised consultancies, tailor-made vocational training and research-based- solutions are combined in order to unlock profitability. Through the lens of its experts, the Center understand that personal development and enrichment are vital for growth and progression and to reach self-full potential. That is why it is relentless when it comes to offering the best professional trainings for learners seeking to further their education or career development.

GIFA Excellence Award (Islamic Finance Training & Education) 2022
Brunei Institute of Leadership & Islamic Finance (BILIF)
Brunei Institute of Leadership & Islamic Finance (BILIF) was established in 2010 as the Centre of Excellence for the finance industry in Brunei Darussalam, providing high-quality learning solutions, including signature and collaborative events for human capacity development in the areas of Islamic finance and leadership. Under the purview of Brunei Darussalam Central Bank (BDCB), BILIF plays a fundamental role in Pillar 5 of Brunei Darussalam Financial Sector Blueprint.

GIFA Excellence Award (Islamic Financial Ratings) 2022 Fitch Ratings
Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.

GIFA Excellence Award (Islamic Microfinance) 2022 TEKUN NASIONAL
TEKUN Nasional is an agency under the Ministry of Entrepreneurial and Cooperative Development. It was established on 9 November 1998. The objective of establishing TEKUN Nasional is to provide simple and quick financing facilities to bumiputras in order to kick-start or further expand their businesses. Since 2008, TEKUN Nasional has undergone changes and reforms to cater to the current trends in becoming a strategic entrepreneur development partner to the entrepreneur community instead of merely being a financing entity.

GIFA Excellence Award (lslamic Retail Banking) 2022 East Africa Bank, Djibouti
East Africa Bank is a financial service provider with its headquarters in Djibouti, operates as a fully Shari’a-compliant bank that is licensed and regulated by the Central Bank of Djibouti. The Bank is part of Dahabshil group holdings and is proud of its legacy, which traces its roots to innovative solutions that have transformed the lives of its customers throughout its history. The Bank has enlisted prominent and high-profile personalities in the region and globally, as part of Board of Directors and Shari’a scholars sitting on the Bank’s Shari’a board to play an oversight role.

GIFA Excellence Award (Trade Finance) 2022 SABA AFRICAN BANK
Saba African Bank, since its establishment in 2011, has made diverse and fundamental contributions that have influenced banking at the local level, and participated in the establishment of a competitive banking stage, where the bank sought to work on all dimensions and influences to create a banking reality that enhances the national economy and pours in its entirety into the building and development of customers and society in general.

GIFA Excellence Award (Premier Islamic Banking Services) 2022 Standard Bank Shari’a Banking
The Standard Bank Group is a financial institution that offers banking and financial services to individuals, businesses, institutions and corporations in Africa and abroad. With a strategy to become a future-ready platform organisation, the Group has made some internal structural changes. The Group has three core client segments; consumer & high net worth clients; business and commercial clients and wholesale clients. The client segments will serve our clients using all the physical and digital channels that our clients prefer. Our structure also includes an innovation capability to generate future-ready solutions and new business models.

GIFA Championship Award (Islamic Digital Solutions) 2022 IBFNET GROUP
The Islamic Business and Finance Network is the maiden online community in the field created in the year 1999 for exchange of views among students, researchers, knowledge-seekers and professionals interested in this rising discipline. Two decades later, this Network was moved to blockchain with an expansion of its mandate – from a forum for exchange of “views” to a meeting place for exchange of “values” facilitated through a pair of native tokens – IBF Exchange (IBFX) and IBF Esteem (IBFS).

GIFA Championship Award (Best Islamic Finance Qualifications) 2022
Malaysian Financial Planning Council (MFPC)
The Malaysian Financial Planning Council (MFPC) was set up in 2004 at the of Negara Malaysia (Central Bank of Malaysia). Its main objective is to promote the nationwide development and enhancement of the financial planning profession by conducting professional education programmes leading to recognised professional financial planning designations. It also provides an evolving set of Best Practice Standards and Code of Ethics for adherence by Registered Financial Planner (RFP) and Shari’a RFP designees.

GIFA Championship Award (Islamic Asset Management) 2022
Albilad Capital
Albilad Capital, the investment arm of Bank Albilad, was established in 2008 with a capital of SAR200 millions, licensed by the Saudi Capital Market Authority (License No. 08100-37) to provide dealing activities, arrangement, advisory, custody, investment management and funds operations as well as investment management of securities.

