KFH-Bahrain wins top Islamic finance award

Kuwait Finance House-Bahrain (KFH-Bahrain) received the "Best Islamic Wealth Management" award at the Islamic Business and Finance Awards 2009 organised by CPI Financial.

"We are proud to receive the 'Best Islamic Wealth Management Award' as it is a manifestation of the hard work and innovation that KFH-Bahrain employees are known for," KFH-Bahrain managing director and chief executive officer Abdulhakeem Alkhayyat said. "The bank employees have successfully developed and structured innovative products and services through "Priority Banking" that meet the requirements of our clients in the area of wealth management.

"Winning this honour is a triumph for the bank's Priority Banking employees and management and it confirms the strength of the products and VIP services offered to the Priority Banking clients." The Islamic Business and Finance Awards were designed to encourage, inspire and reward excellence within the global Islamic business and finance community and they have become the yardstick by which Islamic finance institutions and practitioners across the globe measure themselves. These awards have assumed such significance due to the Islamic Business and Finance magazine's widely recognised position as one of the most respected voices of the industry.

Winners are voted for by the readers of the Islamic Business and Finance magazine and are judged on their merits and performance over the last 12 months. The Islamic Business and Finance Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry.

"The 'Best Islamic Wealth Management' Award highlights KFH-Bahrain's achievements in developing its products and services, based on clients' needs for Priority Banking," KFH-Bahrain executive manager Abdul Razak Jawahery added. "With the continuous steady growth in the economy, the number of high net worth individuals in Bahrain and the region is growing at a high rate. "Priority Banking offers a high level of personalised service with superior standards of reliability and confidentiality." One of the main features of KFH-Bahrain Priority Banking is that each client is individually served by a dedicated client relationship manager who is specially trained to address their full financial needs from day-to-day banking to wealth creation.

Priority Banking also provides an extensive range of Sharia-compliant services, which include reduced service charges, preferential rates on foreign currency, and priority on entering into new investment opportunities and products.

Link: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=267060

Best Domestic Middle East Islamic Bank award for Doha Islamic

Doha Islamic has been adjudged as the  Best Domestic Islamic bank in the Middle East - 2009. The accolade was conferred by the prestigious Banker Middle East Awards 2009 for excellence in a glittering ceremony held at Emirates Tower Hotel, Dubai. The ceremony was attended by elite gathering of government officials, academicians, regulators, dignitaries and senior bankers.

The award conferred on Doha Islamic is in recognition of the trust and confidence by the local financial services community and an acknowledgement of Doha Islamic’s customer centric approach and progressive outlook committed in providing one-stop-financial service experience to its ever expanding customer base.

Doha Islamic commenced its banking operations on June 15, 2005. Nowadays, Doha Islamic has a network of five branches in Qatar and dedicated in providing new and innovative Islamic banking products and services. This award reflects the continuous growth of Doha Islamic and efforts in excelling within the Islamic Banking industry noting that the total assets has reached $880m within a span of three years. Doha Islamic provides financial corporate solutions to finance new and existing business, in order to make it grow and prosper, be it for specific commercial commodities, production materials or infrastructure. Furthermore, an array of products and services, tailored to meet customers  financial needs, are available at Doha Islamic and are supported by a team of highly qualified Consumer Finance representatives.

Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman Doha Bank, said: “Doha Islamic is taking many strategic initiatives to provide the best value to our customers, our stakeholders and to our society at large. Our dedicated team of professionals has consistently set high standards in performance, innovation, security and quality, being the hallmarks of Doha Islamic, in this highly competitive market. It will be our ongoing challenge to manage and sustain these strengths and Doha Islamic is proactively enhancing these in the current year.

Yousuf Hashim Al Yousuf, Acting Head Doha Islamic while receiving the award said: “It is the Doha Islamic’s Board’s visionary and participative leadership philosophy, which has taken Doha Islamic to newer heights. The bank has been completely transformed into a dynamic entity with strong values and customer-centric approach. The Board has steered Doha Islamic to become a market pioneer in introducing innovative products and services.

