IRBA, in its 7th year, has been at the forefront of Islamic retail finance, acknowledging the outstanding contributions of leading market players in the industry. Islamic banking, while mostly being regional in terms of market share and size, accounts for nearly 6% of the world’s banking market.
Retail banking is the face of Islamic banking and finance, contributing to nearly two-thirds of Islamic financial assets worldwide. At first glance, Islamic banking is seen as progressing at a steady pace with immense growth potential. However, market dynamics are now changing and Islamic retail banking is at a turning point. While the industry has outpaced the conventional banking institutions in terms of growth, it has not outpaced them in terms of profitability. This pace of change is only expected to accelerate over the next three to five years. Islamic banks, in order to be sustainable, would need to revisit their positioning and seek greater efficiency across the value chain.
The global financial and economic ecosystem has seen significant regulatory and technological changes alongside shifts in consumer behaviour in recent years. Technology can be leveraged to allow more inclusive banking services. While financial inclusion is on the rise, research done by UK-based digital banking platform Algbra found that 800 million out of the 1.7 billion unbanked adults globally are Muslims.
Cambridge IFA, a UK-based financial intelligence house, recently held the 7th award ceremony of the prestigious Islamic Retail Banking Awards (IRBA) 2021 in a glamorous evening in the vibrant city of Dubai, UAE. A large number of professionals, individuals and VIPs from the corporate, business and government sectors have graced these ceremonies. The 7th edition of this prestigious awards ceremony was no different. VIPs including, HE Husin Bagis, Ambassador of Indonesia; HE Khalid Al Yahmadi (Chairman of Amjaad Group); HE Shahid Malik (former British Minister for International Development), and other influential market leaders, CEOs and higher management of Islamic retail banks from all around the world graced the event to present, receive and celebrate the achievements of this sector.
Professor Humayon Dar, Founder of the Islamic Retail Banking Awards and Director General of Cambridge Institute of Islamic Finance in his welcome address showed optimism and suggested that as we are moving forward, we should be devising carefully thought strategies to develop a system that efficiently absorbs any external shocks, realigning with the global socio-economic agenda, and adopting cutting-edge technology for effective outreach. He stressed the need for a post-COVID sukuk issuance programme to finance recovery endeavours in the OIC countries. There should be a global focus on the reorientation of the industry away from traditional banking and more towards an inclusive model of finance.
Since 2015, IRBA has been recognising the contributions and successes of Islamic retail banks, individuals and other market players, globally and in their respective national markets. They are the industry game-changers. Winners of IRBA exemplify how Islamic retail banks have successfully embraced digital innovation, enhanced their operational efficiency and delivered new, improved services for customers. In a rigorous Islamic banking efficiency analysis conducted by Cambridge IFA, more than 130 Islamic retail banks worldwide were ranked and the strongest Islamic retail banks were identified.
IRBA celebrates excellence and best practices in Islamic retail banking in two broad categories:
- Strongest Islamic Retail Bank Awards – award winners are selected based on a path-breaking Islamic banking efficiency study conducted by Cambridge IFA, which ranks over 130 Islamic retail banks.
- IRBA Critics’ Choice Awards – award winners are carefully selected by the Critics’ Choice Committee, which comprises leading Islamic banking experts from around the world.
The strongest Islamic retail banks should be considered the safest Islamic banks in terms of doing business with, both by customers on the liabilities side and those seeking financing or doing business with these banks on the assets side. The IRBA Critics’ Choice Awards aim at including those institutions and individuals that cannot be captured by efficiency analysis. These awards are determined by the Critics’ Choice Committee. This award category is wider in scope as they are based on a wider set of variables beyond efficiency.
Our top award – IRBA Islamic Retail Banking Leadership Award – has for the last six years recognised and celebrated the contributions of some of the exceptionally talented Islamic bankers. The inaugural IRBA Islamic Retail Banking Leadership Award 2015 was presented to Hussain Al Qemzi, then Group CEO of Noor Bank.
This was followed by recognition of the services of Musa Shihadeh (then General Manager and CEO of Jordan Islamic Bank) to the development of Islamic retail banking in Jordan. Next year in 2017, Dato’ Wan Fadzmi Othman (then CEO of Agrobank Malaysia) was the proud winner of this coveted award. Abdulmohsin Abdulaziz Al-Faris (Founding CEO of Bank Al-Inma) was presented with the IRBA Islamic Retail Banking Leadership Award 2018. Md. Mahbub ul Alam (CEO of Islami Bank Bangladesh Limited) and Adnan Yousif (then Group CEO of Al Baraka Banking Group) were the next two winners.
IRBA Islamic Retail Banking Leadership Award 2021
Junaid Ahmed
Junaid Ahmed is currently the President and Chief Executive Officer of Dubai Islamic Bank Pakistan Limited (DIBPL). He is a seasoned banker with over thirty-five years of banking experience in diversified areas such as general banking, foreign exchange, treasury, corporate and investment banking. Ahmed started his career with BCCI, Pakistan and later moved to the UAE Banking Industry. At the Union National Bank, he showed commendable performance and set up the corporate banking platform under a centralised structure. This significantly contributed towards converting Union National Bank into one of the largest banks in the UAE. After taking up multiple top level management positions at the Union National Bank, UAE, he joined Dubai Islamic Bank, UAE as Head of Private Banking in October 2003, and established the Private Banking business within the Bank.
He joined DIBPL in 2010 and under his management as Chief of International Business, DIB Pakistan Limited was successfully turned into a profitable institution. He also served as Director on the Board of MESC – Jordan Dubai Islamic Bank, Bank of Khartoum- Sudan and Bosna Bank International – Bosnia Herzegovina.
IRBA CEO of the Year 2021
Hamad Abdulla Al-Oqab
Hamad Abdulla Al-Oqab is the Chief Executive Officer of Al Baraka Islamic Bank, effective from March 2019 and also designated as a Board Member in March 2021. He has previously also held several positions during his 16 years career at Al Baraka Banking Group as a Chief Financial Officer and Deputy Chief Executive. Al-Oqab has over 28 years of experience in banking, finance and auditing.
