The Banker Database combines standardised financial data, senior management information, The Banker rankings, FT.com news and market data and original financial … The Top Islamic Financial Institutions has now closed. In the latest ranking, the overall number of financial institutions reporting sharia assets rose from 395 to 402, with the majority of those (284) being standalone Islamic financial institutions. The importance of the wider MENA region continues to be clear, accounting for 77.4% of total sharia-compliant assets in the latest ranking, down slightly from 2019 figures, when the region represented 79.5% of assets. At the same time, Indonesia, population around 270 million, led overall when it came to the number of institutions offering Islamic finance, with 62 entrants in the ranking. At the same time, the number of conventional lenders with sharia-compliant banking windows on the list fell to 118, down two from the year before. … National Bank of Bahrain acquired a 78.8% stake in Bahrain Islamic Bank in January 2020, as it looked to further develop its Islamic banking activities, with the Islamic lender set to operate as a standalone subsidiary. At the same time, the geographical spread of Islamic finance institutions has remained largely static, with a drop in the number of countries featured on the 2020 list, down from 45 to 44. The acquisition of the UAE’s Noor Bank (ranked 39th overall in terms of sharia-compliant assets) by Dubai Islamic Bank, ranked fifth, which was completed in January, has created a bank that would have placed third on the latest list, behind only Saudi Arabia’s Al Rajhi Bank and Iran’s Mellat Bank. Contemporary Islamic finance is based on a number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating: Best Islamic Corporate Bank: Samba Financial Group: Best Islamic Asset Manager: Al Rajhi Capital: Best Islamic Bank for CSR: CIMB Islamic Bank Berhad: Best Islamic Trade Finance Provider: Kuwait Finance House: Best Islamic Takaful: Etiqa Takaful Berhad: Best Islamic Project Finance Provider: Qatar Islamic Bank: Best Up-and-Coming Islamic Financial Institution: Bank Rakyat Indonesia Syariah: Best Islamic … Global Finance will recognize the best Islamic financial institutions … The data shows:  The Banker’s 2020 Top Islamic Financial Institutions ranking highlights the continued growth of the industry, which has doubled in size over the past decade and has experienced a compound annual growth rate (CAGR) of around 10.8% since 2006. We use Subsequent to the closure, First-Citizens Bank & Trust Company, Raleigh, NC acquired substantially all the deposits and assets of Venture Bank … The number of financial institutions on the list posting a pre-tax profit of more than $500m remained stable at 27, but an additional four banks recorded profits of between $100m and $500m compared with 2019 (53 versus 49). Overall, however, the regional grouping is on an upward trajectory, having experienced CAGR of 2.32% over the past five years. Email: thebanker@ft.comTel: +44(0)20 7873 4240. Sub-Saharan Africa is another region that continues to be seen as a strong growth market, despite a drop in overall sharia-compliant assets in the 2020 ranking of almost a quarter.  Building on our exclusive ranking, which includes comprehensive data on close to 400 institutions this year, the online interactive tool enables users to drill down into data and analyse the key players and markets. Islamic finance strictly complies with Sharia law. The Australia/Europe/America region has also had a decidedly turbulent few years. Best Islamic SME Bank Maybank Islamic Best Islamic Corporate Bank Samba Financial Group Best Islamic Asset Manager Al Rajhi Capital Best Islamic Bank for CSR CIMB Islamic Bank Berhad Best Islamic Trade Finance Provider CIMB Islamic Bank Berhad Best Islamic Takaful Etiqa Takaful Berhad … Greater awareness of Islamic finance, coupled with improved legal and regulatory structures in many countries, is helping the sector expand across larger geographies, a trend that is unlikely to slow in the medium term even with the greater uncertainty brought about by the global pandemic. Best Islamic Bank in Asia ... BIBD remains the only logical choice for this award in Brunei, formed by the 2005 merger of the two major Islamic financial institutions in the country. However, this is unlikely to be part of a larger global trend.   