GIFA Championship Award (Takaful) 2022 Prudential BSN Takaful Berhad
Established in 2006 through the licence awarded by the Central Bank of Malaysia, Prudential BSN Takaful Berhad (PruBSN) is a joint venture between the UK-based Prudential plc and Bank Simpanan Nasional. Premised on the concept of ta`awun (cooperation and mutual assistance), PruBSN provides a range of Shari’a-compliant family takaful protection solutions. Today, PruBSN has over 17,000 takaful agents who serve the evolving health and protection needs of more than 1 million Malaysians and their families.

GIFA Championship Award (Digital Banking) 2022 Islamic International Arab Bank
Islamic International Arab Bank (IIAB) is a Jordanian bank founded in 1997 that plays a vital role in supporting the national economy through state-of-art Shari’a-compliant financial solutions specially designed to serve individuals, small-and-medium-sized enterprises, corporates, and mega projects with a proven track record in increasing financial inclusion in a wide segment, especially less-privileged people, youth, women, and businesses managed or owned by women in all governorates of Jordan.

GIFA Market Leadership Award (Islamic Securitization) 2022
Cagamas Berhad
Cagamas Berhad (Cagamas), the National Mortgage Corporation of Malaysia, was established in 1986 to promote home ownership and contribute towards national development. It contributes towards the growth of the capital markets, Islamic finance and other priority sectors through issuance of innovative instruments. The provision of liquidity to financial institutions at a reasonable cost to the primary lenders of housing loans encourages further expansion of financing for houses at an affordable cost.

GIFA Market Leadership Award (Islamic Finance Technology Solutions) 2022
Silverlake Axis
Silverlake Axis Ltd (SAL) provides financial services technology to the banking, insurance, payment, and retail industries. Founded in 1989, SAL has built an impeccable track record of successful core banking implementations. In less than two decades after its inception, over 40% of the top 20 largest banks in South-East Asia run Silverlake Axis’ core banking solution. Today, Silverlake Axis is the core system platform partner of choice for 3 of the 5 largest ASEAN super regional financial institutions.

GIFA Market Leadership Award (Islamic Financial Intelligence & Ratings) 2022
Moody’s Investors Service
Moody’s Investors Service (MIS) is a leading global provider of credit ratings, research, and risk analysis. A rating from Moody’s enables issuers to create timely, go-to-market debt strategies with the ability to capture wider investor focus and provides investors with a comprehensive view of global debt markets through our credit ratings and research. Moody’s trusted insights can help decision-makers navigate the safest path through turmoil and market volatility.

GIFA Market Leadership Award (Shari’a ESG Investments) 2022
BNP Paribas Asset Management Malaysia
BNP Paribas Asset Management (‘BNPP AM’) is the investment arm of BNP Paribas, a leading banking group in Europe with international reach. BNPP AM aims to generate long-term sustainable investment returns for its clients, based on unique sustainability capabilities focused around five key strategies: High Conviction Strategies, Private Debt & Real Assets, Multi-Asset, Quantitative & Solutions (MAQS), Emerging Markets and Liquidity Solutions, with investment processes incorporating quantitative and fundamental analysis.

GIFA Market Leadership Award (Islamic Asset Management) 2022
SEDCO Capital
SEDCO Capital is a Shari’a-compliant, ESG-led asset management and investment advisory firm. We provide clients with investment solutions through a dynamic asset allocation process across diversified asset classes that deliver strong risk-adjusted returns.

The firm is headquartered in Jeddah with offices in Riyadh, Luxembourg, London and Dubai, maintaining a global perspective and reach. Regulated by the Capital Market Authority of Saudi Arabia (CMA), SEDCO Capital obtained its license in 2009.

GIFA Market Leadership Award (Takaful) 2022 Tawuniya Insurance Company
Tawuniya Insurance Company is the pioneer of the Saudi Arabian insurance sector. Since its establishment in 1986 as a Saudi joint stock company, Tawuniya has provided various insurance programmes that meet the needs of society in accordance with the Shari’a-compliant cooperative insurance concept. Tawuniya has a track record of excellence that underpins its business management and customer assurance.