He is currently the Chairman of Al Baraka Bank Lebanon and Vice Chairman of Jordan Islamic Bank. As a Board Member in Banque Al Baraka D’Algerie, he also serves as a member of various Board Committees of its banking subsidiaries. He is also the Chairman of the Accounting Standards Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Board Member in Bahrain Association of Banks. He has also previously served as a Board Member in Al Baraka Turk Participation Bank and Al Baraka Bank Egypt.
“I am extremely pleased to have received the ‘CEO of the Year 2021’ award by the prestigious awarding body, the Islamic Retail Banking Awards (IRBA). I would like to extend my sincere thanks and appreciation to the Bank’s employees for their continuous efforts and dedication in achieving the Bank’s strategy. We look forward to achieving more success in the coming years and furthering the position of the Bank at the forefront of the banking industry.”
Most Outstanding Personality in Islamic Retail Banking 2021
Indra Falatehan
Indra Falatehan is currently serving in the capacity of President Director of Bank BJB Syariah, and is responsible for the effective and efficient management of the Bank. He has been associated with the Bank for around six years and previously associated with Bank Syariah Mandiri for about 14 years. He has over fifteen years of experience in reputable & well- known Shari’a Banks in Indonesia. He has in-depth knowledge in credit processing, international banking & trade finance, banking transactions, corporate finance, and credit syndication.
Amid the pandemic that severely affected the economic sector, BJB Syariah under the leadership of Indra Falatehan grew positively and recorded a profit of Rp32.06 billion, assets of Rp8.88 trillion or a growth of 15.31% year on year. He is also a renowned speaker at international conferences and seminars and recipient of many awards.
“I am honoured to receive the Most Outstanding Personality at the Islamic Retail Banking Awards 2021. I share this honour with our team who continuously strive to give their best effort. Therefore, with all the challenges and conditions ahead, I am hopeful we will continue to work on this path and give our best service and performance.”
IRBA Excellence Award for Management & Leadership 2021
Norfadelizan Abdul Rahman
Norfadelizan Abdul Rahman is the Managing Director and CEO of TAJBank Limited. As a highly intellectual person whose sojourn in different countries enriched his worldview, he is also a stickler for service excellence, a philosophy that is evident in the way he runs TajBank. He is an accredited trainer under the Malaysia Securities Commission (SIDC), Institute of Islamic Banking & Finance Malaysia (IBFIM), and has offered advisory services in the field of Islamic banking, Islamic capital market and Islamic derivatives.
His 30-year award-winning career has seen him serving various senior leadership positions in Islamic banking, Islamic capital market, Islamic asset management and Takaful, in various countries across different continents. He led the banking sector team for establishing the Finance Professional Qualification Standard under the Finance Accreditation Agency (FAA) of Malaysia and was the co-author of the book titled Understanding Islamic Capital Market.
“Alhamdulillah, praise be to Allah SWT for his blessings and guidance. I am humbled and deeply honoured to have won this great award. I would like to share this success with my dearest family, friends, colleagues and former bosses who had in one way or another, shaped and influenced me positively to be who I am today Last but not least, I like to thank the organisers of IRBA for this wonderful event and wish them the best for many more years to come.”
IRBA Personality of the Year 2021
Syed Amir Ali
Syed Amir Ali is the President and Chief Executive Officer of BankIslami Pakistan. He 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 excelled in the spheres of finance, treasury, investment & corporate banking throughout his association with domestic and international organisations including A.F Ferguson & Co, Shell and Meezan Bank Limited.
He spearheaded the Corporate and Investment Group at Meezan Bank before moving to BankIslami in 2018, which has continuously thrived and seen exponential progress. It was under his leadership that BankIslami surpassed and evolved into a customer-centric, modern Bank.
While his diverse credentials and rich banking experience are a testament to his progression in the financial industry, what really defines him is his vision to revolutionise the institution into a modern, progressive and inclusive Islamic bank. Syed Amir Ali is an inspiring leader, a visionary, an idealist, a socialist, and an all-rounder. He is a youth enthusiast, supporter of modern arts and women empowerment.
“I am truly humbled to receive the Best Personality of the Year 2021! I would like to dedicate this Award to the efforts of my team for saving humanity from RIBA! I am grateful to Allah Almighty and the jury at CFA for allowing me this honour consecutively for the second year.”
IRBA Upcoming Shari’a Scholar 2021
Kamran Khalid Sherwani
Kamran Khalid Sherwani is a Shari’a expert and lawyer and is currently working for Abu Dhabi Commercial Bank (ADCB) as the Head of Internal Shari’a Control. He has also been appointed as the Secretary of Internal Shari’a Supervision Committee of ADCB. He has worked with the world’s most prominent Shari’a scholars throughout his career and is considered one of the most experienced Shari’a lawyers in the Islamic banking and finance industry.
He is a regular speaker at Islamic banking and finance-related training, conferences and seminars, and has delivered training in various countries including Oman, Bahrain, UAE, UK and Azerbaijan. He also remained a visiting faculty at Cass Business School, City University of London, UK (Dubai campus) during the 2012 to 2014 period. He is one of the founders of Islamic Banking Academy (ADCB’s internal Islamic finance training programme) where he designed and launched several Islamic finance training programmes.
The Strongest Islamic Retail Bank in Asia 2021
Islami Bank Bangladesh Limited
The Strongest Islamic Retail Bank in Bangladesh 2021
Islami Bank Bangladesh Limited
Islami Bank Bangladesh Limited (IBBL) was established as a public limited banking company in Bangladesh in 1983 with 70% foreign shareholding and 30% local shareholding. It is also the first Shari’a-based scheduled commercial bank in South-East Asia. IBBL is the largest private sector commercial bank of Bangladesh having 382 Branches, 200+ sub-branches, 2,600+ agent outlets and nearly 44,000 mobile financial services points (m-Cash) throughout the country. The shares of the Bank are listed with both Stock Exchanges of Bangladesh.
IBBL is the pioneer of having its own software and security system in the Banking industry of Bangladesh. It is always committed to adopting the highest corporate governance standards and sound risk management framework for attaining its operational goals.