Impressively, Faisal Islamic Bank occupied two spots on the top 10 commercial bank list when it came to ROA; fourth spot for its Egyptian operations and seventh for its Sudanese bank, with ROAs of 3.8% and 2.6%, respectively. No other commercial bank of this size recorded a ROA of more than 5%, with third place Mellat Bank from Iran posting ROA of 4.6%. Malaysia’s MIDF Amanah Investment Bank Berhad, in second place, saw its sharia-compliant assets grow by 85.2% year-on-year, followed by Pakistani lenders Faysal Bank and the Bank of Khyber, which grew by 51.7% and 46.6%, respectively. The economic impact of the crisis is far reaching and profound, and presents challenges to the financial services industry and its institutions … … We will continue to provide data and rankings on The Banker Database. Six of the 10 largest Islamic lenders come from those two countries, with only one, Malaysia’s Malayan Banking Berhad (Maybank), coming from outside the Middle East. These banks were actually more than financial institutions rather than commercial banks … Scroll down until you see the 'Scripting' section. -8.48% Assets growth  Jadwa Investment. for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and Scroll down until you see the 'Scripting' section. GCC assets have grown by 12.2% while the rest of the region saw total assets rise by only 3.8%. The Banker's editor, Brian Caplen, speaks to James King about the results of 2015 Top Islamic Financial Institutions report, including the decline in global sharia-compliant assets, the international expansion of Islamic banks and changes. Select the 'Enable' radio button for 'Active Scripting'. Global Finance Names The World’s Best Islamic Financial Institutions2017 World’s Best Islamic Financial Institutions 2017 – Regional Winners Gulf Cooperation Council (GCC) Qatar Islamic Bank Asia-Pacific Maybank Islamic Non-GCC North Africa Al Baraka Banking Group World’s Best Islamic Financial Institutions … ... group chief executive of Dubai-based Noor Investment Group and chief executive of Noor Islamic Bank, recognises that Islamic institutions must work together if they are to compete with conventional banks. In Malaysia, six of the 10 largest Islamic banks posted double-digit growth in sharia-compliant assets in 2019, as did a third of all Malaysian banks listed on the ranking. In 2002, the Malaysia-based Islamic Financial Services Board (IFSB) was established as an international standard-setting body for Islamic financial institutions. During the 2019 review period, Bank of Khartoum saw its sharia-compliant assets grow by an impressive 381.7%, double that of Omdurman National Bank, which saw a growth of 166.3%. ads, providing social media features and to analyse how our Sites are used. However, the bank’s acquisition of Bahrain’s Al Ahli United, ranked 32nd on the list, was postponed in April due to the coronavirus pandemic. These should assist you in understanding what is happening at your bank. The standout winner among fully sharia-compliant commercial banks (with a minimum $100m in profits) was Sudan’s Blue Nile Mashreq Bank, which saw pre-tax profits of $516.8m, and ROA of 14.8%. In October the banks said that the deal was going ahead, in a transaction valued at $14.8bn. The Middle East and north Africa (MENA), which saw assets increase by 9.2% to $1.4tn, is experiencing a growing divergence between the six countries of the Gulf Co-operation Council (GCC) and the rest of the region. Ahmad Al Najjar was the chief founder of this bank and the key features are profit sharing on the non interest based philosophy of the Islamic Shariah. All operate in markets with strong growth potential when it comes to Islamic banking products. On Friday, October 1, 2010, Shoreline Bank, Shoreline, WA, was closed by the Washington Department of Financial Institutions. By 1995, 144 Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks… When it comes to Islamic windows with more than $500m in assets, the top 10 fastest-growing list was headed by Abu Dhabi Commercial Bank (ADCB Meethaq), which saw its assets rise 119.7% to $12.8bn. I SLAMIC F INANCE IN A N UTSHELL 236 Ranking Country Date of result Institution ype T of institution S: full Islamic banks, W: Islamic windows Bahrain Islamic Bank was Bahrain’s seventh largest lender in terms of sharia assets in 2019, though the bank saw its assets drop 4.4% year-on-year to $3.25bn. The global COVID-19 pandemic is a defining moment for financial institutions. Asia continues to be a particular focus for those looking to further expand Islamic banking’s global reach, which is not surprising given the sheer size of the population in countries like Bangladesh, Indonesia and Pakistan, and the fact that they are all majority-Muslim countries. But a look behind the numbers shows that much of this is due to exchange rate changes in