GIFA Market Leadership Award (Islamic Banking Window Operations) 2022
Meethaq Islamic Banking
Meethaq Islamic Banking from Bank Muscat is the most popular and largest Islamic banking services provider in Oman, offering a full suite of Shari’a-compliant retail, corporate banking and wholesale banking products and services. Every Meethaq product goes through the process of Shari’a compliance certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman. Meethaq’s adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) further distinguishes Meethaq Islamic banking practices in terms of standardisation of its products and services complementing its world-class Islamic banking experience.

GIFA Market Leadership Award (Islamic SME Banking) 2022
BTPN Syariah
BTPN Syariah is the only bank in Indonesia that focuses on serving productive underprivileged families – also known as the “unbankable” for having neither financial records nor legal documentation, and the Bank’s infrastructure has been built to ensure that the products and services are able to effectively serve this segment.

GIFA Market Leadership Award (Developing Islamic Finance in USA) 2022
LARIBA Banking Group
Bank Of Whittier
In 1987, LARIBA pioneered Riba Free (RF) Islamic banking & finance in America. It is the only grassroots community-owned RF institution in America. LARIBA is a movement that popularised RF lifestyle to all people of all faiths. LARIBA started in 1987 with a $200,000 capital collected from friends in $5,000 and $10,000 denominations. Today, it owns two vibrant institutions collectively called, LARIBA Banking Group – LBG, serving all 50 states riba-free financial services. independent Shari’a Audits are conducted and published on website.

GIFA Market Leadership Award (Islamic Banking) 2022
PT Bank Syariah Indonesia Tbk
PT Bank Syariah Indonesia Tbk (BSI) is the largest Shari’a bank in Indonesia which was established from the merger of three state-owned Shari’a banks. Commanding a total asset of 277.34 trillion Rupiah and a core capital of more than 24,59 trillion Rupiah, make BSI as the one of 7 biggest bank in Indonesia and the 10th Shari’a bank globally in 2025 based on market capitalisation. We’re optimistic that BSI will be a champion Shari’a bank, that will be able to explore the vast yet to be explored potentials in the Shari’a market.

Best Islamic Finance Technology Product 2022 ETHOS AFP™
DDCAP Group™ (DDCAP), a market intermediary and financial technology solutions provider, continues to invest in and develop its multiple award-winning Shari’a-compliant financial technology. ETHOS AFP™ is a bespoke, real-time trade and post trade services platform which provides continuous coverage and enables customers worldwide to purchase assets and commodity in support of their financial requirements and products from our responsible, diverse inventory. The platform delivers an array of benefits and efficiencies while mitigating risks. DDCAP continues to make significant investments to ensure ETHOS AFP™ remains the industry benchmark.

Best Non-Bank Islamic Finance Institution 2022 Siraj Finance PJSC
Siraj Finance PJSC is a private joint stock company based in Abu Dhabi and regulated by the Central Bank of the UAE. Siraj Finance is a part of Trizac Holding LLC, which is an integral entity of the Al-Otaiba Group of Companies. Siraj Finance proudly offers a multitude of financial products, designed in compliance with the Shari’a principles.

Best Supporting Institution of the Year 2022
Acuity Knowledge Partners
Acuity Knowledge Partners (Acuity) is a leading provider of bespoke research, analytics, staffing and technology solutions to the financial services sector. Headquartered in London, Acuity Knowledge Partners has nearly two decades of experience in servicing over 430 clients by deploying its 5,000-specialist workforce of analysts and delivery experts across its global delivery network. It provides its clients with unique assistance to innovate and implement transformation programmes, increase operational efficiency, and manage costs and improve their servicing lines.

Best Orphan Welfare Programme 2022
Yatim Mandiri Foundations
Since it was established on May 31, 1994, Yatim Mandiri has come a long way in its efforts to encourage and empower underprivileged orphans in various parts of Indonesia. Empowerment through educational assistance programmes for underprivileged orphans, Al-Qur’an teacher allowances and orphanage health servicing with wealth access assistance for orphanages have become the common routine for orphanages’ volunteers.

Best Technology Platform in Islamic Banking & Finance 2022
Assidq by Sedania As Salam Capital Sdn Bhd
As-Sidq is a patented Shari’a-compliant digital commodity trading platform that facilitates secure, real-time and anytime brokerage of digital commodities for financial institutions’ tawarruq (commodity murabaha) requirements. Being the only Islamic FinTech solutions provider in tawarruq with digital commodity Murabaha-based transactions, SASC’s As-Sidq platform has performed over 104,000 tawarruq transactions, assisted in disbursing over RM6.9 billion in funds, and has served over 80 financial institutions to date despite the economic slowdown caused by the pandemic.