“Islami Bank Bangladesh Limited, being the pioneer of first Shari’a-based banking in the South and Southeast Asia is very much delighted for receiving the awards by Cambridge Institute of Islamic Finance. We, the Board of Directors as well as the Senior Management Team of IBBL, are really honoured to receive the awards and would be more responsible towards the stakeholders at home and aboard as IBBL has been working for every group of people irrespective of caste, creed, religion or gender. Since its inception, IBBL has established itself as a welfare-oriented bank and also need-based banking rather than greed-based, and has been relentlessly working for the overall sustainable development by way of ensuring financial inclusion, inclusive growth and social-economic development of the country through the introduction of modern and welfare-oriented banking products and services towards the present and potential customers of Bangladesh & abroad. The strength of IBBL is to adhere to core values like strict compliance of Shari’a and prevailing laws of the land.”
The Strongest Islamic Retail Bank in Asia-Pacific 2021
PT Bank Syariah Indonesia Tbk
The Strongest Islamic Retail Bank in Indonesia 2021
PT Bank Syariah Indonesia Tbk
PT Bank Syariah Indonesia Tbk (BSI) is the largest Shari’a bank in Indonesia, established from the merger of three state-owned Shari’a banks. Commanding a total asset of 240 trillion Rupiah and core capital of more than 20.4 trillion Rupiah makes BSI as one of the 7 largest banks in Indonesia and the 10th Shari’a bank globally within the next 5 years based on market capitalisation.
BSI is a modern Shari’a bank, with strong digital technology capabilities, supported by a vast network of more than 1,300 branch offices throughout the nation, 2,400 ATM networks and 17,000 experienced employees. In the consumer retail and retail segment, supported by our top-notch digital banking with BSI mobile and service quality, BSI offers a series of financial solutions within a Shari’a-compliant ecosystem.
“We would like to thank the Awards Committee of the Islamic Retail Banking Awards where Bank Syariah Indonesia received two awards. As the largest Islamic Bank in Indonesia, Bank Syariah Indonesia is committed to being a financial, social and spiritual partner to provide solutions to manage the financial needs according to Shari’a principles through the top-notch various products and services. As a modern Shari’a bank with strong digital technological capabilities such as BSI mobile, BSI have committed to being a solution provider for all customer segments to their various needs with innovative Shari’a financial services.”
The Strongest Islamic Retail Bank in Saudi Arabia 2021
Alinma Bank
Alinma Bank is a fully Shari’a-compliant financial institution that strives on delivering forward-thinking, innovative, exemplary products and services that meet the needs of retail and corporate customers alike. Alinma is committed to demonstrating that Shari’a-compliant products and services can rival any other in the market while providing the very best customer experience. Alinma continues to successfully navigate an evolving sector that is marked by disruptive technologies, demographic and cultural shifts, the digitisation of customer experience, the emergence of new sectors such as sports and entertainment, and demand for SME financing, all of which present both opportunities and challenges.
“It is indeed an honour to receive this award, and I thank IRBA for recognising Alinma Bank for all the hard work and dedication that has gone into making Alinma successful in the Saudi market and the broader Islamic economy. At Alinma we are mission-driven and use every advantage at our disposal – advanced technology, skilled staff, expert strategy and planning– to ensure that our mission continues and that we continue to set an example for our industry and deliver quality to all those we serve.” – Abdullah Ali AlKhalifa, Chief Executive Officer, Alinma Bank.
The Strongest Islamic Retail Bank in Turkey 2021
Kuveyt Türk Participation Bank
Kuveyt Türk has, since being founded in 1989, been painstaking participation in banking practices while offering reliable, customer-oriented and cutting-edge banking services to its domestic and foreign clients. The main partner, KFH, guarantees the stable growth of Kuveyt Turk thanks to its fund size and efficient global service network. Standing out with its strong capital structure and dynamic management, Kuveyt Türk ranks first in the overall banking sector and first among the participation banks in Turkey in terms of asset size.
Performing as the first bank that offers sukuk deals in Europe and Turkey in 2010, Kuveyt Türk has issued TRY32.4 billion, US$2.4 billion and MYR800 million sukuk both domestic and abroad. Kuveyt Turk offers quality and quick banking services utilising technological solutions through its network of domestic and overseas branches and correspondents.
“The fact that our Bank is standing out with strong capital structure and dynamic corporate management, given by these awards, is an indication of how accurate strategy and positioning we have in our progress. With our customer-oriented approach, efficiency efforts supported by technology, innovation and digital transformation steps; we will continue to grow stronger and act as a financial bridge for Turkish investors who are willing to have a global presence, especially in the Gulf countries. With around six thousand employees, we are pleased to take this prize and, on this occasion, I thank those who awarded us on behalf of our great family.’ – Ufuk Uyan, Chief Executive Officer, Kuveyt Türk.
The Strongest Islamic Retail Bank in Malaysia 2021
Bank Islam Malaysia Berhad
IRBA Excellence Award for Islamic Social Finance 2021
Bank Islam Malaysia Berhad
Established in 1983 in Kuala Lumpur, Bank Islam Malaysia Berhad (BIMB) is the first Islamic bank in Malaysia and Southeast Asia. Listed on the main market of Bursa Malaysia, the Bank is the country’s first and only public listed Islamic financial institution. The Bank is committed to long-term leadership as a responsible financial institution that upholds the principle of sustainability in every aspect of its operations.
Together with its subsidiaries, BIMB Investment Management Berhad and BIMB Securities Sdn. Bhd., the Bank offers end-to-end Shari’a-compliant banking and financial solutions designed and delivered according to fast-changing market trends and evolving customers’ needs. The Bank is committed to long-term leadership as a responsible financial institution that upholds the Shari’a principles. Bank Islam’s business covers the full spectrum of banking products and services, including, personal banking, commercial and SME banking, and corporate banking and treasury.
