BNM named Best Central Bank in promoting Islamic finance

KUALA LUMPUR: Bank Negara Malaysia (BNM) has been named the Best Central Bank in promoting Islamic finance while CIMB Islamic Bank emerged third in the Best Overall Islamic Bank category in the 2007 Islamic Finance news annual poll.

BNM garnered 49% of the votes cast by members of the global Islamic finance industry, edging out the Central Bank of Bahrain and State Bank of Pakistan which obtained 19% and 13% of the votes respectively, said an Islamic Finance news statement yesterday.

BNM’s overwhelming majority showed that Malaysia is widely recognised as the most industry-friendly country as most of the votes in the category came from outside Asia, it said.

Kuwait Finance House is the best overall Islamic bank with 27% of the votes, followed by Dubai Islamic Bank and CIMB Islamic Bank which received 21% and 13% of the votes respectively.

A record 1,502 submissions from 35 categories, representing the major facets of the Islamic capital markets industry, were received for the annual survey which was carried out in December, said the statement.

Kuwait Finance House pipped 2005 and 2006 winner Dubai Islamic Bank for the Best Overall Islamic Bank title while CIMB Islamic Bank came in third for the second year running.

Winners will be honoured at two gala award ceremonies to be held in Dubai and Kuala Lumpur on Feb 26 and March 6 respectively.