Doha Islamic is determined to build on a solid base by undertaking the necessary restructuring and creating an image, while also enhancing productivity through the employment of state-of-the-art technology. The enhancement of Islamic banking through partnership with other Islamic institutions and the development of a wide range of Islamic products is an integral part of Doha Islamic’s strategy. This step comes in line with the strategy to meet the increasing demand in Islamic banking products and services, and Doha Islamic offerings in particular, from various sectors of the community. As there will be new branches in the pipeline, this will enhance Doha Islamic’s delivery channels across Doha and will increase banking convenience for their customers.

Link: http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=Local+Business&month=December2009&file=Business_News2009122191813.xml

ITS Named ‘Best Technology Provider’ at Islamic Business and Finance Awards

Al-Said:- The Award is new achievement for our strategy to offer Solutions for Islamic Banks.

International Turnkey Systems Group (ITS), a leading ICT (Information Communication Technology) provider, announced today that it has been named the ‘Best Technology Provider’ of the year at the Islamic Business and Finance Award ceremony. The Award is a testament to ITS continued pioneering position in the Islamic Banking technology solutions field of business.

The Islamic Business & Finance Awards have been designed to recognize and reward excellence throughout the global Islamic Finance community. They honor Islamic Financial institutions from around the world and emphasize on the importance and growth of Islamic finance.

Khalid Faraj Al-Said, Managing Director and General Manager of ITS, accepted the award during a gala ceremony attended by CEOs, industry professionals and top officials representing several IT firms, banks and financial institutions from the Gulf region and beyond.

“We are proud to receive the Best Islamic Finance Technology Provider Award. This award is recognition of ITS’ strategic vision, management depth and our belief in Islamic banking principles,” said Al-Said. “Over the past year, we have invested heavily in our Sharia-compliant software and solutions. With the current financial crisis, I see a prospering future for Islamic finance as it still promises stability and success in difficult times.”

Al-Said also pointed to the fact that ITS has amassed a large number of awards over the past few years which demonstrates the company’s leadership and innovative spirit in the Islamic banking solutions market. The Islamic Banking market is considered one of the fastest growing economic sectors globally, which makes it one of the most competitive as well.

The Islamic Business & Finance Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry.

ITS also walked away victorious at the recently concluded International Islamic Finance Forum Awards when it won the Best IT Solutions Provider to the Islamic Finance Industry at a ceremony honoring the region’s best Islamic finance products and services.

Link: http://www.bobsguide.com/guide/news/2009/Dec/21/ITS_Named_%E2%80%98Best_Technology_Provider%E2%80%99_at_Islamic_Business_and_Finance_Awards.html

Simmons and Simmons wins 'Islamic Finance Law Firm of the Year'

Simmons and Simmons has been awarded "Islamic Finance Law Firm of the Year" at the Middle East Legal Awards 2009. Simmons and Simmons won the award by demonstrating that it has made a profoundly significant impact on the field of Shariah compliant business in the Middle East region over the previous 12 months. The commercial and social impact of relationships and deals brokered over the last 12 months was considered highly in the judging of the award by an independent panel of experts.

Muneer Khan, partner and Head of Islamic Finance at Simmons and Simmons, said:

"We are very happy to have received this award as it recognises the successful implementation of a different vision for the practice of Islamic finance by an international law firm."

Simmons & Simmons has demonstrated a unique strength in the breadth and depth of its practice of Islamic finance. Over the last 12 months, the firm has acted on a number of technically challenging and groundbreaking transactions and has advised on the development of a broad range of structured Islamic products and funds across the region.