“On behalf of Bank Islam Malaysia Berhad, we are honoured to be named ‘Malaysia’s Strongest Islamic Retail Bank’ for two consecutive years by Cambridge IFA. This year, the Bank also won the ‘Excellence Award for Islamic Social Finance’, making the accomplishment sweeter. The two awards acknowledge Bank Islam’s strong commitment to delivering customers’ expectations and our continuous focus on providing comprehensive and innovative Shari’a-compliant
financial and banking solutions to every segment in the market. The accomplishment also recognises our colleagues’ dedication and effort in ensuring our business remain sustainable despite the challenges brought upon us by the COVID-19 pandemic. Bank Islam recently became Malaysia’s first public-listed Islamic financial institution. We believe that our achievements are not solely determined by the reputation or profits we made, but also how we prioritise customers’ financial health and communities’ well-being as we rebound from the effects of the pandemic. These awards will provide further impetus for us to continue delivering the responsibilities entrusted to us, ensuring that we prosper together with society and make a meaningful contribution to the nation.” – Mohd Muazzam Mohamed, Group CEO, Bank Islam Malaysia Berhad.
The Strongest Islamic Retail Bank in Jordan 2021
Jordan Islamic Bank
Jordon Islamic Bank (JIB) was established in 1978, as a public shareholding limited company. JIB aims to meet the economic and social needs of its customers in the fields of banking, finance and investment under the principles of Islamic Shari’a. It strives to keep pace with progress and employs modern banking technologies to provide the best Islamic products and services clearly and transparently.
The Bank works on deepening and developing corporate governance principles, risk management and the continuation of implementing Basel III requirements and financial inclusion. The Bank seeks to keep pace with modern banking techniques and provide the best Islamic banking products and services. In addition to providing finance, JIB also support programmes relating to education, training, safety, occupational health, religious studies, culture, arts, literature, heritage, health, energy and the environment.
The Strongest Islamic Retail Bank in Oman 2021
Bank Nizwa
Bank Nizwa started operations in 2013 to offer the people of Oman a unique banking experience that combines Shari’a-compliant products and services with today’s dynamic financial requirements. Over the past four years, the Bank has witnessed steady growth in its customer base as more people seek an alternative solution to conventional banking.
The Bank currently offers a suite of financing, savings and investment products for individual customers. With innovation at the forefront of its successful operations, Bank Nizwa has been consistently introducing forward-thinking products and services such as its online and mobile banking solutions. Guided by the principles of Shari’a and a firm dedication to giving back, Bank Nizwa has taken a leading role in promoting the social development of local communities. Since its inception, Bank Nizwa’s Masoliyati program has successfully served as a volunteering platform founded under the theme of ‘Responsibility’.
“It is a moment of great pride as Bank Nizwa receives the coveted honour of being the ‘Strongest Islamic Retail Bank in Oman’ for 2021. This award is a testament to our thoughtfully curated portfolio of Shari’a-compliant products and services, unfaltering customer-centric approach and dedication to digital transformation, which has helped us make our mark in the Islamic banking sector in Oman. While ensuring the highest level of cyber and data security, Bank Nizwa has infused innovation in all its operations and built a digital ecosystem for the Bank. This has helped in redefining the customers’ journey when it comes to progressive Shari’a-compliant solutions that meet all their financial requirements.” – Talib Salam Al Yarubi, Head of Branches, Retail Banking.
The Strongest Islamic Retail Bank in Qatar 2021
QIIB
QIIB has come a long way since its establishment as a full-service bank committed to Shari’a principles. QIIB is well-placed to provide a full array of retail and corporate banking services to its growing customer base. QIIB is listed on the Qatar Stock Exchange and provides comprehensive banking services to its customers through a network of branches encompassing various regions of Qatar. QIIB’s Retail Banking operations focus on efficient delivery channels and personalised service. The branch network covers major population areas that provide convenient access to customers.
QIIB offers a wide variety of financing and deposit services to large corporations in all segments of the economy. QIIB’s network of global correspondent banks ensures timely delivery to facilitate money transfers and foreign trade services to its customers. The Bank’s global access through its network permits the seamless flow of service and the availability of different investment alternatives to meet customers’ needs.
The Strongest Islamic Retail Bank in Kenya 2021
Gulf African Bank
Gulf African Bank became the first Islamic bank in Kenya incorporated in August 2006 and was fully operational in January 2008 as Kenya’s first fully-fledged commercial bank. It is licensed by the Central Bank of Kenya, the central bank and the national banking regulator. The Bank conducts its business operations based on the principles of Shari’a and provides ethical and fair banking for all. The Bank leverages strong links between the Gulf and Africa to establish a channel for attractive investments in Kenya and its name bears the symbol of partnership: The Gulf African Bank.
Since 2008, the Bank has been an active part of
the growth seen in Kenya’s financial sector, offering a one-stop financing and business development centre for corporates, small and medium enterprises (SMEs) and retail segments. It is strongly dedicated to accelerating growth in the banking sector that will lead to economic development in the region.
The Strongest Islamic Retail Bank in Djibouti 2021
Saba African Bank
Saba African Bank occupies a prominent position in Djibouti’s banking structure, playing a major role in investment and financing for various sectors according to Islamic Shari’a regulations. Maintaining and improving the Bank’s competitive position requires working to achieve the requirements of leadership and commitment through its adoption of the philosophy of modern marketing “customer orientation” and the continuous development of its service in line with the rapid developments in the banking market. The Bank follows new policies in the field of providing efficient banking services and products, which helps to change the system through innovative banking technology and knowledge that elevates its employees to achieve leadership skills and commitment, and customer satisfaction.“We are honoured, at Saba African Bank, to be receiving the IRBA Award for the year 2021, which crowns us as the best Islamic Bank delivering services to individuals in the Republic of Djibouti. This is recognition that we dedicate to our esteemed clients and staff members who are at the core of the Bank’s interest, values and objectives. Our clients set the guiding lines of the Bank’s policies and are the cornerstone of all our plans. They allow us to measure our success and for that reason, we make all the necessary efforts to serve them and ensure their satisfaction.” – Abdul Raqeb F.A Salem, General Manager, Saba African Bank.