general, and to the 50% fall in the Iranian rial in particular. Find out how to enable it for your browser: The Banker’s 2020 Top Islamic Financial Institutions ranking illustrates the continuing growth trajectory and influence of the industry globally. In June it was announced that talks were now underway over the potential acquisition of Samba Financial Group (26th overall) by National Commercial Bank, which would create a new bank controlling an estimated quarter of all banking in Saudi Arabia. With a global Muslim population of close to two billion, the overall reach for Islamic finance is huge, and the market is maturing fast. Click here to find out how you can access the Top Islamic Financial Institutions ranking today. cookies Some regions fared better than others. In January, Moody’s Investors Service predicted that Turkey’s Islamic banking assets would double over the next 10 years, as a result of government initiatives and new regulations that will push the sector’s expansion. Bank Nizwa ranks as one of the World’s Best Islamic Financial Institutions in 2020. Best Islamic Asset Management Company. However, the rest of the list was dominated by Asian lenders, featuring four banks from Pakistan, two from Indonesia and one from Malaysia (with Saudi British Bank and Riyad Bank completing the top 10). The Banker and its journalism are subject to a self-regulation regime under the, IDB Invest on key sustainability opportunities in Latam for 2021. Saudi Arabia-based Al Rajhi Bank has retained its top spot as the strongest Islamic bank. At the same time, sub-Saharan Africa, which had been the success story of the 2019 ranking, with assets up 18.2%, saw a dramatic fall in 2020, with overall sharia-compliant assets dropping 23.5% year-on-year. for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and Iran accounted for a further four on the fastest growing list, with Qatar’s Barwa Bank, Iraqi Islamic Bank for Investment & Development, the UK’s Gatehouse Bank and Warba Bank from Kuwait rounding out the list. The crisis wrought by the COVID-19 pandemic is first and foremost a human tragedy. By Dr Rosana Gulzar Mohd EXCERPT : In ‘Islamic’ Banking, we dance around issues as if vying for a Bollywood Oscar. Financial institutions offering sharia-compliant services continued to post strong profits in 2019, with standalone Islamic financial institutions recording a combined profit of $16.2bn in 2019. The Islamic banking sector is now systemically important in several member countries and the internationalization of the Sukuk market has increased cross-border financial flows and linkages. 1.10% Aggregate return on assets  Authors of the report, James King and Joseph DiVanna note that there are huge unfulfilled opportunities in Islamic Finance, especially in Indonesia and Africa. Best Islamic Trade Finance Provider. The Banker's editor, Brian Caplen, speaks to James King about the results of 2015 Top Islamic Financial Institutions report, including the decline in global sharia-compliant assets, the international expansion of Islamic banks … Across Africa as a whole, Nigeria’s Jaiz Bank also had a particularly strong year, with assets rising 54.2% to $545m, while Algeria’s Al Salam Bank saw its asset base grow by 28.4% and Faisal Islamic Bank of Egypt by 22.5%. Best Islamic Financial Institution For Large Corporates | Qatar Islamic Bank. ads, providing social media features and to analyse how our Sites are used. Four of the country’s five largest lenders saw sharia-compliant assets grow by more than 40% year-on-year in 2019 (with the fifth, Bank Saderat Iran, missing key data to know if it would have also been in this category). The deal, which was agreed in January 2019 and cleared by the Bahraini central bank in April, would create a financial institution with more than $90bn in sharia-compliant assets, second only to Saudi Arabia’s Al Rajhi Bank, which had assets of $102.4bn at the end of 2019. Among the top 10 fastest-growing fully sharia-compliant institutions with more than $500m in assets, the top two places were held by Sudanese lenders: Bank of Khartoum and Omdurman National Bank. Islamic finance continues to grow in size and influence, spreading far beyond the Middle East into Muslim-majority countries in Asia and Africa, as well as parts of Europe and beyond. More than half of the 21 Pakistani banks on the list experienced double-digit growth in sharia-compliant assets between 2018 and 2019. Select the 'Enable' radio button for 'Active Scripting'. Given the global climate, The Banker expects to see further discussions of potential M&As over the next year. Over the