Based on its many years of combined practical experience, the Islamic finance team has successfully integrated the practice of law, the ability to foresee and resolve complicated Shariah issues at the earliest opportunity and the application of best practice, leading to the creation of more robust products and structures, greater efficiencies, reduced costs and accelerated timelines for clients.
Link: http://www.ameinfo.com/217785.html

Maybank Islamic wins Most Outstanding Islamic Bank award

Mohamed (left) handing over the award to Abdul Wahid.

MAYBANK Islamic Bank Berhad (Maybank Islamic) recently clinched the Most Outstanding Islamic Bank award at this year’s Kuala Lumpur Islamic Finance Forum (KLIFF) Islamic Finance Award.

This is the second year Maybank Islamic has received an award from KLIFF. Last year, it won the Most Outstanding Islamic Retail Bank award.

The awards were given to honour and acknowledge the efforts and contributions by individuals and institutions in developing Malaysia’s Islamic finance industry.

Both foreign and local Islamic financing institutions were polled for various categories of award up for grabs on the day.

Maybank president and CEO Datuk Seri Abdul Wahid Omar received the award from Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop at an award presentation ceremony held in conjunction with the 6th KLIFF Conference.

"Each year the benchmark of excellence for KLIFF’s Awards continues to be raised in selecting the winners. We are honoured with being given this award which will spur us to work even harder to ensure our continued leadership in Islamic banking in Malaysia and the region," said Abdul Wahid.

He said Maybank Islamic will continue to leverage on the group’s domestic and international network to expand the range of Islamic financial products and services to markets where the group has presence.

"In the coming year, Indonesia will be our key market for us to establish our Islamic banking services particularly in the consumer as well as investment banking segment," he said.

Maybank began offering Islamic banking services through the Islamic window concept in 1993, and in 2008, Maybank Islamic became a full-fledged Islamic banking subsidiary of Maybank.

Today, Maybank Islamic is the largest Islamic financial services provider in the country with total Shariah-compliant assets of over RM35 billion.

It commands the largest market share in Islamic financing and deposits of more than 23% each and also leads in a number of key portfolios.

Link: http://www.thesundaily.com/article.cfm?id=40408

KFH is awarded the Best Gulf Islamic Bank by Global Finance

Global Finance Group awarded Kuwait Finance House (KFH) the best Islamic bank in the gulf award and the best Islamic bank award in Kuwait in appreciation of its success and expansion at the local and global levels in general and at the gulf level in particular, in addition to its ability match between risks and investment opportunities on one hand and business requirements and growth on the other hand.

Also, it has achieved growth in assets growth, business diversification and fulfillment of customer's expectations in regard to innovative products and distinguished service signifies its leasing role in addition to its remarkable addition to the Islamic finance business.

Mr. Mohammed Suleiman Al-Omar - CEO -KFH, said upon receipt of the award from Mr. Joseph Ghutraboto - Publisher and president of Global Finance - at the ceremony organized by the group in light of the meetings of International Monetary Fund and International bank at Istanbul yesterday, that this award is considered as a significant addition to the multiple prizes and awards which KFH received recently. This award has special significance as it coincides with KFH exposure to the Gulf market following its success locally and globally. Also, the award signifies KFH commitments and adherence to global banking rules and standards. KFH has become symbol of Islamic finance industry in Kuwait and worldwide.

Mr. Al-Omar added that

"the gulf dimension occupies a large space in our growth and expansion strategy. It is a promising market. We have full confidence of achieving success and growth in it as we did in the Kuwaiti market. We obtained an investment bank license in Saudi Arabia and we are executing major real estate development projects in the eastern area and other major cities in the kingdom. Since its inception 7 years ago KFH-Bahrain has achieved significant achievements in "Durrat Bahrain" and "Muharraq Homes" projects which are considered as major projects gulf wise. We are proud to announce that KFH has executed the first and most important experiment in the Islamic banking history after transferring a traditional bank (National Bank of Sharjah) into a full Islamic bank with great success. This successful experiment reiterates trust and confidence in the Kuwaiti private sector if given the opportunity and appropriate work environment as its positive additions and contributions will be multiple"