Best Shari’a Compliant Commodity Broker 2022 Eiger Trading Advisors Limited
Eiger Trading Advisors Limited is an asset trading company, specialising in the facilitation of Shari’a-compliant financial products and services across the globe. Since our formation in 2008, Eiger’s goal has been to deliver technology-driven solutions to the Islamic finance industry, drawing from expertise in Islamic finance, IT software development and physical commodity trading.

Best Islamic Crowdfunding Platform 2022
Ethis Group
Ethis is a FinTech, impact investment and Islamic crowdfunding leader with a growing global community of funders originating from more than 80 countries. Ethis is one of few firms licensed to operate investment platforms in multiple countries, most notably for P2P financing by the Financial Services Authority Indonesia, Equity Crowdfunding by Securities Commission Malaysia and the global platform for both ECF and P2P financing by the Capital Market Authority of Oman.

Best Islamic Digital Solutions Provider 2022
Aion Digital
Aion is a leading FinTech headquartered in Bahrain, with a presence in Saudi Arabia, Kuwait, and the UAE. Through its state-of-the-art digital engagement platform, the company’s key focus is the digital and data transformation of banks. The Aion platform embeds regulatory and banking innovations for the quick and cost-effective launch of digital banking services.

Best Islamic Wealth Management Solutions Award 2022
National Bonds
National Bonds Corporation is a Shari’a-compliant savings and investment company, established in 2006. The company provides UAE nationals, UAE residents and non-residents with an opportunity to build and fortify their savings safety net, as well as invest in high-return programs. Its goal is to encourage a disciplined savings habit for people across the 7 emirates, in line with the UAE Government Vision for a financially secure and sustainable future.

Best Real Estate Deal 2022
Arada has successfully completed the issuance of its first public financing deal, a $350 million Sukuk, which has been listed on the London Stock Exchange. The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022. By closing this Sukuk, Arada also became Sharjah’s first Corporate issuer for five years, the first Real Estate issuer from the region in 2022 and the first US dollar Benchmark Non-Sovereign issuer in two months. The proceeds for the sukuk will be used for the management of existing bilateral funding, general corporate purposes and to support development at Arada’s existing projects.

Best Sustainability Sukuk of the Year 2022
Yinson Holdings Berhad
Yinson Holdings Berhad (“Yinson” or the “Group”) is a global energy infrastructure and technology company, listed on the Main Market of Bursa Malaysia Securities Berhad. Yinson currently invests in four business divisions – Yinson Production, Yinson Renewables, Yinson GreenTech and Regulus Offshore. Our geographical presence extends across the world, from West Africa, the Americas, Europe and Southeast Asia.

Best Islamic Finance Solutions Provider 2022 Codebase Technologies
Codebase Technologies is one of the world’s fastest-growing open API banking solutions providers. With a vision to “disrupt the way technology is utilised, for a greater purpose,” we engineer impactful digital financial experiences for conventional and Islamic banks, FinTechs, neobanks, lenders, and start-ups. Our award-winning Digibanc FinTech platform is a cloud-enabled, API-driven, and highly adaptable digital banking platform allowing institutions to deliver inclusive digital financial services.
Best Islamic Finance Technology Provider 2022 International Turnkey Systems – ITS
Since 1981, ITS has kept on providing advanced technology solutions for financial institutions, governments, and private sector organisations across a wide array of industries with demonstrated technology competencies and high-end skill capabilities that support critical business functions.

Best Islamic Rating Agency 2022
MARC Ratings Berhad
Malaysian Rating Corporation Berhad (MARC)’s overarching focus since inception has been, and continues to be, on delivering information, insights, solutions and benchmarks to contribute towards more robust and sustainable capital markets. MARC’s core capabilities are in infrastructure, project and structured finance, given our long-standing track record in rating domestic toll roads, power plants, water assets and ports. MARC has also established its credentials in green financing, having rated the majority of solar power projects in Malaysia.

