GIFA-Global Islamic Finance Awards 2013

A Night of Celebration

GIFA aims to recognise the efforts, highlight the best practices in Islamic banking and finance and celebrate the success of individuals and institutions with an aim to promote social responsibility, Shari’a authenticity and commitment to Islamic banking and finance.

Were it a fractious occasion for such a wonderful night, when industry paragons are honoured for their devotion to an industry still niche, yet drawing the attention of governments and financiers throughout the world for its fundamental values? No! It was not a time of fulminations but of celebrations. And it so it came to pass in the fabulous ballroom of the Shangri-La, Dubai, Edbiz Consulting successfully organised its 3rd annual Global Islamic Finance Awards (GIFA) ceremony on November 26th, 2013 in the fabulous ballroom at Shangri-La, Dubai. The room, decorated in splendour was a fitting tribute to the achievements of individuals and institutions that have contributed much to the Islamic finance industry over 2013.

GIFA was attended by over 200 delegates from across the world. Present at the event were current and former government representatives along with practitioners of leading international banks and financial institutions. In the gallery of the great and the good, HRH Raja Dr Nazrin Shah, recipient of the Global Islamic Finance Leadership Award 2012 delivered the keynote speech on the night. In his speech he shared his satisfaction on what the Islamic banking and finance industry has achieved, and optimism on what it can accomplish in the future. Raja Nazrin Shah’s speech balanced the good with the concerns of the industry: a practical speech from a pragmatic man, and one applauded by the house-full crowd in the room. Raja Nazrin presented the prestigious Global Islamic Finance Leadership Award 2013 to HE Mr Shaukat Aziz, Former Prime Minister of Pakistan. HE Shaukat Aziz has presented this award for his efforts and support for the growth of the Islamic finance industry in Pakistan during his tenure and the concomitant market growth of Islamic banking during his term in office. Mr Aziz shared his views on the developments in the Islamic banking and finance industry.

There were in total 24 categories. Top awards included Islamic Banker of the Year 2013, which was received by Dato’ Sri Zukri Samat, Managing Director, Bank Islam Malaysia Berhad for his outstanding contribution for the year. The honour could not have been any better except for a personal congratulatory message from Dato’Mohd Najib Tun Razak, Prime Minister of Malaysia who tweeted regarding this great achievement. Over a million people follow Dato’ Mohd Najib Tun Razak on Twitter.

Dubai Islamic Bank (DIB), the first-world Islamic bank, received the Best Islamic Bank 2013. The award was received by Dr. Adnan Chilwan, Chief Executive Officer, Dubai Islamic Bank. Islamic Finance Personality 2013 was received by Mr Hasan Al Jabri, CEO, Sedco Capital for his commitment and support of Islamic finance and social responsibility. GIFA Special Award 2013 was presented to Governor Central Bank of Nigeria HE Sanusi Lamido Sanusi for building awareness and overseeing the gradual strengthening of the Islamic banking industry in Nigeria, one of the first countries to start Islamic banking in Africa. National Bonds received the Best Savings Product 2013. Receiving the award, Mr Mohamed Qasim Al Ali, CEO, expressed his happiness and was effusive about the efforts of GIFA in promoting the achievements of industry members.

“National Bonds is pleased to be part of this year’s high-profile Global Islamic Finance Awards. The international event has annually highlighted best practices in Islamic banking and finance, with the ultimate objective of promoting social responsibility and greater credibility for Shari’a-compliant financial alternatives. We look forward to continue expanding our product offerings to keep pace with dynamic customer needs. We would also like to assure all our bondholders of our lasting commitment to offer a distinctive competitive advantage in managing their savings.” Mr Mohamed Qasim Al Ali, CEO, National Bonds.

Finance Accreditation Agency (FAA), a new institution set up by Bank Negara Malaysia and Securities Commission Malaysia for independent quality assurance and accreditation, received Best Supporting Institution 2013 an award previously won by DDCap for the last two consecutive years.