Mr. Al-Omar stated that KFH is working on strengthening its gulf commercial ties, building cooperation and communication bridges and channels with countries where it has banks i.e. Turkey, Malaysia, Singapore, Jordan and others, in the filed of real and developmental economy that would reinforce relations among countries and nations. He indicated that KFH participation in the finance of projects in the Gulf region during the last 10 years approximated more than KD15bn including communications, infrastructure, energy, real estate development and corporate finance projects through the issuance of Sukuks or arrangement of major deals in vital fields i.e. health, education and transportation. Most of these projects carried new ideas and perceptions.

Mr. Al-Omar considered that KFH wining of the best gulf Islamic bank prize and the best Islamic bank in Kuwait prize at the same time signifies the coordination between actual work and set plans based on a single strategy that benefits from each successful positive step towards success where KFH could benefit from its work on various levels and in several markets to diversify the sources of profit, metigate risks, and avail opportunities in various fields.

Link: http://www.ameinfo.com/211589.html

Unicorn Named Best Investment Bank in Bahrain

The award was presented to Unicorn at a ceremony held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings currently being held in Istanbul.Global Finance editors, with input from industry experts, used a series of criteria to arrive at their selections. These included market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, and after-market performance of underwritings.Commenting on the awards, the editors of Global Finance said:"The time has come again, more than two years after the credit crunch first hit, to recognize those financial institutions that continue to provide outstanding services to their clients amid the turmoil in the financial world. The winners are not necessarily the biggest banks, but rather the best banks - the ones that corporations around the world should consider when looking for a financial adviser to meet their investment banking needs."Headquartered in Bahrain, Unicorn Investment Bank operates subsidiaries in the United States, Malaysia, Turkey and Saudi Arabia (through its majority shareholding in Unicorn Capital Saudi Arabia). The Bank is also a major shareholder in Dawood Islamic Bank, Pakistan. Unicorn has completed several landmark transactions since its inception, including the establishment of T'azur, a regional Takaful company; the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC; and the successful launch of the Strategic Acquisition Fund, a $1bn fund to acquire strategic stakes in commercial banks globally. The Bank has achieved consistent growth since its inception and has received widespread industry recognition for excellence and vision.

Link: http://www.istockanalyst.com/article/viewiStockNews/articleid/3534691

UK Minister Reiterates Government's Commitment to Islamic Finance as London Aspires to Become the

The UK Government remains committed to Islamic finance and will continue to work with the other authorities and with industry to establish and maintain the UK as a global gateway to Islamic finance, stressed Sarah McCarthy-Fry, Exchequer Secretary to the UK Treasury in London on Thursday.

Mrs. McCarthy-Fry, who is the minister responsible for leading Islamic finance policy at the UK Treasury, was giving the keynote address at the inaugural session of the 2009 London Sukuk Summit held on 2nd-3rd July at the Radisson Hotel in London and organized by ICG Events. The Summit, the third annual one to date organized under the theme ''Innovating for the Future: The Next Generation of Post Credit Crunch Sukuk Structures/Preparing for the Next Wave of ICM Offerings', once again attracted a good attendance from a wide variety of regulators and market players.

The Summit was preceded by a Sukuk Masterclass titled 'Understanding Sukuk - Issues, Structuring, Innovation' which was held at the offices of City law firm, Ashurst LLP and which once again was well attended. Similarly, the 2009 London Sukuk Summit Islamic Finance Awards was held on the evening of 2nd July at a Gala Dinner and which recognized the achievements and progress of institutions and individuals in the Islamic finance industry.

The Exchequer Secretary, Sarah McCarthy-Fry, speaking in the presence of Professor Rifaat Abdel Karim, Secretary- General of the Islamic Financial Services Board (IFSB) and Mohammed Tariq, Head of Treasury at the Islamic Development Bank (IDB), maintained that in these difficult times for international financial markets, "new opportunities for growth and development become increasingly important. The Islamic finance market presents huge long-term opportunities for London and for the UK....Islamic finance is an opportunity that we want to see realized for the benefit of Britain as a whole - strengthening London's position as - not just one of the world's leading financial centres - but as the world centre."

