Domestic banks among winners of Islamic Finance Awards

The Edge:CIMB Islamic Bank Bhd was voted the country's best Islamic bank in 2008 in to a poll conducted by electronic news portal Islamic Finance news last December.

CIMB Islamic chief executive officer Badlisyah Abdul Ghani was also named Best Individual Islamic Banker by 2,627 voters who included Islamic finance issuers, investors, non-banking financial intermediaries and government bodies...Continue Reading

Badlisyah wins Islamic award

The Staronline: CIMB Islamic Bank chief executive officer Badlisyah Abdul Ghani was named the Best Individual Islamic Banker 2008 by Islamic Finance News Awards.

It was his second consecutive award as the Best Individual Islamic Banker, CIMB said in a statement...Continue Reading

Thani Investments Recognized For Excellence In Islamic Finance

Dubai : A leading UAE company has picked up a top industry award celebrating international achievement in Islamic finance.

Thani Investments LLC received the award for 'Best Sukuk Structure by a Private Corporate Issuer' at the recent 2008 London Sukuk Summit.

Thani Investments became one of the first privately owned companies in the GCC to issue a sukuk when it closed its US$100 million Musharaka Sukuk last October.

David Richards (CBE), Chairman of Aston Martin, presented the award to Thani Investments’ CEO, Rishard Camball, during a gala dinner at the prestigious Royal Horseguards Hotel in Whitehall.

Commenting on the award, Abdulla Saeed Al Thani, Chairman of Thani Investments, which has diverse business interests spanning oil and gas, mining and real estate, said: "Thani's debut sukuk was a bold step for a private company, but one that has set an example for the Islamic finance industry to follow. We're delighted to receive further international recognition at such a respected awards ceremony along with many of the region’s largest business and financial institutions."

The 2008 London Sukuk Summit was endorsed by the UK Treasury, UK Trade and Investment, City of London Corporation, and the London Stock Exchange.

Saudi Arabian Basic Industries Corporation (Sabic) sponsored the awards dinner, which recognized achievement in a total of 13 industry categories.

Thani Investments' issue of US$100 million in sukuk-al-musharaka certificates was subscribed to by leading regional banks and international financial institutions. Emirates Islamic Bank of the UAE and Liquidity Management Center, Bahrain served as Joint Lead Mandated Arrangers.

Established more than 25 years ago, Thani Investments has built a large international portfolio of companies under the guidance of its chairman, Abdulla Saeed Al Thani, with assets in North Africa and the Arabian Peninsula. The group has more than 600 employees.

Dubai Islamic Bank named 'Best Islamic Bank' at Banker Middle East Awards

Dubai Islamic Bank (DIB) has won the 'Best Islamic Bank Award' at this year's Banker Middle East Awards. This is the fourth consecutive year that DIB has won the award.

DIB was chosen after fierce competition from a list of many of the largest and most famous global financial institutions at a gala ceremony organised by Banker Middle East Magazine. The event took place on June 17 2008 at Emirates Towers in Dubai. Khaled Kamda, Chief Executive Officer of DIB and Managing Director of the DIB Group, accepted the award on behalf of the bank's management.

Upon receiving the award Kamda remarked:

'This award is a reflection of our status as the pre-eminent Islamic financial institution in the region. Since our inception in 1975, we have made every effort to not only remain at the forefront of innovation within the Islamic banking industry, but to be a pioneer in the field. As the world's first bank to have incorporated Islamic principles in all our practices, it is natural that we are seen as a leader in Islamic finance.'

He added: 'Winning this award would not have been possible without the professionalism and dedication of our management and staff. As the markets of this region grow ever more sophisticated and demanding, it is reassuring that our team at DIB remains ready to take on every new challenge that comes our way.'

Financial institutions of any size that operate in the Middle East are eligible for nomination at the Banker Middle East Awards. Winners are selected by a panel of experts based in the region who work in the finance industry and are leaders in their fields.

DLA Piper wins IIFF Global Recognition Award for Islamic Finance

The IIFF Awards promote excellence in Islamic finance and recognize the significant contribution made to important developments in the Islamic financial sector.

