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MIDDLE EAST
World's Best International Islamic Bank
For cross-border transactions, supply-side financing and capital markets, HSBC Amanah, led by chief executive Raja Amir Shah Raja Azwa, was the international Islamic bank to beat this year.
Global Awards
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It takes structuring expertise, sophistication and a good read of markets to engineer shariah-compliant structured products that perform, especially amid an uncertain and volatile global macroeconomic and markets backdrop. -
New York-headquartered Wafra is Euromoney’s best Islamic fund manager this year in recognition of its investment expertise, range of dedicated shariah-compliant strategies and fund performance.
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CIMB Investment Bank is Euromoney’s best Islamic project finance house this year following its work on a range of transactions throughout the year, and for one in particular that stood out for its innovation and national importance.
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Despite global sukuk issuance falling to its lowest dollar-denominated value in three years, there were still plenty of debuts, innovations and ground-breaking developments last year, and Standard Chartered Saadiq was front and centre of that, making it Euromoney’s best sukuk house for 2024.
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Innovation is occurring at a rapid pace in Islamic finance, spurring growth and development in this global market. Investment management firms need to continually evolve their product and service offering to stay ahead of the competition and attract new capital.
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Mashreq Al Islami continues to demonstrate its digital leadership in Islamic banking through the breadth and quality of the services and products it provides. It is Euromoney’s best Islamic digital bank this year.
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There are only a few truly global banking institutions that provide a full range of sophisticated shariah-compliant advice, products and services. HSBC leads this select group, making it Euromoney’s best international Islamic bank for 2024.
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InterVest Capital Partners has been named Euromoney’s best Islamic leasing house this year in recognition of its investment and leasing experience, sector diversity in specialty finance and strong financial performance.
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Islamic banks have been particularly industrious in their efforts to integrate an environmental, social and governance focus into their core strategy and operations.
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Amanat Lebuhraya Rakyat Berhad's RM5.5 billion ($1.22 billion) sustainability sukuk murabahah programme.
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Al Rajhi Bank’s SAR10 billion ($2.7 billion) retail public offer tier-1 sukuk.
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Jabal Omar Development Company’s SAR5.3 billion ($1.4 billion) debt conversion.
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Zamarad Assets Berhad's RM255 million ($57 million) tranche 7 sukuk murabahah ABS.
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Abdulwahed Ahmad Rashed Bin Shabib’s AED455 million ($124 million) financing.
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Elsewedy Electric’s EGP3 billion ($97 million) Sharia-compliant multi-purpose syndicated facility.
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Structured finance isn’t just an important part of Boubyan’s corporate banking group, it is the very core.
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One transaction alone cemented Al Rajhi Bank’s claim to be the best sukuk house this year. On March 29, 2023, the world’s biggest Islamic bank by assets and market capitalization closed its first US dollar sustainable sukuk.
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Kuwait Finance House’s (KFH) commitment to embed sustainability into all that it does officially stems from the nation’s Vision 2035 plan. There is little doubt, however, that the bank itself is running well ahead that schedule.
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As Indonesia prepared to host an Association of southeast Asian Nations (Asean) summit in May 2023, president Joko Widodo pledged to make his economy a centre of growth in the region.
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Mashreq Al Islami is proving year after year that an Islamic bank with industry-leading digital capabilities doesn’t need vast scale to disrupt the regional market.
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Over the last 24 years, InterVest Capital Partners has established more than 120 leasing and financing programmes, with committed capital topping $15 billion.
Best Islamic Bank in Asia
Maybank’s global Islamic presence can be compared favourably with any of the biggest Gulf region banks. The bank is east Asia’s biggest in terms of total assets, which stand at more than $67 billion. Globally, Maybank Islamic trails only Al Rajhi Bank, SNB Capital, Dubai Islamic Bank and Kuwait Finance House.
Country Awards
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Name of borrower: PT Permodalan Nasional Madani
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Standard Chartered Saadiq has made progress in its commitment to innovation, financial inclusivity and sustainable development, and wins Bangladesh’s best international Islamic bank category this year.
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In 2023, Bank BTN, passed a number of milestones, from supporting sustainable housing to launching environmental, social and governance initiatives, and is the best Islamic bank in Indonesia this year.
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Allied Bank Limited has made some great enhancements to its product offering and has seen a corresponding improvement in financial performance.
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CIMB Niaga Syariah is Indonesia’s best international Islamic bank, having made good progress in digital and sustainability this year.
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Maybank Islamic wins best domestic Islamic bank in Malaysia following a period marked by strong financial results, impactful environmental, social and governance initiatives and landmark transactions.
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Name of borrower: KPJ Healthcare
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Name of borrower: Pakistan Mobile Communications
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Amana Bank is named the best Islamic bank in Sri Lanka following a good year and new product innovation.