Indeed the Exchequer Secretary commended the London Sukuk Summit initiative stressing that "events like these are crucially important. They forge networks where conversations can be continued and where relationships and business can be built."

Perhaps equally important is the reassurance from Mrs. McCarthy-Fry that the decision not to issue a sovereign Sukuk by the UK Treasury at this time, "in no way reflects a diminished Government commitment to Islamic finance in the UK. I hope that other progress, including the measures announced in the recent Finance Bill (2009), will pave the way for the Islamic finance industry to grow, and that corporate Sukuk products will thrive as alternative source of funding for UK and overseas firms."

Bankers in the UK and those from abroad attending the Summit were encouraged by the minister's remarks and by the fact that the UK Treasury is soon publishing details of a consultation on the measures to facilitate corporate Sukuk issuances out of the UK.

Mohammed Tariq of the IDB confirmed that the IDB was in track in issuing its latest international Sukuk, which would be a minimum of $500m but could be higher depending on the pricing and the demand from investors. Sukuk and other capital markets instruments, he added, were a key part of the IDB's resource mobilisation strategy going forward. The IDB, he revealed, is considering also issuing a Euro-denominated Sukuk and could also go to the market with private placements to raise smaller amounts for specific and targeted use in certain markets.

The London Sukuk Summit makes a conscious effort to add value to each of its events. This year Tim Harvey, Head of EMEA Sales, ETF Securities Ltd, showcased the opportunities for investors in Islamic exchange traded funds (ETFs) and exchange traded commodities (ETCs). In fact, ETF Securities last year launched the first Islamic ETC, which is a physically backed precious metal ETC and which track the spot price of the underlying precious metal. "Precious metals," stressed Mr. Harvey, "have historically provided a safe haven, a hedge against inflation and a hedge against currency risk."

David Testa, CEO of Gatehouse Bank plc, stressed that despite the current difficult times, equity appetite is much stronger than appetite for debt-equivalent products in the Islamic space. Gatehouse Bank, he added, has a good pipeline of transactions. Future opportunities, he added, include Sukuk and syndication opportunities in the GCC; UK "blue-chip" corporate Sukuk; and social housing, clean technology and infrastructure financing opportunities in the European Union.

Haroon Ahmad, Head of Business Development, Emirates NBD Asset Management, which is pioneering Sukuk funds, said that credit tightening and default fears have led to Sukuk issues trading at deeply discounted levels. This gives access for investors to the secondary Sukuk market with low minimum investment levels starting at $25,000.

Tan Sri Zarinah Anwar, Chairman of the Securities Commission of Malaysia, in her special keynote address on 'Innovating for the future: Challenges for Islamic Capital Markets' in the inaugural session of the second day of the Summit, called on the sector to help restore faith in finance especially in the aftermath of the global crisis. The Islamic finance sector needs to pay particular attention to consumer interest, acceptability in terms of Shariah compliance, and cost competitiveness and efficiency.

Future innovation in the Islamic capital markets should focus on risk management, fund-raising and investment instruments. "Right now pools of Islamic liquidity remain fragmented and this makes it difficult to tap opportunities. What we need is to build more links between our economies and markets to promote the growth of Islamic financial markets worldwide. Financial innovation will return, albeit in a slightly modified way - and most likely for the better. With more attention given to consumer interest, acceptability, and cost-competitiveness, the Islamic capital markets will be in a strong position to benefit from the global recovery and meet the demands for risk management, investment and fund-raising."

The Shariah and Issuers Panel discussion once again was very popular. There was some consensus that Shariah advisories should be regulated either by some authority or peer organization. Similarly, some scholars agreed the need for the development of a scientific approach to the Shariah governance process.

