07/12/2017 11:09 AST

Al Baraka Bank has been recognised as the ‘Best Performing Islamic Bank’ in Bahrain during the 24th World Islamic Banking Conference (WIBC) that concluded yesterday on a high note in the Kingdom.

The award, for top Islamic financial institutions at the global, regional and country level - based on their performance in the WIBC Leaderboard, was announced during a high profile Gala Dinner held on Tuesday.

WIBC Leaderboard is a groundbreaking performance assessment tool aimed at enabling Islamic financial institutions to benchmark their performance against their peers.

Boubyan Bank bagged the Global, GCC and Kuwait region awards as well as the Corporate Social Responsibility (CSR) Award.

The awards were given away by Rasheed Mohamed Al Maraj, Governor of the Central Bank of Bahrain.

Middle East Global Advisors - a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets organised the conference in strategic partnership with the Central Bank of Bahrain.

The three-day long forum spearheaded a series of discussions gravitating around the theme of “Drivers of Economic Growth & Risks: Policymakers & Regulators”.

A number of experts from around the world spoke at the conference. One of the highlights of the event was an onstage interview with Adnan Ahmed Yousif, Chief Executive and President, Al Baraka Banking Group, who shared his vision for the next 40 years of Islamic Banking. The interview focused on lessons from the past, the analysis of the current state of the industry and the future of Islamic banking.

Expressing his vision for Islamic Banking in the next 10 years, Yousif said, “Islamic banking assets share will increase from 15 per cent to 25-35pc with the primary growth drivers being regionalisation, digital acceleration and innovative business models for emerging markets.”

He pointed out that there is “ample room for growth” as Islamic banking rarely exceeds a third of total market share, even in the Gulf Cooperation Council (GCC) countries and Malaysia. “Several potential markets with large Muslim populations remain largely untapped, such as India and the Commonwealth of Independent States countries, made up of the former Soviet republics.”

Adnan Ahmed Yousif also spoke on the need to fully exploit the Islamic banking niche, which means “targeting customer segments that care most deeply about Sharia compliance in their financial dealings as well as offering products and services that meet not only general financing but also Muslim-specific customer needs”.

“Overall banking penetration in many of the industry’s core markets is still low,” he said adding: “As competition intensifies, Islamic banks will have to adopt more sophisticated, customer-centric sales approach.”

Other key highlights of the event included the digital-banking focused panel and panel discussions focusing on dynamic capital markets, sustainable, equitable & inclusive growth, a potential of disruptive technologies and new horizons for Islamic finance. Leading industry experts analysed the challenges at hand.

Best performing Islamic Banks - Regional Awards

Levant: Safwa Islamic Bank

South East Asia: Maybank Islamic Berhad

South Asia: Social Islami Bank

Best performing Islamic Banks - Country Awards

Bahrain: Al Baraka Bank Bank

Saudi Arabia: Al Rajhi Bank

United Arab Emirates: Dubai Islamic Bank

Egypt: Faisal Islamic Bank of Egypt

Jordan: Safwa Islamic Bank

Turkey: Türkiye Finans Katilim Bankasi A.S.

Indonesia: PT Bank Syariah BNI

Malaysia: Maybank Islamic Berhad

Bangladesh: Social Islami Bank

Pakistan: Meezan Bank Limited


News of Bahrain

Dagong and IIRA maintain the Ratings of Al Baraka Banking Group

19/10/2017

Dagong Global Credit Rating Company Limited (“Dagong”) and Islamic International Rating Agency (“IIRA”) have jointly maintained foreign and local currency ratings assigned to AlBaraka Banking Group (

CP Financial

Al Baraka Banking Group completes inaugural Sukuk transaction

01/06/2017

Following a 15 year presence in the Shari'ah compliant market, ABG has successfully completed the transaction of its maiden Sukuk issuance. The Sukuk was well received in the GCC, Asian and European

CPI Financial

Al Baraka Banking gives initial price guidance for dollar Sukuk

23/05/2017

Bahrain's Al Baraka Banking Group has given an initial price guidance in the low- to mid-8 percent area for a potential U.S. dollar-denominated Tier 1 sukuk non-callable for five years, a document i

Reuters

Ticker Price Volume
QNBK 124.49 629,141
SABIC 100.91 2,837,584
STC 68.05 146,812
ADNOCDIST 2.64 8,269,986
PETRORABIGH 14.71 2,002,908
BURUJ 33.16 457,204
KCIN 1,300.00 0
BARKA Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
GFH 0.44 0.00 (0.00%)
ABC 0.28 0.00 (0.00%)
INVCORP 8.30 0.00 (0.00%)
TAIB 2.74 0.00 (0.00%)
BCFC 0.70 0.00 (0.00%)
DIB scoops four accolades at Islamic Business and Finance Awards 2017

14/12/2017

Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, picked up four major awards at the Islamic Business & Finance Awards 2017, a prestigious industry event that endorses and recognises tho

CPI Financial

NBF retains “Best Islamic Window–UAE” Award

14/12/2017

NBF Islamic has once again taken home the coveted accolade titled “Best Islamic Window–UAE” for the second consecutive time at the Islamic Business & Finance Awards 2017.

Prevailing over f

CPI Financial

FAB inaugurates new HQ after merger

14/12/2017

First Abu Dhabi Bank (FAB) marked the official inauguration of its new headquarters in Abu Dhabi’s Khalifa Business Park at an event attended by senior management.

The new location marks t

Gulfnews

Etisalat signs 15-year lease pact with Gulf Data Hub

14/12/2017

Etisalat signed an exclusive 15-year wholesale lease agreement with Gulf Data Hub to acquire the full capacity of its Tier III data centre to provide data centre services to private enterprises, gove

Gulfnews

Batelco EGM approves key resolutions

14/12/2017

Batelco, an international telecommunications group with operations across 14 countries, today held an extra-ordinary general meeting to discuss proposed changes to Batelco’s Memorandum and Articles o

Trade Arabia