“FAA is very pleased to receive this award which underlines our strong commitment to develop high-performing financial professionals in the Financial Services Industry (FSI). The award demonstrates our efforts as a global leader in ensuring quality learning in the FSI”. He also shared his thoughts on GIFA, “The Global Islamic Finance Awards focuses on best practices in Islamic Finance and acknowledges success of all players in the industry. Such recognition is essential as it celebrates the kind of services that brings advancements to the industry”. Dr Amat Taap Manshor, CEO, Finance Accreditation Agency.

ADCB Islamic Banking received Best Islamic Window 2013 for the second consecutive year highlighting their continuous strength within the market. They also received an award for Most Innovative Product 2013 for their Emirati Millionaire Savings Account (EMSA). This is an innovative Shari’a-compliant product for UAE nationals tailored to support their individual needs. The product not only meets Shari’a requirements but also follows the Islamic tradition of distributing gifts. The monthly rewards include cash prizes of AED 550,000. The objective of EMSA is to increase ADCB’s national customer base and acquire low-cost funds from existing and new customers. Bank Nizwa, the first fully-fledged Islamic bank opened in Sultanate of Oman received Upcoming Islamic Bank 2013. Mr Moinuddin Malim, CEO Mashreq Al Islami, a veteran in Islamic banking and finance in the UAE, received Upcoming Personality in Islamic Finance 2013. On the technology end, International Turnkey System (ITS) received Best Islamic Finance Technology 2013 for the third consecutive time. Islamic Finance Advocacy Award 2013 was presented to HE Linar Yakupov, CEO Tatarstan Investment.

The Global Islamic Finance Awards was organised in conjunction with the 5th World Islamic Retail Banking Conference (WIRBC) held on November 26 and 27, 2013 at the Shangri-La Hotel, Dubai.

Development Agency (TIDA) for being a catalyst in the promotion of Islamic banking and finance in the Russian Federation. The Islamic Fund Manager 2013 award was presented to AmInvest while Best Islamic Fund 2013 was presented to F&C Shari’a Sustainable Opportunities Fund for its performance in challenging conditions, and its upmost commitment to Islamic finance and social responsible industry. ARSA Lawyers received Best Islamic Finance Law Firm 2013. Datuk Abdul Raman Saad, Managing Partner received the award in person.

“We are humbled and greatly appreciate the recognition of receiving the Best Islamic Finance Law Firm 2013. It is a tremendous validation given by Global Islamic Finance Awards in recognise our expertise and contributions toward progressing Islamic Banking & Finance products and services”. Datuk Abdul Raman Saad, Managing Partner, ARSA Lawyers

These awards were presented by HE Mr Shahid Malik, Former British Minister for International Development. Next year’s award ceremony will be held, as usual, in the third quarter of 2014. Individuals, banks and financial institutions are requested to send in their nominations in the first quarter.

 “GIFA honours the agents and the institutions that continue to contribute to the Islamic banking and finance industry. To become a $1.63 trillion industry in 40 years testifies to the phenomenal efforts of financial institutions, governments and scholars to build the industry almost from dust and sustain it in an ever-burgeoning global village”. Professor Humayon Dar, Chairman of the GIFA Awards Committee.

Dubai Islamic Bank wins “Best Islamic Bank 2013”

Dubai Islamic Bank (DIB), the first Islamic bank in the world and the largest in the UAE, was named the “Best Islamic Bank 2013” at the Global Islamic Finance Awards 2013, at a ceremony held recently in Dubai as part of the 5th World Islamic Retail Banking Conference.

Dr. Adnan Chilwan, Chief Executive Officer, Dubai Islamic Bank, said: “Over the last four decades, we have built a franchise that has not only become the cornerstone of the Global Islamic Finance industry but has also paved the way for the incredible growth witnessed by the sector so far. The recognition received by the institution today is a further testament to DIB’s commitment and drive towards continuous advancement and progression in this segment which is fast becoming a real and plausible alternative to the conventional banking and finance industry.