Stephen Timms, UK Treasury Minister, also hosted a luncheon reception at the famous Lancaster House in St James' for Summit delegates in the afternoon of 3rd July. Minister Timms highlighted the importance of Islamic finance to London and the UK Government's commitment to develop alternative investment instruments to enhance London's position as a major international and Islamic financial centre and to give Muslims and others access to these products under the Labour Government's financial inclusion policy.

Full List of the 2009 London Sukuk Summit - Islamic Finance Awards Recipients

1. Outstanding Contribution to the Development of Islamic Capital Markets

Tan Sri Zarinah Anwar, Chairman, Securities Commission of Malaysia

2. Outstanding Leadership in Islamic Finance

Dr Ahmad Mohammad Ali, President, Islamic Development Bank (IDB, Saudi Arabia

3. Outstanding Contribution to Islamic Finance in the UK

Neil D. Miller, Partner, Norton Rose, United Kingdom

4. Most Innovative Islamic Financing Transaction

Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for the Djibouti Container Terminal Financing, Saudi Arabia

5. Most Innovative Sukuk Structure/Deal

Islamic Development Bank (IDB) for the RM1billion Medium Term Notes for Malaysia, Saudi Arabia

6. Best Administrator/Trustee/Bookrunner

CIMB Islamic Bank, Malaysia

7. Best Arranger(s) of a Sukuk Structure

Gatehouse Bank for the Milestone Capital Sukuk Programme, United Kingdom

8. Zaki Badawi Award for Excellence in Shariah Advisory

Dr. Daud Bakar, Malaysia

9. Zaki Badawi Award for Outstanding Young Shariah Advisory

Mufti Muhammad Nurullah Shikder, United Kingdom

10. Best International Islamic Finance Centre

Malaysia Islamic Financial Centre (MIFC)

11. Outstanding Contribution by a Law Firm to Islamic Financial Services

Norton Rose, United Kingdom

12. Islamic Banker of the Year

Ayman Sejiny, CEO, Unicorn Bank, Saudi Arabia

13. Young Islamic Banker of the Year

Nazmi Camalxaman, CIMB Islamic Bank, Malaysia

14. Outstanding Contribution by a Regulator to Islamic Financial Services

Mohammad Al-Jasser, Governor, Saudi Arabian Monetary Agency (SAMA)/

15. Most Innovative Islamic Real Estate Financing Transaction

Ali Al-Ghannam, Kuwait Finance House, for the Multi-Million Dollar Iskandar City Development Project, Kuwait

16. Best New Entrant in the Sukuk Market

Emirates ND, Dubai

17. Most Innovative Islamic Bank

Kuwait Finance House (KFH)

18. Best Sukuk Structure by a Private Corporate Issuer

Dar Al-Arkan for the SAR 750 million Sukuk, Saudi Arabia

19. Outstanding Institutional Contribution to the Islamic Finance Sector

Lembaga Tabung Haji, Malaysia

20. Outstanding Contribution in CSR by Institution Offering Islamic Financial Services

Oasis Group Holdings of South Africa for the Restoration of the Islamic Library in Timbuktu

21. Outstanding Contribution to the Development of Global Islamic Finance

National Commercial Bank of Saudi Arabia

22. Best Islamic Wealth Management Service Provider

Siraj Capital, Saudi Arabia

23. Outstanding Contribution by an Accounting & Auditing Firm to Islamic Financial Services

KPMG, United Kingdom

24. Best Sovereign/Quasi-Sovereign Sukuk Issuance

Monetary Authority of Singapore for the Reverse Enquiry Sukuk Facility

Link: http://www.zawya.com/Story.cfm/sidZAWYA20090710064848/UK%20Minister%20Reiterates%20Government's%20Commitment%20to%20Islamic%20Finance%20

Majid Al-Refai named Banker of the Year

Accepting the award, Al-Refai emphasised that financial expansion cannot be decoupled from real economic growth in Islamic finance and urged Islamic banks to work with their conventional counterparts to build a more robust financial system.