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Name of borrower: Enertech Holding Company
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HSBC Amanah has reinforced its position as the leading Islamic banking institution in Malaysia this year with robust financial performance and innovative product launches. The bank secures is name as the best international Islamic bank in the country as a result.
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Standard Chartered Saadiq saw new product launches, technological innovation and strong financial results during the awards period, and is Pakistan's best international Islamic bank this year.
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Name of borrower: AET Singapore Holdings
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Name of borrower: Johor Corporation
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Name of borrower: Islamic Republic of Pakistan
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Standard Bank Shari'ah Banking has been named the best Islamic bank in South Africa following a busy period in the capital markets, the launch of several market-first solutions and impactful community support work.
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By virtually any measure, Maybank is Malaysia’s best Islamic bank. It is ahead of its rivals in market share for total assets, financing, deposits and unrestricted investment accounts.
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Bank Syariah Indonesia’s (BSI) focus on tech disruption is not typical for a state-owned lender. But southeast Asia’s biggest and most populous economy is proving fertile territory for startup finance.
Best Islamic Bank in the Middle East
It seems fitting that the world’s first full-service Islamic bank is the winner of the award for the Middle East’s best Islamic bank. Since 1975, Dubai Islamic Bank (DIB) has been steadily building what is now the second-largest Shariah-compliant banking business in the world by assets.
Country Awards
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Bank Muscat wins the award for the best Islamic bank in Oman after the roll out of several initiatives that contributed to growth over the review period.
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Abu Dhabi Islamic Bank has made great improvements to its digital offering and environmental, social and governance engagement this year, and is UAE's best Islamic bank as a result.
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Kuwait Finance House (KFH) is Kuwait's best Islamic bank thanks to its strong financial performance and the implementation of several innovative solutions.
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Name of borrower: Qatar Islamic Bank (QIB)
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HSBC Saudi Arabia is named Saudi Arabia's best international Islamic bank this year, reflecting its strong performance across capital markets, where it took leading roles in some of the most important regional transactions.
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Name of borrower: Kuwait Projects Company
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Al Rajhi Bank is named Saudi Arabia's best Islamic bank following a strong performance across several market segments.
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Name of borrower: Acwa Power
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Name of borrower: Republic of Turkey
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Standard Chartered Saadiq wins best international Islamic bank in the UAE this year after strong growth and an improvement in its sustainable product offering.
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ADIB Egypt wins Egypt's best international Islamic bank thanks to its strong financial performance and launch of impactful initiatives and products.
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Bank ABC Islamic wins Bahrain's most transformed Islamic bank in recognition of its three-year growth strategy.
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Name of borrower: Sanvira Carbon
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Emirates Islamic Bank wins the UAE's most innovative Islamic bank award this year. It launched a range of innovative products and services across several business segments.
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Name of borrower: Ziraat Katılım
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Qatar Islamic Bank has launched several new digital services which have contributed to an improvement in user engagement. It is Qatar's best Islamic bank this year.
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Banque Misr has seen a strong performance in its Shariah-compliant loan book and has been instrumental in several key Islamic finance transactions.
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Citi Islamic Investment Bank has had a good year in Bahrain and impressed with its debt capital markets work during the awards period.
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Jordan Islamic Bank wins best domestic Islamic bank in Jordan following a solid financial performance over the review period.
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Al Salam Bank has performed well across several financial metrics during the awards period, having launched new products, including first-to-market technology.
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Name of borrower: Yiti Sustainable City
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Name of borrower: Saudi Real Estate Refinance Company
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RakBank isn’t the biggest or best known bank in the United Arab Emirates. But it is playing an outsized role in providing innovative Islamic banking solutions and growing the market.
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The global turmoil of 2022 posed a severe test for Banque Misr and its more than 10 million customers. The one-two punch of Russia’s invasion of Ukraine and the foreign-currency crunch caused by surging inflation sent Egypt to the IMF.
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Al Rajhi Bank had a busy 2022, arranging 12 high-profile transactions in the Saudi riyal and US dollar debt capital markets.
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Founded in 2009, Sidra Capital is a pioneer of private Islamic finance in Saudi Arabia, with offices in Riyadh, Dubai, Singapore and London. Licensed and regulated by the Saudi Arabian Capital Market Authority, Sidra’s Shariah-compliant asset business focuses on alternative asset classes, real estate and private finance and private equity.
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Qatar’s biggest Islamic bank remains hard to beat. Last year, it offered shareholders a 17.8% return on equity, a 2.1% return on assets and one of the industry’s lowest cost-to-income ratios at 17.4%.
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Since its inception in 2004, Boubyan Bank has carved out a specific niche in a Kuwaiti market dominated by bigger and more established players. As chief executive Abdullah Al-Tuwaijri puts it, three words serve as the guiding star for the bank’s strategy: “modern, attractive and digital.”
