Latest news with #EuromoneyIslamicFinanceAwards
Business Recorder
3 days ago
- Business
- Business Recorder
Euromoney Islamic Finance Awards: BankIslami named Best Islamic Bank in Pakistan
KARACHI: BankIslami has been named the Best Islamic Bank in Pakistan at the Euromoney Islamic Finance Awards 2025, a leading global benchmark for excellence in financial services. The award highlights BankIslami's commitment to its mission of Saving Humanity from Riba (interest) and its leadership in Pakistan's fast-growing Islamic finance sector. The Euromoney Islamic Finance Awards, now in their 16th year, recognize institutions that excel in innovation, integrity, and impact within Islamic banking worldwide. BankIslami's recognition came for its customer-first approach, innovative financial solutions, and focus on ethical, Shariah-compliant banking practices amid a global surge in demand for interest-free financial services. 'This recognition goes beyond financial performance—it reflects the trust our customers place in us and our dedication to delivering Shariah-compliant services that meet the needs of Pakistanis,' said Rizwan Ata, President and Chief Executive Officer of BankIslami. 'We're honoured by this global acknowledgment and see it as a call to do more for Pakistan', he added. Since its inception, the bank has played a pioneering role in developing Pakistan's Islamic finance landscape, from deploying biometric ATMs to being among the first to launch Islamic digital banking solutions. With a network of over 500 branches in 210+ cities, BankIslami has expanded its reach through targeted Shariah-compliant financial products tailored to both individual and business needs, including Hajj savings plans and SME financing. 'At BankIslami, we believe innovation guided by purpose creates lasting impact. This recognition belongs to our customers, who are at the heart of everything we do and have stood by us every step of the way. We are deeply grateful for their continued support and the shared journey that has brought us to this milestone,' said Imran Shaikh, Dy. Chief Executive Officer of BankIslami. BankIslami remains committed to advancing its mission by rolling out new Shariah-compliant financial tools, expanding its reach to more Pakistani households through technology-driven solutions, partnerships with community-based organizations, and promoting financial literacy for inclusive, ethical banking. Copyright Business Recorder, 2025
SowetanLIVE
28-05-2025
- Business
- SowetanLIVE
Standard Bank crowned Africa's Best Islamic Bank — again
'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 says 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; SA'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 SA 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,' says Hassen. He says Standard Bank's Shari'ah Banking continues to innovate to ensure that Islamic banking plays a bigger role in Africa's economic development. This article was sponsored by Standard Bank.
TimesLIVE
28-05-2025
- Business
- TimesLIVE
Standard Bank crowned Africa's Best Islamic Bank — again
'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 says 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; SA'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 SA 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,' says Hassen.
Daily Maverick
23-05-2025
- Business
- Daily Maverick
Standard Bank Wins Africa's Best Islamic Bank – Two Years in a Row
Standard Bank's Shari'ah Banking has been crowned Africa's Best Islamic Bank for the second consecutive year at the 2025 Euromoney Islamic Finance Awards. The bank also received the award for South Africa's Best Islamic Bank. 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.
Saraha News
12-02-2025
- Business
- Saraha News
Bank ABC Islamic announces 2024 year-end net profit of US$52.3 million
Manama, Bahrain: Bank ABC Islamic – today announces its results for the year ending 31, December 2024: The Bank achieved 13% growth year-on-year with net profit of US$52.3 million compared to US$46.3 million for the last year. The increase in profitability was driven by core business growth and higher average asset volumes. The balance sheet remained healthy, maintaining strong capital ratio. Bank ABC Islamic, has won the title of 'Best Islamic Financial Institution in Bahrain' at Global Finance's World's Best Islamic Financial Institution Awards 2024. This prestigious recognition attests to Bank ABC Islamic's robust financial performance, commitment to continuous digital transformation, and strategic expansion while consistently offering customers tailored Islamic Finance solutions Other awards received by Bank ABC Islamic in 2024 include, Best Islamic Finance Bank in Bahrain by IFN Banks Poll Bahrain's Most Transformed Islamic Bank by Euromoney Islamic Finance Awards Islamic Finance Deal of the Year – North America for Bank ABC's role as JLM & Bookrunner in US$ 600 million corporate Sukuk transaction for Air Lease Corp. – Euromoney Islamic Finance Awards Key Performance Highlights Net profit of US$52.3 million, 13% higher than last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at US$178.7 million, 20.0% higher than last year, while net income attributable to quasi-equity increased by 23.8%. Operating expenses of US$13.8 million, 26.7% higher compared to US$10.9 million for last year. The bank's capital base remains very strong with a capital adequacy ratio of 45.9%. Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic said, 'We are extremely pleased to announce a solid performance for 2024, with a net profit of $52.3 million. This 13% year-on-year increase in net profitability, despite challenging market and economic environment, is reflective of the Bank's commitment to sustained growth and resilience. We have continued to strengthen our core business lines while making targeted investments in digital transformation to better serve our customers and adapt to their changing needs. This has been recognized by the market and the Bank has received several awards during the year, notably Best Islamic Financial Institution in Bahrain by the prestigious Global Finance, second consecutive year in a row. This could not have been possible without the tireless efforts of a dedicated team, the support of its shareholder, Bank ABC and with the guidance from the Board of Bank ABC Islamic. I am thankful to the hardworking team of Bank ABC Islamic, as well as to the Board and the shareholders. On behalf of the Board of Bank ABC Islamic Bank, I would like to take this opportunity to thank the Shariah Supervisory Board of the Bank and Central Bank of Bahrain for their continued guidance and support. We look forward to starting the new year with renewed energy and vigour and with cautious optimism of an even better performance in 2025.' Business Performance (three-months period): Net profit for the fourth quarter was US$14.4 million compared to US$11.2 million reported in the fourth quarter of last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity for the fourth quarter stood at US$47.4 million, 23.4% higher than fourth quarter of last year, while net income attributable to quasi-equity increased by 34% compared to the same period of last year. Operating expenses were US$2.6 million, compared to US$2.5 million for the same period of last year. Business Performance (Full Year): Net profit of US$52.3 million, 13% higher than last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at US$178.7 million, 20.0% higher than last year, while net income attributable to quasi-equity increased by 23.8%. Allowances for credit losses for the year were a charge of US$1.4 million compared to US$1.8 million reported last year. Operating expenses of US$13.8 million, 26.7% higher compared to US$10.9 million for last year. Adjusting for the extraordinary one-off charge, expenses were 5.6% higher than last year. Balance Sheet: ABC Islamic Bank's total assets stood at US$2.865 billion as of December 31, 2024, compared to US$2.501 billion at 2023 year-end. Investments were at US$1.3 billion, compared to US$809 million at 2023 year-end. Murabaha receivables, Ijarah and Musharaka investment were at US$1,550 million, compared to US$1,566 million at 2023 year-end. Shareholders' equity on December 31, 2024, stood at US$364 million, compared to US$328 million at 2023 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 45.9%, predominantly Tier 1, which totalled 44.8%.