Best Sharia Advisory Firm 2022 Elzar Shariah Solution Sdn Bhd

Elzar Shariah Solution Sdn Bhd is a professional Shari’a advisory and consultancy firm, specialising in end-to-end Islamic finance solutions and Shari’a advisory work. The company was established in 2016 in the spirit of contributing to a growing and robust ecosystem of Islamic finance and economy which has seen massive growth and unprecedented global recognition in recent years. We intend to help businesses in applying Shari’a knowledge in both financial and non-financial sector to further expand the boundaries of Islamic finance and economy.

Best Islamic Microfinance Institution 2022
Amanah Ikhtiar Malaysia
Amanah Ikhtiar Malaysia (AIM) is a Private Trust body incorporated in Malaysia on September 17, 1987 to serve as a microfinance institution (MFI) that provides microfinance to poor households and low-income households in Malaysia. The Project executed the approach of Grameen Bank, Bangladesh to Malaysia in reducing rural poverty by handing over micro credit rights to the poor. This approach offers a closely supervised microcredit financing scheme to the poor for them to undertake any economic activity based on their skills to increase their family income.

Best Islamic Capital Market Award 2022
Indonesia Stock Exchange
The COVID-19 pandemic has led Indonesia Stock Exchange (IDX) to accelerate its digital transformation and to encourage a responsible investment through various initiatives. This is done to maintain the spirit of growth in this recovery momentum and to achieve financial sustainability. IDX continues to strive and actively prioritise the Green Economy and Environmental, Social & Governance (ESG) investment programmes as well as digitising capital market products and services.

Best Islamic Stock Exchange 2022
Pakistan Stock Exchange Limited
Pakistan Stock Exchange (PSX) is amongst the oldest exchanges in Asia. Presently, 40% shareholding in PSX is held by a consortium of leading Chinese exchanges (Shanghai Stock Exchange, Shenzhen Stock Exchange, & China Financial Futures Exchange), and 60% by general public, which includes initial shareholders, local and foreign investors. PSX is now a listed company and trades under the ‘PSX’ symbol. As a frontline regulator, PSX follows international best practices which includes a comprehensive and robust regulatory framework that governs all aspects and entities of the stock market ecosystem.

Best Islamic Fund Manager 2022
Oasis Crescent Capital (Pty) Ltd.
Oasis is a diversified wealth management company focused on delivering real value to its investors over the long term. The company provides services relating to asset management and financial advice. It also offers a wide investment product range that includes, discretionary savings, tax-incentivised products, retirement funds, long–term insurance products & endowments. As a privately owned family business, established in 1997, Oasis is represented in several countries which include South Africa, the United Kingdom, the United Arab Emirates, Switzerland, Singapore, Malaysia and Mauritius.

Best Takaful Company 2022
Etiqa General and Family Takaful
Etiqa General Takaful Berhad and Etiqa Family Takaful Berhad are operating entities of Etiqa, a leading insurance and Takaful business in ASEAN, offering a full range of Life and General insurance policies, as well as Family and General Takaful plans via more than 10,000 agents, 46 branches and 17 offices. Respectively Etiqa General Takaful is the largest general takaful company in Malaysia with over a market share of over 40% while Etiqa Family Takaful is the largest family takaful company in Malaysia as measured by New Business and is also the fast growing in the Group Medical business.

Best Family Takaful Company 2022
PT Capital Life Syariah
PT Capital Life Syariah was officially established in order to carry out life insurance business activities with Shari’a principles. PT Capital Life Syariah vision is “To be the best and most trusted Shari’a life insurance company, as well as contribute towards improving the Shari’a life insurance industry”. Our mission is to consistently present the best Shari’a life insurance products and personal services for customers, consistently improve the capabilities of the company’s human resources and infrastructure in order to provide the best service to all customers while focusing on maintenance of trust, providing value addition to all company stakeholders”.

Best Islamic Project Finance House 2022 AmInvestment Bank Berhad
AmInvestment Bank Berhad (AmInvestment Bank) is a member of the AmBank Group. With a 30-year track record as Malaysia’s leading investment bank, we offer our clients a comprehensive suite of investment banking products and services, encompassing corporate finance, debt markets, equities, fund management, private banking and broking. AmInvestment Bank has long-standing credentials in structuring award-winning debt and capital markets solutions for a full spectrum of clients, who range from corporate and institutional to government-linked entities.

