Edbiz Consulting hosted the second Global Islamic Finance Awards (GIFA) 2012 on November 19, 2012 at the Royale Chulan Hotel in Kuala Lumpur, Malaysia. The event celebrated the achievements of leading institutions and personalities in the Islamic banking and finance industry and was attended by HRH Raja Dr Nazrin Shah, the Crown Prince of the Malaysian State of Perak.
The GIFA 2012 ceremony was held on the providential night of November 19, 2012 at the elegant Royal Chulan Hotel, Kuala Lumpur, Malaysia. The event, sophisticated and rarefied, was attended by Islamic banking and finance practitioners, preeminent individuals and institutions, and perspicacious individuals who are shaping the Islamic finance industry. This ceremony was unquestionably a recognition of their achievements but in doing so, GIFA 2012 was a landmark event spotlighting the entire Islamic finance industry and its success and ongoing potential. Attended by more than 200 attendees/guests including, HRH Raja Dr Nazrin Shah and Tuanku Zara Salim Raja Puan Besar of the State of Perak, other senior officials including Chairman of the Malaysian Securities Commission, Datuk Ranjit Ajit Singh and many more.
GIFA is an annual award ceremony that recognizes the outstanding contributions made by the institutions offering Islamic financial services and individuals to
Islamic economic architecture. The diversity of awards draws a propitious picture of the Islamic finance industry that is intricate in its framework, andexpedient in its service provision. Such an industry nay – such a global industry – would have been unimaginable 40 years ago but the vision, tenacity and ingenuity of committed, mindful individuals has brought Islamic finance from the city of Mit Ghamr to the bustle of Wall Street. Such an achievement cannot be downplayed irrespective of the teething pains that afflict any young industry. Edbiz Consulting, founders of the GIFA, views the awards ceremony as a laudatory event for an industry that has accomplished much and can accomplish more. The inaugural ceremony of the GIFA was held at the occasion of Oman Islamic Economic Forum (OIEF) held on December 17-18, 2011 when His Excellency Sultan Qaboos’s government announced to allow Islamic finance in the Sultanate. The event was attended by more than 450 delegates.
The awards are based on a proprietary methodology developed by Edbiz Consulting. Each year, the nominations are announced in the second or third quarter and remain open till the end of third quarter of the year. Sectors included for the GIFA awards are Islamic banks, asset management, corporate law, IT, social responsibility, capital markets, education etc. in addition to contributions by individual personalities.
The GIFA 2012 commenced with the arrival of the Royal couple, Raja Dr Nazrin Shah and Tuanku Zara Salim at 8:30pm. They were accompanied with a number of eminent individuals, including Dato’ Dr Nik Norzrul Thani, Chairman of Zaid Ibrahim & Co, Dr Subarjo Joyosumarto, President Director of Lembaga Pengembangan Perbankan
Indonesia (LPPI), and Professor Humayon Dar, Chairman of Edbiz Corporation and Founder of GIFA. After welcoming HRH Raja Dr Nazrin Shah and HRH Tuanku Zara Salim, the Gamelan, a traditional Indonesian ensemble to perform for an intrigued audience. Following a presentation of the successes of GIFA 2011, Professor Humayon Dar delivered his welcoming remarks where he mentioned, “The purpose of any award ceremony is to celebrate the achievements of individuals and institutions, and strengthen and advance the specific industry in question. GIFA is no different. Islamic finance is a niche industry and we need to honour the stalwarts of the industry. By appreciating their achievements, we are, together, honouring the industry we are so proud of. Without them, there is no Islamic finance.”
After the initial presentation, dinner was served. After this, the MC invited Professor Dar to the stage to present the first set of awards followed by Dato’ Yusli Mohamed Yusof, Non-Executive Chairman of Mudajaya Group, who presented the second set. Finally,
Datuk Ranjit Ajit Singh, Chairman of Securities Commission Malaysia, presented the third set of awards. Following are the award categories and winners:
- Best Islamic Finance Technology Provider 2012
This award was presented to Islamic Turnkey Systems (ITS) for their ETHIX platform and was received by Haitham Abdou, Group Director, Marketing. ETHIX’s suite of financial solutions targets the Islamic banking sector through its innovative technology, with predefined models for Islamic finance or investment and proven track record. It has assisted many banks and financial institutions in minimizing their operational costs in response to increased consumer demand for Shari’a-compliant products. It provides a range of predefined business models including investment delivery channels.
Khalif Faraj Al- Saeid, Managing Director and General Manager of ITS mentioned on receiving the awards “ITS has been present on the Islamic banking scene for a long time and continuously contributes with its extensive experience in this field to drive the industry forward and shares in shaping the regulatory and legal framework of Islamic banking. ITS also invests heavily in supporting its customers across the globe and in providing focused and professional services specifically tailored for the diverse needs of the Muslim population all around the world.”
- Best Islamic Fund 2012
The Best Islamic Fund was received by CIMB Principle Islamic Asset Management for launching their three Islamic Undertakings of Collective Investment in Transferable Securities (UCITS). CIMB – Principal Islamic Asset Management (Ireland) plc is the first Malaysian-based international Islamic funds platform domiciled in Dublin, Ireland. According to the GIFA 2012 committee, it was a great initiative in the market conditions and initiatives like this play an important role in globalising Islamic finance. The award was received by Paul McConomy, Chief Operating Officer of CIMB-Principal Islamic Asset Management.
Datuk Noripah Kamso (the former CEO and now Advisor to CIMB Islamic) commented on the fund, “The idea of establishing a global funds platform was conceived as an initiative to overcome the challenge to bring international and institutional monies into Malaysia for its transformation into an international hub for Islamic finance.”
- Best Islamic Finance Qualification 2012
The Certified Qualification in Islamic Finance (CQIF) offered by the Islamic Banking & Finance Institute Malaysia (IBFIM) received the Best Islamic Finance Qualification for offering an excellent qualification in Islamic banking and finance, which focuses on a range of topics including banking, takaful, capital markets and wealth management.
The award was received by Dato’ Dr Adnan Alias, Chief Executive Officer of IBFIM.
- Most Innovative Product 2012
Al Hilal Bank received the Most Innovative Product 2012 for their Qibla credit card. The card has a unique feature of pointing the direction to Qibla by just pressing a button. In addition, it also offers a zero-profit rate for 12 months for hajj and umra. The card rounds off their local retail transactions to the nearest multiples of AED5, 10 or 100, and the resultant collective amount is then sent to Red Crescent, UAE.
Mohammed Karim, Head of Cards Business received the award on behalf of Al Hilal Bank.
- Best Islamic Structured Products Platform 2012
CIMB Islamic received the award as the Best Islamic Structured Products Platform 2012, in recognition of its contribution to the development of Islamic structured products (including an Islamic FX structured forward with an embedded currency option).
Badlisyah Abdul Ghani, Chief Executive Officer of CIMB Islamic received the award for CIMB Islamic.
- Best Sukuk Deal 2012
Ajil Cayman Sukuk, jointly arranged by Gulf International Bank (GIB) and Riyadh Capital, was adjudged the Best Sukuk Deal of 2012. AJil Cayman Sukuk received the award due to its innovative and pioneering structure that was used in Saud Arabia for the first time.
GIB CEO Yahya Alyahya said: “We are very pleased with this additional recognition of GIB’s leading role in investment banking and the arrangement of sukuk issuances. GIB has developed considerable expertise in originating, structuring and placing regional sukuk issuances in the GCC over the past few years. We view the decision by the Global Islamic Finance Awards to choose Ajil Cayman Sukuk as the best deal of the year in 2012 as an independent endorsement of GIB’s investment banking expertise.”
- Most Upcoming Personality in Islamic Finance 2012
Dr Wan Nursofiza Wan Azmi, Head of Strategy & Policy Development at Asian Institute of Finance, is perhaps the first and only woman whose book on Islamic banking and finance has been translated in three different languages: English, Russian and Mandirin. She was therefore chosen as the Most Upcoming Personality in Islamic Finance for the year 2012.
She said, “It was humbling to be among a group of such outstanding individuals receiving the Global Islamic Finance Awards 2012. Receiving this prestigious award is as much a reflection of the achievements of women in Islamic finance as it is my own personal journey.”
- Best Takaful Company 2012
Etiqa Takaful was recognised as the Best Takaful Company 2012 for its outstanding contribution in the takaful industry. It is regarded as the number one takaful company in Malaysia, and is a major player in the international landscape of takaful. As a member of the Maybank Group (which also owns Maybank Islamic, the largest Islamic bank in Malaysia), Etiqa Takaful is widely recognised as a pioneering takaful company in the world.
The award was received by Mr Ahmad Rizlan Azman, Chief Executive Officer, Etiqa Takaful Berhad.
- Best Law firm 2012
The Best Law Firm 2012 was received by Zaid Ibrahim & Co Law (ZICO). ZICO is the first Malaysian law firm to have won this award. The award was received by ZICO Chairman, Dato’ Dr Nik Norzrul Thani who commented, “The Global Islamic Finance Awards reflect the excellent contribution of the leading institutions and the most talented practitioners in the Islamic financial services industry, and ZICO is proud to participate in what is perhaps the most auspicious celebration of the progress of Islamic finance.”
- Best Rating Services 2012
RAM Ratings received the award for the Best Rating Services 2012 for providing crucial and independent credit opinions that are needed by investors and other market participants, with a view to ensuring confidence on investment and financial decisions.
The award was received by YBhg Datuk Dr K Govinda, Group Chief Executive Officer/ Executive Director.
- Best Research & Development Institute 2012
The Asian Institute of Finance (AIF) received this award for undertaking path-breaking initiatives and conducting excellent research in Islamic banking and finance. This was a special category created for 2012 to recognise the pioneering work that AIF has undertaken in Islamic banking and finance.
The award was received by Dr Raymond Madden, Chief Executive Officer.
