BNP Paribas wins Islamic Finance House of the Year 2008 Award

Al-Bawaba: BNP Paribas - a European leader in banking and financial services and one of the largest international banking networks - won the 2008 award of the most innovative Islamic Finance House of the Year 2008 at the recently concluded Banker Investment Banking Awards in London.

BNP Paribas’ Islamic Banking Unit, Najmah, since then, was established in Bahrain in 2003, and since then, the team has demonstrated financially innovative ideas and has been first to market with a cross-border equity linked product, an Islamic structured product in South East Asia and a Sharia-compliant exchange traded fund based on global index.

BNP Paribas offers a full complement of Shariah compliant services to corporate and institutional clients covering sukuk, equity derivatives, credit derivatives, interest rate & currency hedging, asset management, asset securitization, real estate, murabaha financing, structured finance, project finance and export credit facilities.

To ensure that BNP Paribas’ products and services comply with Islamic guidelines, the bank works in close consultation with a dedicated Sharia Board comprising eminent highly commended scholars including Sheikh Nizam Yaquby (Bahrain), Dr. Abdul Sattar Abu Ghuddah (Saudi Arabia) and Dr. Mohammed daud Bakar (Malaysia).

Receiving the award on behalf of BNP Paribas, Regional Head of Corporate and Islamic Banking, Jacques Tripon remarked: “It gives me great pleasure to accept this award on behalf of the team, as a true recognition of there excellent work. BNP Paribas has made Islamic products more accessible and this underlines our commitment to fostering the growth of regional economies by playing a leading role in the Islamic finance industry;”

Banker Investment Banking Awards are the most coveted and prestigious awards in the financial industry, and are awarded to institutions that demonstrate unswerving excellence in terms of service to clients, returns to shareholders and pushing the boundaries of what is possible in finance. They are also a appreciation of institutions that display leadership, innovation, and momentum in the markets in which they excel.