The Strongest Islamic Retail Bank in Yemen 2021
Tadhamon Bank
Tadhamon Bank is considered one of the largest and most trusted banks in Yemen. It offers banking and integrative investing services and activities locally and internationally that abide by the Islamic banking standards. The Bank started its operations in 1996 and currently has more than 700 employees. The Bank continuously works on developing its services through its specialised highly-qualified staff, while maintaining the essence of Islamic values on which it was founded. In other words, the Bank plays a key role in bridging the gap between modern banking requirements and the essential values of Islamic banking legislation.
It is considered a leader regarding its activities to international financial markets, and above all, in contributing effectively to supporting the national economy. The Bank is located in the Republic of Yemen, having a total of 37 branches and offices spread over most Yemeni governorates, more than 127 ATMs, and the largest customer base. The Bank also owns other companies such as Tadhamon Capital in Bahrain, Tadhamon Microfinance and Tadhamon Real estate.
Best Islamic Retail Bank 2021
Abu Dhabi Islamic Bank
ADIB is a leading bank in the UAE with more than AED127 billion in assets. The Bank also offers world-class online, mobile and phone Islamic banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Islamic retail, corporate, business, private banking and wealth management solutions. The Bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
ADIB has a presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq. Named the No.1 UAE Bank on the Forbes list of World’s Best Banks 2021 and the World’s Best Islamic Bank by the Financial Times and The Banker, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat, and a wide range of financing products.
“At the onset of the pandemic, ADIB’s progressive digital transformation strategy allowed us to quickly adapt to changes in customer behaviour without any disruption. We are proud to be recognised for our digital initiatives, a testament to our commitment to ensure customers always receive the best digital banking experience. As demand for digitisation in the banking sector continues to increase, we look forward to introducing new technologies that provide customers with secure and convenient banking services, in line with ADIB’s ambition to become a leading digital Islamic bank.”
Best Islamic Retail Bank in Pakistan 2021
Dubai Islamic Bank Pakistan
IRBA Excellence Award for Auto Finance 2021
Dubai Islamic Bank Pakistan
Dubai Islamic Bank Pakistan Limited (DIBPL) is a wholly-owned subsidiary of Dubai Islamic Bank UAE (DIB). The Bank has maintained its position as an innovative solution provider for all financial needs of its customers, in accordance with Shari’a. Apart from aligning the processes with its improved Vision, Mission and Values; DIBPL has initiated the launching of new products, new branches, learning & development interventions, and continuous improvement in systems and processes.
DIBPL takes on the role of both an investor and a facilitator to catalyse further Foreign Direct Investment (FDI) in the country. The Bank has also been actively involved in bringing global brands to Pakistan and is honoured to act as the sole financial adviser for various global franchises operating in Pakistan. DIBPL is the first Islamic Bank in Pakistan to be offering Priority & Platinum Banking and the most extensive and innovative portfolio of Alternate Distribution Channels (ADCs), which includes VISA & UnionPay debit cards, internet banking, SMS banking, phone banking, mobile internet banking, inter-bank fund transfer and over 200 ATMs across Pakistan.
Enhancing its reputation built on the guiding principles of ethical and responsible modes of banking and finance, Dubai Islamic Bank Pakistan remains exceptionally well-placed to meet the banking challenges as it strives for excellence in the provision of Islamic banking for today’s world.
Best Islamic Retail Bank for Growth & Strategy 2021
BankIslami Pakistan
Banklslami, the second-largest Islamic bank is strongly committed to its core values of product authenticity, customer centricity, meritocracy, integrity, teamwork, and innovation with the Bank always being at the forefront of revolutionising the financial landscape of Pakistan. The mission of Banklslami is to create value for stakeholders by offering authentic, Shari’a- compliant, and technologically advanced products and services.
As a growing institution, the foundation for our performance lies in our human capital and BankIslami remains committed to becoming an employer of choice, attracting, nurturing, and developing talent in a transparent and performance-driven culture. From introducing a diverse range of Shari’a-compliant banking products & services to being a constant innovator in bringing new technologies to Pakistan, the institution has changed the way banking operations are carried out in Pakistan.
“It is a pleasure to be receiving the ‘Best Islamic Retail Bank of the Year Award for Growth and Strategy 2021’. The year 2020 was another remarkable year for BankIslami whereby its deposits grew by 23% and profits by 57%.” – Syed Amir Ali, President & CEO, BankIslami Pakistan
Best Islamic Retail Banking Window in the UAE
2021
ADCB Islamic Banking
IRBA Investors in People Award 2021
ADCB’s CIBE (Certified Islamic Banking Executive)
ADCB Islamic Banking is the biggest Islamic banking window in the UAE and the fourth-largest Islamic banking provider. ADCB Islamic Banking offers a wide range of Islamic banking products and solutions covering retail banking, high-net-worth wealth management, wholesale banking, investments, trade finance, capital market and treasury. ADCB Islamic Banking has successfully established itself as a major Islamic banking entity in UAE and the region.
COVID-19 resulted in significant challenges across the globe for companies and individuals alike. However, with quick strategic decisions and determined focus, ADCB ensured that both staff and its customers were not significantly affected. All necessary system and process changes were put in place and all non-customer-facing staff were provided with IT infrastructure to work from home. Due to the nature of the pandemic and the resulting situation, under the auspices of the Central Bank of the UAE through the Targeted Economic Support Scheme, ADCB provided customers with options to defer the payments ensuring that customers were able to manage their finances during a time of extreme financial stress.
“It is a great honour for ADCB Islamic Banking that the Islamic Retail Banking Awards (IRBA) committee has chosen us as the Best Islamic Retail Banking Window in the UAE for 2021. This recognition reaffirms ADCB’s belief in the significance of Islamic banking, both in the market and to ADCB. Despite being a market leader and the largest Islamic banking window in the country, COVID-19 posed many challenges to ADCB Islamic Banking, as it did to most financial institutions in the UAE and across the globe. However, with agile decision-making and a concerted effort by the entire ADCB team, we have come out of those challenges stronger and better equipped to ensure we continue to offer our customers the best products and services in the new normal.” – Kaizar Patla, Head of Islamic Banking & Retail Products, ADCB Islamic Banking.