Best Islamic Banking Window 2022
FNB Islamic Banking
FNB is the oldest bank in South Africa, and its roots can be traced back to 1838. When looking at FNB’s history, two things in particular stand out. The first is a story of survival – different circumstances in South Africa have posed many great challenges in our history, all of which FNB has successfully met. This track record provides a strong foundation for our future challenges. The second is a story of people – our history has always been firmly influenced by the needs of the people we serve.

Best Islamic Banking Brand 2022
Al Salam Bank
Al Salam Bank was established in the Kingdom of Bahrain in 2006, and has since cemented its reputation as the fastest-growing bank in the Kingdom and a highly influential force in the Islamic banking industry regionally. Leveraging on its robust financial standing as the industry’s strongest in asset capital, the Bank has a proven track record in risk mitigation and effectively shifting to market dynamics through its agile growth strategy and solid financial performance.

Best Islamic Investment Bank 2022
GFH Financial Group B.S.C.
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.

Best Islamic Bank for SME Banking 2022
AmBank Islamic Berhad

AmBank Islamic Berhad (AmBank Islamic) is the Islamic banking arm of AmBank Group (the Group) and offers a comprehensive range of Shari’a-compliant retail and non-retail banking products and services including investment, treasury, and trade solutions. Our primary role as a credit intermediary is anchored by our value-based intermediation (VBI) aspiration. This is an integral strategy to catalyse our journey towards becoming a purpose-based organisation where we consider the environmental, social and governance (ESG) impacts of our business and conduct to ensure that they contribute to the greater good of our stakeholders, whilst being mindful of financial returns to our shareholders.

Best Central Bank of the Year 2022
Bank Indonesia is mandated with one overarching goal, namely to create and maintain rupiah stability. Towards that goal, Bank Indonesia is tasked with managing the monetary, payment system and financial system stability. Further, Bank Indonesia’s vision is to become the foremost digital central bank that creates tangible contribution to the national economy and be the best central bank amongst emerging market countries towards an advanced Indonesia.

Upcoming Shari’a Scholar 2022
Dr Zaharuddin Abd Rahman

Adjunct Professor Dr Zaharuddin Abd Rahman is a renowned visage in the revered sphere of Shari’a acquiescence and halal observation. His far-reaching contribution to the world of Shari’a-compliance and halal-related industries spans over 22 years encompasses unswerving contribution in banking and Takaful institutions, corporate companies, higher education, the F&B segment, the cosmetics industry, educational technologies, telcos, the Malaysian Government & GLCs plus Malaysian regulators (BNM & the Securities Commission of Malaysia). His fame for experience in Shari’a compliance regulations and halal-centric proficiency has enabled him to actively impart his quintessential know-how in countries like Singapore, Brunei, Saudi Arabia, Qatar, Bahrain, Trinidad Tobago, United Kingdom and the USA. At present, he is the Founding Managing Director of Elzar Group of Companies, Elzar Shariah Solutions Sdn. Bhd., Myclass Technologies Sdn. Bhd., Aaalim Aulad Islamic Preschool, MyDental Care, Shah Alam, Urban Mobility Asia and a solar PV company, Suria and Sonne Sdn. Bhd. He is currently serving as Adjunct Professor at the Faculty of Business and Accountancy in University of Selangor (UNISEL).

GIFA Advocacy Award (Islamic Capital Market) 2022 Irwan Abdalloh
Irwan Abdalloh has been working at the Indonesia Stock Exchange (IDX) since 2000. He began to focus on developing the Islamic capital market since 2010. Presently, he is the head of Islamic capital market in IDX. In addition, he is also a member of Islamic capital market committee at the National Shari’a Board of Indonesia, a Vice Chairman of the Islamic capital market committee at the Islamic Economy Society, a member of Islamic capital market committee at the Islamic Economics Expert Association, and a member of Shari’a stock selection committee. He is the originator of Shari’a Capital Market School, an integrated training on stock investment in the Islamic capital market; the Indonesia Sharia Stocks Index (ISSI), an Islamic stock composite index; the Sharia Online Trading System (SOTS), the world’s first Shari’a-compliant online trading platform for retail investors, and the tradable Shari’a stocks zakat and the tradable Shari’a stocks waqf.