The awards were a part of the International Islamic Finance Forum, held under the Patronage of HH Sheikh Mohammed bin Rashid al Maktoum, the UAE Vice President, Prime Minister and Ruler of Dubai, from April 13-17 at the Jumeirah Beach Hotel.

Over the course of the forum, expert panelists debated and discussed issues ranging from the latest developments in Islamic finance including in sukuk, Islamic banking models - including murabaha, modaraba and takaful among others. The Global Recognition in Islamic Finance award was presented by Rushdi Siddiqui, Global Director, Dow Jones Islamic Market Index Group.

The award was presented to Oliver Agha, who is DLA Piper's Global Head of Islamic Finance. Oliver is regarded as one of the top Islamic finance lawyers globally and a leading project finance lawyer by leading publications. Of the award, Oliver commented:

'We are pleased to have received this award that recognizes DLA Piper's global Islamic finance practice. The credit for this award belongs to our whole team. I am most appreciative of the collective effort from each and every one of the DLA Piper Islamic Finance team that has resulted in this award'.

The distinguished recognition at the awards ceremony was based on the global reach and practice of DLA Piper's Islamic Finance team, depth of Shariah knowledge, work on the development of novel yet commercially viable Islamic finance constructs and commitment and contribution to the practice and development of Islamic jurisprudence.

'Islamic finance is of growing importance around the world and DLA Piper is proud to be at the forefront of developing innovative and commercial solutions for our clients. This award really reflects the status of our Islamic Finance Team in the global arena and we are justly proud of their achievement,' said Nigel Knowles, Joint CEO of DLA Piper.

'Islamic finance is of growing importance around the world and we are excited to be playing our part in this rapidly developing and sophisticated industry,' said David Church, Regional Managing Partner in Middle East, DLA Piper.

Financial heavyweights lend support to Islamic awards

Financial heavyweights lend support to Islamic awards

Major industry players back annual Failaka Islamic Fund Awards celebrating growth in Shari'ah compliant investment


Financial heavyweights have pledged their support to industry awards being made next week to high performing Shari'ah compliant funds which have captured the attention of conventional as well as Islamic investors worldwide.

Organised by Failaka Advisors, the 3rd Annual Islamic Fund Awards taking place on 24 March 2008 at Emirates Towers Hotel, Dubai, will recognise the best performing Shari'ah compliant funds.

The impressive line-up of sponsors includes:

• SHUAA Asset Management, a division of Dubai-based Shuaa Capital. Its coverage spans more than 15 regional financial markets and offers both conventional and Shari'ah compliant investment options. It manages $1.2 billion in assets through 19 investment funds and several discretionary portfolios. www.shuaacapital.com

• Al-Madar Finance & Investment Company, which aims to become the leading provider for Shari'ah compliant equity and corporate finance related products and services in the Kuwait and the Gulf region. The company was listed on the Kuwait Stock Exchange in June 2005. www.almadar-fi.com

• MSCI Barra, a leading provider of indices and portfolio risk and performance analytics for use in managing equity, fixed income and multi-asset class portfolios. Estimated assets benchmarked to MSCI indices have grown to over $3 trillion. www.mscibarra.com

• Oasis Crescent Capital (DIFC) Limited, offers a range of financial services to the Middle East market from its offices located at the DIFC, including Shariah compliant collective investment funds as well as managing segregated portfolios. Part of Oasis Global Fund Managers, an international award-winning fund management operation with a strong investment track record in Shari’ah compliant fund management. www.oasis.co.za

• IdealRatings, a service for financial institutions identifying Shari'ah compliant instruments globally and managing the fund management process. IdealRatings is geared for portfolio managers and analysts. IdealRatings is headquartered in San Francisco, California. www.idealratings.com

"This year’s awards will see a high profile gathering of global fund managers, drawing more attention to the growth and broadening interest in Shari'ah-compliant investment funds," said Mark Smyth, Managing Director, Failaka Advisors.

"The awards have consistently set benchmarks for the performance of the Shari'ah-compliant funds industry, highlighting the achievements and innovations of fund families, fund managers, and individual funds."

This year's Failaka awards will feature two industry insights, one on exchange-traded funds and emerging-market funds and another on the Gulf Co-operation Council capital markets in 2008.