Upcoming Best Islamic Retail Bank in Malaysia 2021
MBSB Bank Berhad
Best Islamic Retail Banking Campaign 2021
CASA-i Campaign MBSB Bank Berhad
MBSB Bank Berhad, a full-fledged Islamic Bank in Malaysia provides Shari’a-compliant banking facilities to retail, SME and corporate customers. In addition to its comprehensive list of financing products, MBSB Bank, through its digital capabilities, offers industry-standard online products such as mobile banking and is the first in Malaysia to have a Shari’a- compliant e-wallet.
The Bank aims to bring positive and sustainable impact to the economy, community and the environment. Moving forward, the Bank is set to accomplish its major milestone, which is to be a fully matured Islamic financial institution by the year 2025, or as it is branded Journey25 (J25).
“I am honoured and humbled to be receiving this award and on behalf of the Bank, I would like to thank Cambridge IFA for giving MBSB Bank the recognition it deserves. We at MBSB Bank have been consistent in providing financial services and serving the community while navigating the volatile economy due to the impact
of COVID-19. Amid the economic and social restrictions, MBSB Bank still managed to develop and promote new products online, and at the same time assist customers who are in difficult financial circumstances. However, this would not have been possible without the help of our employees who have been diligent and relentless in supporting the Bank’s values and goals. I would also like to thank our customers for their trust and support in our products and services.” – Datuk Nor Azam M Taib, Acting Chief Executive Officer, MBSB Bank Berhad.
Best Islamic Retail Finance Institution in the UAE 2021
Siraj Finance PJSC
Siraj Finance is a private joint-stock company based in Abu Dhabi and regulated by the UAE Central Bank. It provides a multitude of financial products
– designed in compliance with Shari’a principles. The company specialises in helping individuals, small and medium-sized enterprises to encourage healthy growth through the provision of a myriad of effective Islamic finance solutions and superlative diversified investment plans. It is the most informed and innovative destination for procurement of wealth, growth of businesses while being passionate in understanding the clients’ concerns and providing them with a variety of Islamic finance options that best fit their aspirations and needs.
Siraj Finance aims to be one of the most influential financial solutions companies facilitating businesses in the region. All its products are in line with Islamic principles and are meant to assist all segments of the population in growing their financial portfolio with financial solutions that cater to every need.
“We are incredibly grateful to be awarded the ‘Best Islamic Retail Finance Institution in the UAE 2021’. We believe that when you hold up a trophy, you hold aloft the aspirations of your teammates, the confidence, and trust of your clients and the dreams of the founders. That is why it gives us so much joy and a sense of achievement to be recognised and assures us that our efforts of providing nothing but the best to our clients are headed in the right direction.”
Best Islamic Crowdfunding Platform in the World 2021
Ethis Group
Ethis is a FinTech, impact investment and Islamic crowdfunding leader based in Malaysia with a growing global community of funders from more than 80 countries. Its mission is to drive effective and impactful circulation of capital to the real economy, with a vision to uplift humanity through financial technology. A pioneer of FinTech for Islamic finance, it is one of the few firms licensed to operate investment platforms in multiple countries, most notably for P2P financing by the Financial Services Authority Indonesia and Equity Crowdfunding by Securities Commission Malaysia.
Its platforms match global investors and donors directly to real-world impactful and sustainable projects and companies in fast-emerging Southeast Asia. We serve a wide range of funders, including high-net-worth individuals, foundations, institutions and corporations. Its social finance marketplace GlobalSadaqah plays a vital role in matching donors and Islamic economy players to better distribute social finance and zakat to NGOs and social enterprises.“Our journey has been a series of ups and downs; we have had to let good people go in the recent past but our core team doubled down and pushed for a positive transformation. As a startup, we identify most as a Camel, as we have continued to strive and thrive in the face of challenges, but we are also to an extent a Zebra given our twin focus on for-profit and for a cause, particularly on social good. While this award
is an industry testament of how Ethis fares within the ecosystem we are in, we also continually strive to improve our inside-out lenses through which our team views Ethis and more importantly the outside-in lenses through which our customers view us. We are well aware that excellence is a journey and discipline is the vehicle. The COVID-19 business environment has taken a toll on some of our campaigns and our resources but we are resolute to come out stronger and continually improve our customer satisfaction. There is an enormous amount of work to be done and we aspire to stand shoulder to shoulder with the best within the FinTech space, Islamic or conventional.”
Best Islamic FinTech Product 2021
Insha Ventures Alneo
Alneo is Turkey’s first artificial intelligence-supported payment platform, implemented by Albaraka Türk Participation Bank and currently under the management of Insha Ventures which is a subsidiary of Albaraka Türk. By using Alneo, businesses can receive payments from their mobile phones via QR, OCR, SMS and link methods with instalment options, without the need for any physical POS devices. Collections are transferred to the account of the merchant on the next business day.
Alneo has reached over 21,000 member merchants and 500 million transaction volume in more than
56 sectors, while its monthly volume growth has reached 35 percent. Alneo, which is a pioneer in the scope of new-generation digital payments, attempts to reduce paper waste in classic POS rolls with its environmentalist digital approach mission.
“First of all, we would like to thank the Cambridge IFA team for giving us a place in such a valuable organisation and for awarding Alneo with the ‘Best Islamic FinTech Product 2021’. Alneo draws attention by allowing companies to receive collections independently of the physical POS device and enable customers to make secure and practical payments. The new generation collection platform, Alneo has achieved successful and rapid growth since its inception in 2019. In addition to providing fast, reliable and easy collection, it also contributes to the budget of our business partners and environmental sustainability. In the first nine months of 2021, Alneo made collections worth more than 345 million TL. As Alneo team, we aim to reach a daily transaction volume of 10 million in 2022.” – Hasan Sami Bayansar, Deputy CEO, Insha Ventures Alneo.
IRBA Most Outstanding Islamic Retail Bank in
Bahrain 2021
Al Baraka Islamic Bank
Al Baraka Islamic Bank (AIB) is one of the leading financial institutions in the Islamic banking sector. Throughout its history of more than three decades (since its establishment in 1984), the Bank has played a prominent role in building the infrastructure of the Islamic finance industry. AIB offers innovative financial products, including investments, international trading, management of short-term liquidity and consumer financing, all of which are all based on Islamic financing modes. Such financing includes, murabaha, wakala, istisna, musharaka, mudaraba, salam, and ijara muntahia bittamleek.