Majid Al Sayed Bader Al-Refai, the Founder, Managing Director and Chief Executive Officer of Unicorn Investment Bank, has been named ‘Banker of the Year’ as part of the Banker Middle East Industry Awards for 2009.

Al-Refai is considered to be one of the pioneers of Islamic finance, has been an active proponent of the industry for over 20 years and has established several Islamic finance institutions throughout his career, including Commerce MGI in Malaysia and First Islamic Investment Bank (now renamed Arcapita) in Bahrain. In 2004, he established Unicorn Investment Bank, headquartered in Bahrain. Al-Refai has previously been recognized for his ‘Life and Continuing Contribution to Islamic Finance’ and ‘Outstanding Contribution to the Industry’.

Commenting on the award, Nigel Rodrigues, Chief Executive of CPI Financial, publisher of Banker Middle East, said: “Mr. Al-Refai is well-known throughout the Islamic finance industry, and the fact that he has been voted ‘Banker of the Year’ by his peers is an indication of the esteem in which he is held. Mr. Al-Refai has dedicated his career to promoting Islamic finance and is a recognised industry pioneer, leader and innovator. It is a most deserved award.”

In accepting the award, Al-Refai referred to the challenging operating environment for financial institutions globally and pointed out that Islamic banks have been insulated somewhat by their lack of direct exposure to the toxic assets that precipitated the crisis. He emphasised that financial expansion cannot be decoupled from real economic growth in Islamic finance and urged Islamic banks to work with their conventional counterparts to build a more robust financial system.

Link: http://www.cpifinancial.net/v2/News.aspx?v=1&aid=2599&sec=Islamic%20Finance

Sharjah Islamic Bank wins the Sharjah Economic Excellence Award 2008

Mohammed Abdullah, CEO of Sharjah Islamic Bank, assured that winning the Sharjah Economic Excellence Award for the third time reflect quality performance, and the effective role played by the Bank in the financial sector in the Emirate of Sharjah, and this award will be added to the series of consecutive successes of SIB, which form a great incentive to continue and develop.

Mohammed Abdullah, CEO of Sharjah Islamic Bank, assured that winning the Sharjah Economic Excellence Award for the third time reflect quality performance, and the effective role played by the Bank in the financial sector in the Emirate of Sharjah, and this award will be added to the series of consecutive successes of SIB, which form a great incentive to continue and develop. This came during a ceremony honoring the winners of the Sharjah Economic Excellence Award 2008 held on Wednesday (May 27, 2009) at the main building of the Sharjah Chamber of Commerce and Industry, as SIB received the award for the finance sector of large enterprises. After receiving the award, Mohammed Abdullah mentioned that achieving the Sharjah Economic Excellence Award for the third time after 2003 and 2005 is the result of the ambitious strategy set by the Board of Directors of Sharjah Islamic Bank, which is based on the vision of H.H Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and the directives of Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Sharjah Islamic Bank. This strategy supports ongoing efforts to achieve excellence and the highest levels of quality and efficiency in banking, to establish a bank based on customer service, able to achieve beyond expectations through experienced workforce that strives for excellence. The CEO of SIB added:  'It is a great achievement to receive this prestigious award as a compliment to our efforts, and we can only offer our sincere gratitude and deep appreciation to the Government of Sharjah and the Chamber of Commerce and Industry for their continuous support for the financial sector in the emirate. This support, which played a vital role in the growth of our business.' On this occasion, I would also like to thank all bank employees for their tireless efforts and commitment to teamwork, which has had a great impact on the achievement of these successes, as we continue to achieve success after another, and we look forward to further achievements in the future in light of the expansions of SIB and the growth of its business.' Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3571&Cat=0

Islamic Finance honors Sheikh Mohammed

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, Ruler of Dubai, has received the prestigious award for his lifetime contribution to Islamic finance.