past year there have been some notable mergers and acquisitions (M&As) in the Islamic finance space, with the Middle East in particular seeing the creation of larger, combined Islamic financial institutions. Dubai Islamic Bank. Covid-19 could see proliferation of financial transaction taxes to fill budget shortfalls, Digital Asset underpins finance’s future with blockchain, Debt capital markets enjoy record-breaking run, New US whistleblower reward scheme bolsters AML fight, BoE official revives negative rate speculation, European banks grapple with digital transformation. The latest theme, on ‘Sustainability’, is fashioned after the United Nations (UN)’ Sustainability Development Goals (SDG), in concert with other large organisations such as the Islamic Development Bank and the World Bank. On Friday, September 11, 2009, Venture Bank, Lacey, WA, was closed by the Washington Department of Financial Institutions. Assets rose 20.3% in this year’s ranking, after falling 12.8% in 2019 and rising 20.2% in 2018. The region continues to make up the smallest fraction of total global sharia-compliant assets, worth $14.4bn as of the end of 2019, having briefly overtaken Australia/Europe/America in the 2019 ranking. Brunei-based insurance company Takaful IBB Berhad comes third on $31.5bn followed by Saudi Arabia’s largest Islamic institution, Al Rajhi Bank, on $28.1bn. Best Islamic Financial Institution For Large Corporates. On January 8, 2010, Horizon Bank, Bellingham, WA, was closed by the Washington State Department of Financial Institutions. This includes the state-funded Istanbul International Financial Centre, which is set to open in 2023. The first model of Islamic banking system came into picture in 1963 in Egypt. World’s Best Islamic Financial Institutions 2018 In May 2018, Global Finance will publish its selections for its eleventh annual World’s Best Islamic Financial Institutions awards. 1 Top 500 Financial Islamic Institutions listing How fast is the Islamic finance industry growing? Sudanese banks the Blue Nile Mashreg Bank and Faisal Islamic Bank occupy the first and third spots, respectively, with ROAs of 16.59% and 3.24%. cookies Iran and Saudi Arabia remain by far the largest markets when it comes to sharia-compliant assets, with both markets having more than $400bn in assets. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. … Asia experienced a more modest growth rate of 5.4%; but with a CAGR of 7.7% over the past five years, it was the fastest-growing region over that longer period. The acquisition of the UAE’s Noor Bank (ranked 39th overall in terms of sharia-compliant assets) by Dubai Islamic Bank, ranked fifth, which was completed in January, has created a bank that would have … The Banker attempts to answer this question with the launch of a new listing: Top 500 Islamic Financial Institutions. Islamic banking is a banking system that is based on the principles of Islamic law (Sharia law) and guided by Islamic economics. The latter regional grouping, meanwhile, saw a significant uptick in the 2019 review period, with sharia-compliant assets rising more 20% year-on-year, after falling 12.8% the previous year. $1,273bn Sharia-assets tracked  The Banker and its journalism are subject to a self-regulation regime under the, The Banker's Top Islamic Financial Institutions ranking: a bump on a path of progress, The brighter Islamic finance picture beyond Iran's woes, DIEDC chief looks to drive Islamic economy, Sukuk increase in popularity but hit compliance issues, Digital leaders emerge in Islamic finance industry, Islamic finance roundtable: filling the SME gap, Islamic finance targets Indonesia and Africa. Islamic banking also has the potential to foster greater financial intermediation and inclusion, especially among Muslim … Find out how to enable it for your browser: The Top Islamic Financial Institutions is a service of the Financial Times. Iran’s Mellat Bank, the second largest lender on the global ranking, had a particularly impressive year, with sharia-compliant assets up 55.4% to hit $82.3bn, and a return on assets (ROA) of 4.6%. At the same time, discussions over a potential merger between Saudi banks National Commercial Bank (fourth highest on the 2020 ranking in terms of sharia-compliant assets) and Riyad Bank (19th) were abandoned last year. Despite uncertainties brought about by economic sanctions on the country, Iran’s Islamic banking sector has continued to thrive. The country ranked ninth overall in terms of total sharia assets, one place behind Bangladesh in a top 10 dominated by Middle Eastern institutions. Overall, the average ROA