Failaka will also showcase its new online database of more than 300 Islamic equity funds at the awards. For the first time, Failaka will be making available to institutions and individual investors all of their key data on fund objectives, geographic focus, net asset value, historical and current performance, on a state-of-the-art online platform.

KFH, unit win top Islamic finance awards

KUALA LUMPUR: Kuwait Finance House (KFH) and subsidiary Kuwait Finance House (M) Bhd (KFH Malaysia) are off to a good year, winning in three categories at the 2007 Islamic Finance News Awards.

KFH swept the “Best Overall Islamic Bank”, “Most Innovative Islamic Bank” and “Best Islamic Bank in Kuwait” awards at the awards ceremony here yesterday.

Group general manager and chief executive officer Mohammed Sulaiman Al-Omar said in a statement the awards confirmed that KFH was on track in Islamic banking, having been established for 30 years.

“On behalf of KFH, we are honoured to receive this recognition, which demonstrates the efforts of all KFH employees,” he added.

KFH beat Dubai Islamic Bank to the Best Overall Islamic Bank award.

The awards also paid tribute to individuals in the banking sector, with CIMB Islamic Bank chief executive officer Badlisyah Abdul Ghani winning the “Best Individual Islamic Banker” award.

Badlisyah, in an e-mail to StarBiz, said: “I am honoured to have received this award and thankful for the chance to make a difference and contribute to the society in Malaysia and globally.”

On his future plans, Badlisyah said: “I plan to see through the long-term management for CIMB Islamic.

“Regionalisation of the business is a focus going forward and we will do this by optimising our group synergies and by innovating new and superior banking value propositions for our clients.”

Khazanah Nasional Bhd picked up the “Cross Border Deal of the Year” and “Equity Deal of the Year” awards following its Cherating Capital exchangeable sukuk transaction.

The transaction is listed on the Hong Kong Stock Exchange, the Dubai International Financial Exchange and Malaysia's Labuan International Financial Exchange.

Other winners were Bank Negara, which was named the “Best Central Bank in Promoting Islamic Finance” and Malayan Banking Bhd, which won the “Malaysian Deal of the Year” award.

Ernst & Young gets award for best advisory firm in Islamic finance

DOHA • Ernst & Young has been awarded Best Advisory Firm in Islamic Finance by the Islamic Finance News for the second year in a row.

"We welcome this acknowledgement of our expertise in Islamic finance and are honoured to receive this award. While we expand across the region, we intend to invest further in the development of innovative solutions and services to meet the growing and evolving demands in the Islamic finance industry and to serve our clients better, " said Najeeb Rana, Head of Ernst & Young's Islamic Financial Services Group in Dubai, as he accepted the award.

GBCORP named best Islamic investment bank

DUBAI: Bahrain's Global Banking Corporation (GBCORP) was named as the Best New Islamic Investment Bank at an awards ceremony held in Dubai.

GBCORP was selected as the winner by Islamic Finance News, a Malaysia-based weekly publication that focuses on Sharia-compliant financial markets.

Investors, issuers and government officials were polled and 1,316 votes were cast in this year's poll, providing an unbiased guide to the leaders in the field of Islamic finance. The annual dinner was held in Dubai and honoured the winners and over 300 guests attended the event including senior industry leaders.

"GBCORP has begun the New Year on a winning note and we at the bank are delighted to have won an award during our first six months of operation," said chief executive Mark Hanson.

"The award is an honour that complements our drive for a new era of global Islamic banking. We look forward to achieving more successes such as this in the future."

DIB named UAE's best Islamic bank

Dubai Islamic Bank (DIB) has been named Best Islamic bank in the UAE at the Islamic Finance News Awards 2007.

The awards recognise leadership and overall excellence across the Islamic banking sector and are judged by prestigious members of the global Islamic finance industry. DIB has been honoured for its numerous accomplishments during 2007.

One of the most prominent deals recognised by the awards was the Best Sukuk and UAE Deal for the Jebel Ali Free Zone Sukuk. The deal was the largest rated straight Sukuk issue as well as the first local currency (Dhs) denominated corporate Sukuk placed in international markets.