Islamic Finance honors Sheikh Mohammed

The award was made today (Sunday 26 April 2009) by the International Islamic Finance Forum, the most important networking event in the Islamic finance industry calendar now in its ninth year and currently taking place at the JW Marriott Hotel, Dubai (until Thursday 30 April 2009).

The award is in recognition of Sheikh Mohammed's continued support of the forum of which he has been the patron since it was first launched in March 2002. The award was received on behalf of Sheikh Mohammed by his son HH Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum. The award was presented by Rushdi Siddiqui, Global Head of Islamic Finance for Thomson Reuters. 

'The forum, with participants from countries throughout the world, tracks the latest developments in a growing and fascinating financial sector. His Highness Sheikh Mohammed's vision and support of the forum since its beginning continues to mark Dubai and the UAE as leaders in the global Islamic finance industry."

said Siddiqui, who is also chairing the current forum. 

The International Islamic Finance Forum Awards promote excellence in Islamic finance and recognise the significant contributions and important developments in the Islamic financial sector. 

Other winners include: Best new Islamic bank - Gatehouse Bank; Takaful operations - Abu Dhabi National Takaful Company; Islamic asset/wealth management - HSBC Amanah; Islamic legal practice - King & Spalding; Research in Islamic finance - Kuwait Finance House; Alternate channels In Islamic Banking - Dubai Bank; IT solutions provider - ITS Group; Innovation In card application - Qatar Charity and Qatar Islamic Bank; Equity Deal Of The Year - Saudi Hollandi Bank; Innovation in Shari'ah compliant card - Dubai Bank. 

Strategic partner of the 2009 International Islamic Finance Forum in Dubai is the Dubai International Financial Centre; platinum sponsor is the International Turnkey Systems Group; gold sponsors are Path Solutions and DLA Piper; silver sponsor is Dubai Bank.

Link: http://www.ameinfo.com/194108.html

AAOIFI Wins Islamic Finance Award, 15 April 2008

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) was awarded the prestigious Award for Continuing Contribution in Promoting Islamic Finance at the International Islamic Finance Forum, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of United Arab Emirates and Ruler of Dubai.  
Dr Mohamed Nedal Alchaar, Secretary General of AAOIFI received the award at the Awards Gala Lunch in Dubai.  He remarked that the award is a testimony of AAOIFI’s significant achievement in formulating international Islamic standards that have introduced greater harmonization of Islamic finance practices and transparency in financial reports of Islamic financial institutions.
AAOIFI is the international organization responsible for development and issuance of standards on accounting, auditing, ethics, governance, and Shari’a.  It has issued a total of 68 standards covering the whole range of Islamic finance practices that are accepted globally.  The standards are used in all the leading jurisdictions that offer Islamic finance including Bahrain, Dubai International Finance Centre, Kuwait, Lebanon, Malaysia, Pakistan, Qatar, Saudi Arabia, Sudan, Syria, and United Arab Emirates.
“The advantages and benefits of Islamic finance are embedded in the Shari’a principles for Islamic finance.  In order to ensure that these advantages and benefits are incorporated in Islamic finance practices, the Shari’a principles must be adhered to.  AAOIFI standards ensure Islamic financial institutions comply to Shari’a and facilitate their product development processes.  The standards also introduce greater clarity to the financial reporting of Islamic financial institutions.” said Dr. Mohamed Nedal Alchaar, the Secretary – General of AAOIFI.
AAOIFI, based in Bahrain, is supported by over 170 institutional members comprising central banks and monetary authorities, financial institutions, accounting and auditing firms, and other Islamic finance service providers, from over 35 countries.  In order to promote wider adoption and technical application of the standards, AAOIFI offers professional development programs such as the Certified Shari’a Adviser and Auditor (CSAA) and Certified Islamic Professional Accountant (CIPA).

Link:

http://www.aaoifi.com/Latestnews.html