The Bank had achieved excellent results in its banking operations, thanks to its vast wealth of knowledge in the area of Islamic Fiqh (Jurisprudence), the diverse experience of its executive management team, and the strong and deep financial position of its parent company (Al Baraka Banking Group). Since its inception, AIB is managing funds on behalf of many large financial institutions and high-net-worth clients (who sought rewarding and long-term financial returns) by deploying Shari’a-compliant instruments.
“We at Al Baraka Islamic Bank, are proud to have received the ‘Most Outstanding Islamic Retail Bank in Bahrain 2021’ award by the prestigious institution, the Islamic Retail Banking Awards (IRBA). This award comes as a testament to our employees’ continuous efforts in providing our customers with the best in banking products and services. We aim to continue improving our retail banking portfolio to enhance our value-added products, along with providing our valued customers with the latest in Shari’a compliant banking services.” – Hamad Abdulla Al Oqab, Chief Executive Officer, Al Baraka Islamic Bank B.S.C
Most Innovative Islamic Retail Bank in Saudi Arabia 2021
Bank Aljazira
IRBA Excellence Award (Islamic Digital Banking) 2021
Bank Aljazira
Bank AlJazira (BAJ) is one of the leading financial institutions in Saudi Arabia. Our ambition is to enrich lives through financial wellbeing by reimagining the future of Islamic banking. Our Shari’a-compliant financial services and products denote our commitment to our customers’ highest ethical and transparent standards and classify our offerings as Islamic.
BAJ redefines banking services and reinforces its position within the Saudi banking market by leveraging new financial technology to create distinctive value propositions, being a conduct leader, and promoting financial wellness. Our SMART Banking app has leading-edge features from digital onboarding, QR codes, and voice-activated prompts, bringing to life the Saudi Central Bank’s vision for transformation in digital banking.
“I would like to extend my appreciation to the organisers and selection team who awarded Bank AlJazira the ‘Most Innovative Islamic Retail Bank and IRBA Excellence Award in Digital Banking – Saudi Arabia 2021’. These awards are a testament to the dedication and commitment of every BAJ teammate to ensure the financial well-being of our customers and clients. These awards not only confirm the leading position of Bank AlJazira in digital banking but also our commitment to drive innovation and excellence in Islamic banking – bringing to the fore trust, transparency and financial justice for every customer. These awards and recognitions will serve as an inspiration not only for the BAJ teammates but to our loyal customers as we reimagine the future of Islamic banking together!’’ – Naif A. Al Abdulkareem, CEO and Managing Director, Bank Aljazira
Critics’ Choice Most Innovative Islamic Digital Banking Award 2021
Bank BJB Syariah The establishment of Bank BJB Syariah began with the formation of a Shari’a Business Division/Unit by PT Bank Pembangunan Daerah Jawa Barat and Banten Tbk. to meet the needs of the people of West Java where the demand for Islamic banking services arose at that time. In order to accelerate the growth of the Shari’a business and support the Bank Indonesia programme, which requires an increase in the share of Islamic banking, it was decided to turn the Shari’a Business Division/Unit into a Shari’a Commercial Bank. At the time of establishment, Bank BJB Syariah had a paid-up capital of Rp. 500,000,000,000 (five hundred billion rupiah), the share ownership of Bank BJB Syariah was owned by PT Bank Pembangunan Daerah Jawa Barat and Banten Tbk. and PT Global Banten Development. Until now, Bank BJB Syariah is domiciled and headquartered in the city of Bandung, Jalan Braga No. 135, and has eight branch offices, fifty-six) sub-branch offices and a network of ATMs spread across the Province West Java, Banten and DKI Jakarta.
“We would like to say thank you and highest appreciation to the Cambridge Institute of Islamic Finance, which has given an award to Bank BJB Syariah as the ‘Most Innovative Islamic Digital Award. This award can be realised through the support and efforts of the bank management, employees, customers and stakeholders. Hopefully, this award can improve our performance in the future and Bank BJB Syariah can serve the community better for the benefit of the nation and develop the Islamic economy.”
Most Innovative Islamic Current Account in the UK
2021
Bank of London and The Middle East
Bank of London and the Middle East is an independent, award-winning Shari’a-compliant bank based in London and Dubai. Established in 2007, BLME is led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance. BLME was launched to bridge the gap between the markets in the UK and the Middle East, to become a market leader in wealth management, real estate and savings products. Focused on providing specialised end-to-end client services and guided by the principles of Shari’a banking, BLME’s total assets now stand at a total of GBP1.6 billion.
Boubyan Bank, took a majority shareholding in BLME in February 2020, providing opportunities to offer a greater range of products and services to the clients. This now includes Nomo, the world’s first digital Islamic bank, which was launched in June 2021. BLME is authorised by the PRA and regulated by the FCA and PRA.
“It’s an honour to receive the award for the ‘Most Innovative Islamic Current Account’ in the UK, from IRBA. Here at BLME, our customer is at the heart of everything we do and they are a key focus across all of our banking products. As a Shari’a compliant bank, we are guided by the principles of fairness, honesty, integrity, and transparency, and are grateful to be receiving an award which recognises our commitment to innovative and ethical banking.” – Andrew Ball, Chief Executive Officer, BLME
IRBA Excellence Award in Islamic Retail Banking in
Germany 2021
KT Bank AG
The KT Bank AG is the first bank in Germany and the Eurozone that introduced comprehensive financial products and services according to the ethical, sustainable and transparent Islamic banking principles. Our mission is to become the leading socially responsible and first choice house bank for the Muslim community as well as for all customers who are interested in ethical investments.
The bank is a wholly-owned subsidiary of the Kuveyt Türk Participation Bank headquartered in Istanbul, the biggest Islamic bank in Turkey according to asset size. Kuveyt Türk has been laying the groundwork in Germany since 2004, with a German representative office targeting to acquiring customers and introducing Islamic banking principles and products as a pioneer. In 2010, the representative office license was transformed into a financial services branch license by the Federal Financial Supervisory Authority (BaFin). Pursuant to the establishment phase in Germany, the Bank plans to offer Islamic banking products in other countries of Continental Europe. It is also a member of the “Entschädigungseinrichtung deutscher Banken GmbH” (EdB), which secures the clients’ deposits up to € 100,000.
“We are honoured to receive the annual IRBA ‘Excellence Award in Islamic Retail Banking’ in Germany 2021 and finding this opportunity, I would like to thank Cambridge IFA for recognising KT Bank as the leading Islamic bank in the Eurozone. We appreciate once again the distinguished award in the name of our group and hope to be a part of your prestigious programme.”
– Ahmet Kudsi Arslan, Chairman of the Managing Board, KT Bank AG
IRBA Excellence Award for Premier Islamic Banking
Services 2021
UOB Malaysia Islamic Banking
United Overseas Bank (Malaysia) Bhd (UOB Malaysia) was incorporated in 1993 but has had a presence in Malaysia since 1951. It is a subsidiary of United Overseas Bank Limited (UOB), a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. UOB (Malaysia) is rated among the top banks in Malaysia with a long- term AAA rating from RAM Rating Services Berhad, the Rating Agency of Malaysia.
Today, UOB (Malaysia) is the most profitable and largest foreign bank operating in Malaysia by total assets, loans and deposits and has 45 branches across the country offering both conventional and Islamic banking services. The Bank offers an extensive range of financial products and services through its branches and subsidiaries such as corporate and commercial lending, investment banking, treasury services, trade services, cash management, custody services, home loans, credit cards, wealth management, and bancassurance products. UOB (Malaysia) believes in being a responsible financial services provider and is committed to making a difference in the lives of its stakeholders and in the communities in which it operates.
“We are honoured to have won the prestigious global Islam Retail Banking Awards 2021 by Cambridge IFA. We were named the Premier Islamic Retail Banking Services for the second year running. This is a testament to us being at the forefront of proving progressive Shari’a-compliant solutions to our customers. We are truly humbled that our dedication to supporting our customers is recognised and highly regarded by the industry. We will remain steadfast in helping our customers stay attuned to their needs as we continue to forge a sustainable future with them.” – Mohd Fhauzi bin Muridan, Head of Islamic Banking, UOB Malaysia Islamic Banking
IRBA Excellence Award for Social Responsibility 2021
Farmer`s Commercial Bank
Farmer’s Commercial Bank (FCB) was established in 1988, as a result of a merger of two banks, namely the Sudan Commercial Bank (SCB), which was established in 1962 as the first Sudanese national bank and the Farmer’s Bank for Investment and Rural Development (FBIRD), which was established in 1992 to develop the agricultural sector. After the merger, FCB became one of the biggest banking institutions in the country with regard to the number of shareholders.
The Bank provides comprehensive and excellent banking services and supports the national economy. Farmer’s Commercial Bank is a banking institution that provides comprehensive and excellent banking services to all segments of the community with an emphasis on shareholders’ equities, partners and small producers.
“On this occasion, we would like to express our pleasure and honour to win the international award of Islamic Retail Banking for Social Responsibility that adds more to our previous local and regional awards for social responsibility. We would like also to express our deep thanks, greeting and appreciation to the organisers of the award particularly IRBA, the award committee and its president and the Cambridge Institute of Islamic Finance. We assure that such award will encourage our company for further activities regarding social responsibility, and welfare to our country.” – Elrashed Mahgoub Ahmed, General Manager, Farmer’s Commercial Bank.
IRBA Best Emerging Consultancy Firm for Islamic Retail Banking 2021
Waiiz Consulting
Waiiz Consulting is a fast-growing management consulting firm headquartered in Dubai, UAE offering consulting, Shari’a advisory, product development and FinTech services. We work with financial institutions addressing their complex problems and capturing their greatest opportunities. We use industry-specific knowledge to custom-tailor solutions to meet our customer’s unique needs that transcend business goals and garner recognition.
Our creativity is fueled by a diverse team of passionate financial industry practitioners. We have assembled a best-in-class team of strategists, product design experts, banking professionals, digital champions, and Shari’a experts etc., bringing together a rich and diverse set of skills, knowledge, and experience to achieve great results.
“We are thrilled to be recognised as the ‘Best Emerging Consultancy Firm of the Year 2021’ by Islamic Retail Banking Awards. This is a great recognition for us and extremely proud of the extraordinary accomplishments of our people. Earning this distinction reinforces our commitment to setting a standard that is unparalleled in the industry. I thank all our clients and colleagues for their support and trust in Waiiz.”
Best Emerging Islamic Retail Investment Platform in Bahrain 2021
COCOA Asset Management W.L.L
COCOA Invest is one of the first end-to-end digital-only providers of leading Islamic-compliant wealth management solutions for retail investors. The COCOA mobile application makes establishing and regularly investing in an Islamic-compliant investment solution simple and transparent as well as safe and compliant to international regulatory standards.
COCOA was founded by Omar Shaikh, a seasoned banking and asset management professional from the UK with a mission to make investing in Shari’a-compliant financial products more accessible to a wider global audience at reduced fees than was previously available via the most transparent platform. The company invests in only certified Islamic-compliant funds and investment instruments with a strict due diligence process. As an organisation we strive to focus on the needs of our consumers, pushing the boundaries with a long-term perspective to build wealth the right way and never compromise on ethics or values.
“We, the team at COCOA Invest, are extremely honoured and proud to have been awarded the ‘Best Emerging Islamic Retail Investment Platform in Bahrain 2021’ from this most prestigious institution. Our goal will always be to develop customer-centric world-leading Islamic investment and saving solutions. To raise the bar and profile of the industry, and to open opportunities to new and existing audiences by delivering our solutions digitally. We are proud to call Bahrain home as it continues to be an excellent example of a progressive regulatory environment.” – Omar Shaikh, Co-Founder & CEO, COCOA Invest