Khaled Al Kamda, Group Managing Director and CEO of DIB, was on hand at Dubai's Shangri-La Hotel, on February 26, 2008, to receive the award for the bank. DIB also won in two other categories: Best Djibouti Deal of the Year and Best IPO Deal of the Year.

DIB was named Best Islamic Bank through a poll conducted by Islamic Finance News, with more than 1,000 members of the global Islamic finance industry voting. For its other two awards of the evening, DIB was chosen from hundreds of submissions by a panel of experts within the Islamic finance industry.

The Islamic Finance News Awards are one of the leading award ceremonies for the Islamic finance industry. Banks and financial institutions are chosen by their peers from one of the industry's most comprehensive surveys. The survey covers 35 categories, and virtually every financial institution that engages in the Islamic finance industry is a participant.

IT firm wins top award at Islamic forum

MANAMA: Leading information communication technology firm International Turnkey Systems (ITS) was named the best Islamic technology solutions provider.

The company was named the 'Most Outstanding IT Company' at the fourth Kuala Lumpur Islamic Finance Forum 2007, which is an indicator of its leadership in the area of solutions providing to companies and Islamic banks, said the company.

It was voted the 'Best Universal Banking Solution Provider for 2007' by the World Finance International Magazine.

"This accomplishment added to the company's achievements in providing solutions and systems, products and technical services to various economic sectors in the region and a number of the world's countries," said the company.

"We are proud to receive these prestigious awards from such internationally recognised institutions, said ITS managing director and general manager Khalid Faraj Al Said.

"This award acknowledges our achievements in, and dedication to, providing cutting-edge Islamic solutions to our clients. These awards have raised the bar for technological advancement and we look forward to meeting and beating that challenge," he said.

CIMB Islamic wins Euromoney award

CIMB Islamic has won the Best Islamic Bank in Asia and Best Sukuk House awards under Euromoney's 2008 Islamic Finance Awards.

It was also named Best Islamic Retail Bank by the International Islamic Business & Finance magazine, CIMB group said in a statement.

It said these awards recognised CIMB Islamic's global leadership as a provider of a diverse range of Islamic financial products and services that catered to the needs of corporate and retail customers worldwide.

Meanwhile, CIMB Islamic chief executive officer Badlisyah Abdul Ghani was named Islamic Banker of the Year by the International Islamic Business & Finance magazine and Islamic Finance News, both international magazines.

In another development, HSBC Amanah, the global Islamic financial services arm of the HSBC group, has been named Best International Islamic Bank and Best Fund Manager by Euromoney magazine.

In addition, one deal lead-managed by HSBC Amanah was also named Best Sukuk Deal, a statement from HSBC said.

KPMG named Best Islamic Assurance and Advisory Services Provider

By Ellina Badri

KUALA LUMPUR: KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ at this year’s Euromoney Islamic Finance Awards in London, due to the breadth of its assignments and diverse geographic spread of its business.

In a statement on Feb 22, KPMG LLP global chairman, financial services, Brendand Nelson said: “KPMG has a long track record of working in the global Islamic finance sector and we are delighted to receive this award as we believe it serves to further highlight our commitment to this space.

“We intend to build on our achievements of 2007 into 2008 and beyond as we recognise the growing importance of the Islamic finance market and seek to effectively help our clients in this sector.”

KPMG Global Lead for Islamic Finance and Malaysian head of financial services John Lee added KPMG was now in a position of dominance in Malaysia in terms of its share in audit, tax and advisory work for Islamic financial institutions.

He said with its global network, the company would be able to assist the Malaysian government and Bank Negara through the Malaysia International Islamic Financial Centre to promote Malaysia as the Asia-Pacific’s Islamic finance hub.

Over the last year, KPMG member firms have provided assurance and advisory services to over 50 Islamic financial institutions in the UK and Western Europe, the Gulf Co-operation Countries, the Far East, North America and Africa.

It has undertaken services on behalf of ventures looking to bring Islamic finance into new markets, national financial regulators exploring Islamic finance for the first time, and the conversion of a conventional bank to a stand-alone Islamic bank.

KPMG is also a member of the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board.