for standalone institutions featured in the global ranking was 1.2%. The rest of the Top 20 consists of three other … Qatar’s Barwa Bank came third overall, with a rise of 73.9%. Looking forward, demand for Islamic banking services, both in more mature markets like the Middle East but also in regions like Africa where there are still large unbanked populations, shows little sign of waning. The Banker’s 2020 Top Islamic Financial Institutions ranking gives a snapshot of this growth, and the overall strengths of the Islamic finance industry today, with assets expanding in all regions, except sub-Saharan Africa, and major lenders continuing to grow their operations. More deals are on the horizon. Government-backed Qatar Islamic Bank is the leading domestic Islamic franchise in Qatar and has a growing global footprint, … Muscat : Establishing itself as one of the leading Islamic banking institutions globally, Bank Nizwa was … Continuing a trend from last year’s ranking, it suggests a period of consolidation rather than rapid expansion for sharia-compliant banking operations. NEW YORK, April 13, 2016 - Global Finance magazine has announced its ninth annual awards for the World’s Best Islamic Financial Institutions. A full report on the selections will appear in the June issue … Exchange rate differentials, market consolidation and regulatory changes all contributed to a fall in global sharia-compliant assets in the 2015 rankings. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Seeds of optimism: what will 'normal' look like in 2021? Top Islamic financial institutions. Growth is also expected to come from the Commonwealth of Independent States region, which includes Azerbaijan and Kazakhstan. The region is also considered to have plenty of growth potential in the near future. Among individual financial institutions, Kuwait Finance House, the largest Islamic bank in Kuwait, regained its third-place spot on the overall ranking, in terms of assets. Highlights from the special report include: To download the Top Islamic Financial Institutions special report click the link below, To purchase a copy of the November issue contact us today: Sharia-compliant assets worldwide have grown noticeably compared with the 2019 ranking, rising 8.2% to $1.79tn in 2020. Islamic … World. The ranking remains the definitive benchmark for this rapidly evolving industry. The Banker's 2018 Top Islamic Financial Institutions ranking shows that Islamic banks are doing well, especially in frontier states, with GCC dominance being challenged by previously … The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. Globally, there are now 47 financial institutions with more than $10bn in sharia-compliant assets, up one from the year before, with 27 institutions recording a pre-tax profit of more than $500m in 2019. Qatar Islamic Bank. Islamic financing operations, including any league tables or other comparisons with competitors 2. Financial strength and security - please provide data demonstrating the institution’s financial strength, security and longevity, such as your latest financial data, annual reports and latest financial … This was followed by the UAE’s Al Hilal Bank (the Crescent Bank), which had ROA of 10.5%. CLICK HERE to discover how you can benefit from a subscription to Top Islamic Financial Institutions, or contact us today: At a first glance, this year’s Top Islamic Financial Institutions ranking shows a market that appears to have peaked after years of breakneck growth – total assets fell 8.48%. From the most dominant institutions to the most profitable, you can refine your search by institution type (commercial bank, insurance companies, investment banks) to gain a more transparent picture of the global Islamic financial landscape. Faisal Islamic Bank’s Egyptian operations … The strength score of the bank dropped from 4.16 in the previous year’s evaluation to 4.05 in 1H 2020, due to the … Bank: Best Islamic Financial Institution: Kuwait Finance House: Best Islamic Corporate Bank: Samba Financial Group: Best Islamic Retail Bank: Mayank Islamc Berhad: Best Islamic Sukuk Bank: Standard Chartered Saadiq: Best Islamic Investment Bank: Samba Financial Group: Best Islamic Fund Manager: Kuwa… KUALA LUMPUR, Dec 28 — Financial institutions, especially Islamic banks, must focus on their traditional roles of mobilising liquidity and solvency support to the real economy in times of unprecedented challenges such as the Covid-19 pandemic, according to a banker. We use In 1963 in Egypt that the deal was going ahead, in a transaction valued $! 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