Standard Bank Wins Africa's Best Islamic Bank – Two Years in a Row
In 2024, Standard Bank Shari'ah Banking became the first Sub-Saharan African bank to win the title of Africa's Best Islamic Bank. This continued recognition highlights the market's appreciation of Standard Bank's innovative solutions tailored to meet the continent's growing demand for Islamic finance.
'We're honoured to receive this prestigious recognition for the second year running. Being named Africa's Best Islamic Bank reaffirms our commitment to innovation and to delivering principled, Shari'ah-compliant solutions tailored to our clients' unique needs,' says Ameen Hassen, Head of Shari'ah Banking at Standard Bank.
He adds that the award reflects the exceptional teamwork driving the bank's efforts to advance Islamic finance across the continent.
The Euromoney Islamic Finance Awards honour institutions that have made a significant impact by driving innovation and growth in Islamic banking and finance.
Standard Bank Shari'ah Banking has led several industry firsts, including the world's first Shari'ah-compliant Diners Club card, South Africa's first fintech enabled unsecured Shari'ah compliant working capital solution through the Merchant Capital Shari'ah Advance and the first Shari'ah Compliant term facility in South Africa offered by a commercial bank. Over the past five years, its assets have grown by 82%, outpacing the 79% growth in liabilities over the same period.
'We see Islamic finance as a powerful enabler of economic growth in Africa, especially in Sub-Saharan regions, which are home to 18% of the global Muslim population,' adds Hassen.
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