GIFA Special Award (Shari’a Advisory Leadership) 2022
Ahcene Lahsasna
Dr Ahcene Lahsasna is currently the CEO of SALIHIN Shari’a Advisory & Chief Academic Officer of SALIHIN Academy. Prior to that, he was an Associate Professor at INCEIF. Dr Lahsansa is a Council Member of the Malaysian Financial Planning Council (MFPC), a Member of the Grand Council of the Chartered Islamic Finance Institute (CIIF) and Association of Shariah Advisors Malaysia (ASAS), Chairman of the Shari’a Committee of Standards Chartered Saadiq Bank (Malaysia), and a Shari’a Advisory Council Member of RGA Re-Takaful (Labuan). He is a CPIF (Chartered Professional Islamic Finance), an RFP (Register Financial Planner), a FAP (FAA Accreditation Panel), a CPT (Certified Professional Trainer) by the FAA, and a Certified Trainer by CIBAFI (General Council for Islamic banks and financial institutions in Bahrain) and MFPC. He is also a Certified Trainer by HRDF, which is a Government Agency.

Most Outstanding Leader in Islamic Asset Management 2022
Adam Ismail Ebrahim
Adam Ismail Ebrahim is the Chief Executive Officer and Chief Investment Officer of the Oasis Group, a wealth management organisation he established in 1997. With keen entrepreneurial acumen, a passionate and disciplined approach to investments, Mr Ebrahim’s leadership has developed Oasis into a well-diversified and sustainable business in the regulated ethical investment environment. As the Chief Executive Officer, Adam is responsible for the strategic direction and operating agility of the firm, including its financial soundness, the development of new and improved business, the delivery of simple and relevant product solutions, creating and sustaining strategic alliances, leading the Group’s customer service capability, optimising the business processes with technology, and motivating and mentoring a skilled and determined team.

Most Outstanding Leader in Takaful 2022
Fitri Hartati, as the President Director, is an Indonesian citizen. Experienced in the life insurance industry, especially in operations and marketing for more than 25 years, both in joint ventures and nationally, has served as Director of Operations at PT Capital Life Indonesia. She has certification of experts in the management of Life Insurance, Shari’a Insurance and Health Insurance and has met the risk management qualification of an insurance company level 5 from Association of Indonesian Insurance Management Experts (AAMAI).

Takaful CEO of the Year 2022 Wan Saifulrizal Wan Ismail

Wan Saifulrizal Wan Ismail is a qualified actuary with more than 20 years of experience in the takaful and insurance industry with the regulator, insurance consulting outfit, life insurer and family takaful operator. Since his appointment as the Chief Executive Officer (CEO) of PruBSN in January 2020, Wan has led the company through record growth in new business sales and customers. He further shaped the strategy behind the user growth of Pulse by Prudential app, the first AI-powered health app of its kind in the region. Wan is also the Chairman for PruBSN’s charitable arm, PruBSN Prihatin, where he has ensured the successful implementation of PruBSN Microtakaful Jariyah programme, a microtakaful programme for the Malaysian population section faced with unyielding poverty.

Islamic Banker of the Year 2022
Syed Amir Ali
Syed Amir Ali is a Chartered Accountant by profession from the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Chartered Accountants of England & Wales (ICAEW). He completed chartered accountancy with distinction and secured a Gold Medal from ICAP. He is also a Chartered Certified Accountant from the Association of Chartered Certified Accountants (ACCA), Chartered Financial Analyst (CFA) from the CFA Institute of USA. Continuing his professional journey, he has also secured another Gold Medal in MBA from Hamdard University. Besides these professional qualifications, he is also an LLB & Commerce graduate. He excelled in the ambit of Finance, Treasury, Investment & Corporate Banking throughout his association with domestic and international organizations including A.F Ferguson & Co, and Shell. He spearheaded the Corporate and Investment Group of Meezan Bank before moving to BankIslami in 2018, which has continuously thrived under his leadership and seen exponential progress.

GIFA CEO of the Year 2022
Eqhwan Mokhzanee
Eqhwan Mokhzanee manages and oversees AmBank Islamic and is also responsible to chart its strategic direction. He has approximately 25 years of corporate and financial services experience. Thereafter, he worked with local and foreign banks where he was exposed to corporate banking, debt capital market, corporate finance, financial advisory and real estate investment. Eqhwan has been invited as a speaker at conferences in Malaysia and overseas. He was the 1st Chairman of the industry-level Working Group which developed the value-based intermediation (VBI) sectoral guides for the palm oil, renewable energy and energy efficiency sectors which were issued on March 31, 2021.