“The global Islamic financial assets are expected to cross US$ 2 trillion by 2014 with targeted growth of approximately 20% in the core markets around the world. However, this requires constant innovation, efficiency building and significant inroads in the area of governance and transparency. DIB, with its renowned expertise and infallible vintage, is strongly positioned to support the growth expectation around this sector whilst simultaneously being perfectly placed to further the strategic vision of His Highness Sheikh Mohammed Bin Rashed Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, of making the emirate, the global capital of the Islamic Economy”.

DIB’s recognition as “Best Islamic Bank” closes another successful year for the bank and adds to the growing list of awards it has received for its comprehensive suite of leading Shari’a-compliant solutions. Indicative of this success, the bank recently won “Best Corporate Bank,” “Best Credit Card” and “Best Banking CSR Initiative” at the Islamic Business & Finance Awards.

Abdul Raman Saad and Associates [ARSA Lawyers] receives “Best Islamic Finance law Firm 2013”

ARSA Lawyers started in January 1979 by Datuk Dr Abdul Raman Saad and have offices in Kuala Lumpur, Johor Bahru and Melaka, Malaysia. ARSA Lawyers is a full-service law firm with an emphasis on areas of Islamic Banking & Finance (IBF), Islamic REIT, Information and Communications Technology (ICT) and personal data protection as exciting areas of growth. ARSA Lawyers is certified with the international accreditation of ISO 9001: 2008 for quality management systems that produces time-and-cost-efficient deliveries to its clients.

In 2009, Tan Sri Dato’ Muhyiddin Yassin the Deputy Prime Minister of Malaysia, while officiating ARSA Lawyers’ brand launch, congratulated ARSA Lawyers for its pioneering efforts in promoting Islamic Finance, both locally and globally. In 2010, ARSA Lawyers was nominated as one of the leading Islamic Finance lawyers for Islamic Banking & Finance, Islamic Project Finance and Islamic Real Estate by Islamic Finance News.

ARSA Lawyers offers expertise in local and cross-border Islamic Banking and Financial (IBF) services for various industries, notably in real estate and property and in ship financing. ARSA Lawyers is comprised of dedicated and specialized professionals with knowledge

of Fiqh Muamalah and who have practical experience in handling IBF products and the issuance and structuring of sukuk and Islamic REITs.

ARSA Lawyers’ notable transactions in IBF include:

• Issuance of the first Islamic municipal bonds in Malaysia.
• Issuance of private debt securities as well as

a water concession company on the issuance of RM1.28 billion Islamic debt securities.

• Al-`Aqar KPJ REIT (now known as Al-`Aqar Healthcare REIT), Malaysia’s first Islamic Healthcare REIT. ARSA Lawyers was the first law firm in the world advising on the creation of an Islamic Healthcare REIT.

• Involvement in 2008 in the first successful conversion of AXIS REIT, a conventional REIT to a Shari’a-compliant REIT. This exercise successfully produced an alternative method in encouraging Middle Eastern Sovereign funds and Muslim Fund managers in accessing high-quality assets.

• Issuance of Bai-Bithaman Ajil Islamic Debts Securities (BAIDS), sukuk musharakah mutanaqisah, Islamic medium term notes programme (IMTNs) and mudharaba municipal bonds.

• Syndicated financing under the concept of ijarah muntahiah bitamlik and the restructuring and innovation of an Islamic facility for a syndicated ship financing transaction and other investment advisory services in Malaysia.

• Multi-million ringgit cross-border Islamic syndicated financing transactions for the purchase of healthcare commercial assets in Indonesia and Australia.

• Maritime financing to Islamic financial institutions for financing purchase of local and foreign-flagged vessels by Malaysian companies, the construction of vessels and financing of maritime equipment.

Bank Nizwa receives “Most Upcoming Bank 2013”

Bank Nizwa began trading in 2013 after a successful IPO and opened its doors to the public in January of that year. The IPO was 11 times oversubscribed and the bank started with 150m Omani Rials. It has taken the responsibility for promoting the true principles of Islamic banking- honesty, integrity, transparency and equality- and weaving them into the very fabric of the financial service industry in the Sultanate of Oman. It was the first fully-fledged Islamic bank to be set up after the Royal Decree was announced in December 2012, thus immediately serving the needs and wants of the business and retail community. The first Islamic bank in Oman has heralded a new era for banking in the country and has opened seven branches in 2013. The bank offers its customers the best Islamic banking experience and has invested heavily in its technology and infrastructure to ensure its success.