- Best Islamic Finance Education Provider 2012
Durham University, UK, received the award for Best Islamic Finance Education Provider 2012 for being a leading university in the West to play a pioneering role in the development of Islamic finance education, particularly on the doctoral level. Durham University boasts to have the largest number of PhD students in the Western hemisphere, conducting research in the areas related with Islamic economics, banking and finance.
Dr Mehmet Asutay, Reader in Political Economy, received the award on behalf of
Durham University.
- Best Supporting Institution 2012
DDCAP received the best-supporting institution of the year 2012 for the second consecutive year for providing Islamic banks with excellent tools to manage their liquidity.
Victoria Clark from DDCAP received the award.
“We are delighted to have been awarded Best Supporting Institution for the second year running. As a provider of intermediary services to the Islamic financial industry, we greatly appreciate this validation by GIFA of our offering to market players and participants,” said Stella Cox, Managing Director DDCAP Group.
- Shari’a Authenticity Award 2012
There are three main factors that are used to assess the players in the industry for their consideration for GIFA. These are: commitment to Islamic banking and finance, social responsibility and Shari’a authenticity. Shari’a authenticity award is given to an institution that offers the least controversial Islamic financial products from a Shari’a viewpoint. In 2012, BankIslami Pakistan received this award for being the most conservative Islamic bank in application of Shari’a principles.
- Islamic Social Responsibility Award 2012
Islamic Relief Worldwide received the award for Islamic Social Responsibility for their excellent contribution and fund raising projects for different parts of the world (including Egypt, Burma, Syria, Bangladesh, etc.)
Zairulshahfuddin Zainal Abdin, Country Director of Malaysia received the award for Islamic Relief Worldwide.
- Best Islamic Fund Manager 2012
SEDCO Capital received the award for Best Islamic Fund Manager and the award was received by Hasan AlJabri, Chief Executive Officer at SEDCO Capital.
- Best Islamic Finance Consultancy 2012
KPMG was named the Best Islamic Finance Consultancy 2012 for the second consecutive year for playing a leadership role in assisting a number of countries to develop their Islamic banking industry.
Mohamed Raslan Abdul Rahman, Managing Partner of KPMG Malaysia received the award.
- Best Islamic Window 2012
ADCB Islamic Banking received the Best Islamic Window 2012 award for its excellent contribution. The award considered their performance in terms of expanding their customer base, raising deposits and production of innovative products.
Amr Al Minhali, Head of Islamic Banking at ADCB Islamic Banking received the award.
- Best Islamic Finance Technology Provider 2012
International Turnkey Systems (ITS) received the Best Islamic Finance Technology Provider for being the outstanding solution-providing company for the year 2012.
Haitham Abdou, Group Director Marketing received the award for ITS.
Khalid Farj Al Saeid, Managing Director and Group Manager at ITS said, “We are delighted to receive GIFA’s Best Islamic Technology Provider and Best Islamic Technology Product awards. This is a testimony to the excellence of our wide range of services offered to the institutions offering Islamic financial services.”
- Best Islamic Bank 2012
CIMB Islamic received the award for Best Islamic Bank 2012 for being a pioneer and its contribution to development of the Islamic banking industry.
Badlisyah Abdul Ghani, Chief Executive Officer and Executive Director at CIMB Islamic, Malaysia received the award.
- Islamic Banker of the Year 2012
Yuslam Fauzi, President Director/Chief Executive Officer at Bank Syariah Mandiri, was honoured as the Islamic Banker of the Year in 2012 for playing an active role in the promotion of Islamic banking and finance in the world’s largest Muslim population country. In addition, Mr Fauzi has developed excellent relationships with institutions in different parts of the world to assess how they can collaborate for the promotion of Islamic banking and finance globally.
- Islamic Finance Personality 2012
Sohail Jaffer, Deputy CEO of FWU Takaful Solutions at FWU Group, received the prestigious award of Islamic Finance Personality of the Year 2012 for his utmost commitment and tireless dedication to the promotion of Islamic banking and finance. Beyond his professional success, he has taken it on himself to help organizations realize the value of Islamic finance. He has a keen interest in promoting and assisting companies in their development and contribution to the industry.
23. Global Islamic Finance Leadership Award 2012
The GIFA ceremony closed with the departure of the royal couple. The event was praised by the HRH Raja Dr Nazrin and other attendees who participated in the ceremony from different parts of the world.
The prestigious award was received by Raja Dr Nazrin Shah ibni Sultan Muhibuddin Shah, the Crown Prince of the Malaysian State of Perak and Financial Ambassador of the Malaysian International Islamic Financial Centre (MIFC), for playing a leadership role in the development of Islamic finance in Malaysia and assisting it to become Islamic financial hub globally.
GIFA 2013 will be held in the fourth quarter of 2013 in Indonesia. The different locations for the GIFA are to emphasize that Islamic finance is an international industry that can contribute greatly to different countries. Rizwan Malik, Head of Business Development at Edbiz Consulting reaffirmed the success of GIFA 2012 saying, “GIFA 2012 was a very successful event and we thank the HRH Raja Dr Nazrin Shah and Tuanku Zara Salim for making it special and in assisting Edbiz Consulting in putting together a wonderful evening”.