Islamic Finance Personality of the Year 2022
Mohd Muazzam Mohamed
Mohd Muazzam Mohamed is the Group Chief Executive Officer of Bank Islam Malaysia Berhad, the only full-fledged Islamic bank publicly listed on the Main Market of Bursa Malaysia. Formerly a Partner with KPMG Malaysia and an Executive Director with KPMG Management Consulting, Mohd Muazzam joined Bank Islam on May 11, 2015 as Chief Financial Officer before being appointed to his current position on December 5, 2018. With over 22 years of experience in the field of finance, audit and consulting, Mohd Muazzam plays an instrumental role in Malaysia’s Islamic finance industry, serving as the President of Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and the Chairman of Value-Based Intermediation (VBI) Community of Practitioners.

Global Islamic Finance Leadership Award (Institution) 2022
DDCAP Group™
Headquartered in London, DDCAP Group™ (DDCAP) is a market intermediary and financial technology solutions provider connecting the global Islamic financial market responsibly. Established in 1998, we have 25 years’ experience providing award-winning commodity and asset facilitation services to support our customers’ Shari’a-compliant financial requirements. DDCAP facilitates commodities and services, providing systems solutions to over 300 financial sector customers worldwide, including banks, non-bank financial institutions, asset managers and FinTechs, across a diverse range of Shari’a-compliant products, contracts and asset classes. We have a dedicated team of professionals, with broad, complementary skill sets drawn from financial industry backgrounds, focused on providing services to Islamic financial market participants from around the world.

Global Islamic Finance Leadership Award (Country) 2022
The Republic of Djibouti
Djibouti is a small strategically located country on the northeast coast of the Horn of Africa. It is situated on the Bab el Mandeb Strait, which lies to the east and separates the Red Sea from the Gulf of Aden. Amid the steady expansion of Djibouti’s financial sector over the recent years, Islamic finance has been taking an increasingly prominent role. The country introduced Islamic banking in 2006 with the establishment of an Islamic bank branch, and since then Islamic finance spread quickly. Of the 11 existing banks, four are Islamic, and the segment currently accounts for between 15% and 20% of the total banking industry assets.
According to fourth-quarter 2015 information from the Central Bank of Djibouti (Banque Centrale de Djibouti, BCD) the three Islamic banks operating in Djibouti had assets of over DJF50bn ($280m), disbursed 15% of total credits allocated in the country and currently accounts for 25% of total assets in the banking sector. The global Islamic finance market has been expanding at an average annual rate of 10-12% over the past decade, according to 2015 figures from the World Bank and it now accounts for assets approaching $2trn.
The attraction of Djibouti as an Islamic banking destination is fairly clear, given the strong and positive reception from the population and the political leadership’s support for Islamic finance. Islamic finance is set to become increasingly integrated with the country’s financial sector over the coming years, and its impact on the competitive landscape is already being felt in some ways.

Global Islamic Finance Leadership Award 2022
His Excellency Abiy Ahmed Ali (PhD)
Prime Minister, Federal Democratic Republic of Ethiopia
His Excellency Abiy Ahmed Ali (PhD) is the fourth Prime Minister of the Federal Democratic Republic of Ethiopia. Inheriting a divided society, in all his speeches and actions PM Abiy Ahmed has made national unity, peaceful co-existence, shared growth and regional integration, a central theme of his administration. His inaugural speech inspired hope and renewed collective sense of purpose in Ethiopia. He has rich and wide-ranging experiences serving government in different roles, offering a unique blend of leadership, vision and knowledge in professional and organisational skills. Under his leadership, Ethiopia can rightly be called the emerging giant of East Africa. In recent years, it has emerged as a major power in the Horn of Africa, enjoying rapid economic growth and increased strategic importance in the region. Ethiopia accommodated Islamic finance in its financial system through interest-free banking window in 2011 and full-fledged interest-free banking by the end of 2019. HE Abiy Ahmed played a major role in paving way for the Central Bank to enable the establishment of an Islamic bank. Today, Islamic finance in Ethiopia is represented by three financial institutions; Islamic banks, Islamic Insurance and Islamic microfinance.


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