Since its operational launch in early 2013, Bank Nizwa has expanded its product and services portfolio to include Auto Murabaha, Goods Murabaha, Home & Land Murabaha, service Ijarah, Home and Land Ijarah. In addition, Mudarabah-based investment account. Since its inception, the bank has raised 28 million Omani Rials in deposits while the net financing book has closed at 30.6 million Omani Rials. There are also plans to launch ‘construction finance’ in the immediate future which will meet the market’s housing needs. Bank Nizwa’s savings account offers customers a Shari’a-compliant opportunity to invest and earn a return on their money by setting aside some funds each month.

Bank Nizwa has a cohesive strategy to ensure that it is not only the first Islamic bank in the Sultanate but also the best bank for the people of Oman. Since its inception, Bank Nizwa has continued to steadily penetrate the financial market and to make a solid contribution to the economy of the Sultanate. Its financial prowess coupled with its strong ethos to create community awareness of Islamic finance showcases it as a professional, service-orientated bank, committed to its customers and to the principles of Shari’a. Governed by the Central Bank of Oman (CBO), it meets the needs of both corporate and retail customers. its long-term strategy is simple: to be a leading, global bank, born in Oman and committed to the communities in which it does business. It will continue to create a solid base for Islamic finance ensuring that it becomes a serious contributor to the country’s growth and success.

Bank Nizwa has already chalked up major successes which are proving very significant to its positioning as the leading Islamic bank in Oman. These achievements are proof of a solid performance and strong market position. In the past 10 months, Bank Nizwa has won several awards in different categories including “Seventh Oman Web Awards’. The awards showcased the banks website design and commended it for having instructive content and user-friendliness. Further it received “Best Customer Service in the Banking Service’, the ‘Arab Golden Coin, pioneer of Islamic banking in the Sultanate of Oman’ award which was presented at the Annual Arab Conference in Beirut. Now with the ‘Most Upcoming Islamic Bank 2013’ under its belt, the stage is set to welcome a new era in Islamic finance in Oman with Bank Nizwa at the helm.

A list of all the winners and related categories is as follows:

Universiti Utara Malaysia was the recipient of ‘Best Islamic Finance Qualification Award 2013’ which offer a Bachelor of Islamic Finance and Banking (BIFB) program. The award is a recognition for UUM for their courses which seek to develop talent in the Islamic banking and finance industry. UUM started offering Muamalat and Islamic Finance studies in 2003. It also offers the Islamic Financial Planner (IFP) certification, a professional qualification included in the BIFB program. Through the Islamic Business School (IBS), UUM has taken a proactive approach towards preparing students in a competitive job market, and the award acknowledges the qualifications and the high standard of teaching on offer. The Dean of Islamic Business School (IBS), Assoc. Prof. Dr. Asmadi Mohamed Naim received the award on behalf of the Vice-Chancellor, Prof. Datuk Dr Mohamed Mustafa Ishak, who was unable to attend due to prior commitments.

UUM Islamic Business School (UUM IBS) was established as a school in UUM College Of Business (UUM COB), Universiti Utara Malaysia (UUM ) to provide innovative and effective business management related to Muamalat, Islamic finance, Islamic economics and Islamic management. It aims to produce future business leaders with the tools required to make strategic decisions in business environments and inculcate the thinking needed to adapt and execute plans for the betterment of business, society, and the environment. This is all underlined by encouraging the Islamic ethical ethos within individuals.

UUM IBS is also proud of its position as the first Islamic business school in the region that has a comprehensive pool of lectures in various aspects of Islamic business management such as Shari’a advisory, Islamic finance and banking, Islamic economics, Islamic accounting, Islamic entrepreneurship, Islamic human resource management, Islamic management, Islamic marketing, zakat management, bait ul mal management, Islamic administration and etc.

The school’s core values are aptly embodied in the following five major trusts: