Latest news with #ShariaCompliant
Zawya
3 days ago
- Business
- Zawya
Al Baraka Bank Egypt wins 'Most Impactful Islamic Financial Institution of 2025' award from the IsDB Group
Cairo – Al Baraka Bank Egypt has been awarded the prestigious title of 'Most Impactful Islamic Financial Institution of 2025' by the Islamic Development Bank (IsDB) Group. This notable recognition highlights the bank's pivotal role in supporting economic and social development. The award was received by Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, from Dr. Khaled Khalafallah, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), during the Private Sector Forum Awards Ceremony (PSF 2025), held as part of the annual meetings of the Islamic Development Bank Group in the Algerian capital. This accolade reflects Al Baraka Bank Egypt's distinguished position as a leading institution in providing Sharia-compliant banking products and services that cater to the needs of a wide range of clients, from individuals to corporations. Notably, the bank has successfully expanded its correspondent banking network to cover over 130 countries worldwide, significantly enhancing its capabilities in sustainably supporting foreign trade finance. The award also underscores the bank's remarkable growth in both direct and indirect financing portfolios targeted at small and medium-sized enterprises (SMEs), driven by its dedication to delivering fast, innovative financial solutions. Among its flagship programs are 'Ezdehar' and Medical Financing, with the total value of the SME financing portfolio surpassing USD 220 million in just three years. This achievement marks a significant milestone in the bank's journey toward empowering SMEs, reflecting its firm commitment to offering specialized financial solutions built on a deep understanding of this vital sector. Through these efforts, the bank has provided optimal support to over 930 small and medium-sized projects across key sectors that contribute to national economic development. Al Baraka Bank Egypt believes that empowering entrepreneurs is a cornerstone of economic progress and an investment in a more prosperous and sustainable future. The bank continues to develop innovative financing programs that unleash the potential of the SME sector and open new avenues for growth and expansion. Beyond new programs, the bank's support for SMEs is rooted in a comprehensive, long-standing strategy that focuses on providing flexible financing solutions tailored to meet the diverse needs of this dynamic segment.
Trade Arabia
6 days ago
- Business
- Trade Arabia
Bank ABC Islamic named ‘Best Sukuk House in Bahrain'
Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on May 20 in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The bank has provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said: 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented: ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth $12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base. – TradeArabia News Service
Zawya
6 days ago
- Business
- Zawya
Bank ABC Islamic named ‘Best Sukuk House in Bahrain'
Bahrain - Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on May 20 in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The bank has provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said: 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented: ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth $12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Al Bawaba
6 days ago
- Business
- Al Bawaba
Bank ABC Islamic Named ‘Best Sukuk House in Bahrain' at Euromoney Islamic Finance Awards 2025
Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the Bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on 20 May, 2025, in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The Bank has successfully provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said, 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The Bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the Bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented, ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth US$12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base.
Zawya
20-05-2025
- Business
- Zawya
EDB, IsDBI and London Stock Exchange Group publish new report on the future of Islamic finance in Central Asia
Algiers - The Eurasian Development Bank, the Islamic Development Bank Institute and the London Stock Exchange Group have published a joint research on the future of Islamic finance in Central Asia. The joint research was presented at the 2025 Islamic Development Group's Annual Meetings in Algiers, Algeria. This report provides a comprehensive analysis of the current status and prospects of Islamic finance globally and in Central Asia, comprising Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The report makes practical recommendations and strategic considerations tailored to the specific dynamics of the region, addressing regulatory harmonisation, capacity building, product innovation, and awareness campaigns. The research demonstrates that the region offers a unique opportunity for the growth of Sharia-compliant financial products and services, due to its rich cultural heritage, significant Muslim population, and rising demand for investments. The region of Central Asia (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan) is dynamically changing, and its role in Eurasia and the world needs to be reassessed. The population of Central Asia is 80 million people. This is a 40% increase since 2000. It keeps growing at 2% per year. In 2024, the aggregate GDP of the Central Asia countries was $519 billion). Over the last two decades, it grew nominally at 6.4% on average. Foreign trade turnover has increased almost ninefold since 2000. Foreign direct investments have increased 17 times. For over 20 years, Central Asia has been growing faster than developing countries on average. Sharī'ah-compliant financing, as a relatively new (more than 30 years old) and fast-growing segment of the global financial system, plays an increasingly important role in the sustainable development of the Central Asian states. All governments of the region are paying special attention to the development of Islamic finance. Islamic finance offers a unique opportunity for Central Asia to promote inclusive growth, financial stability, and sustainability. Overcoming challenges such as regulatory inconsistencies and talent shortages will require coordinated efforts and innovative solutions. By capitalizing on its strategic advantages, the region can position itself as a key player in the global Islamic finance industry. The region of Central Asia currently has 11 Islamic banks and 11 non-banking financial institutions, as well as Islamic banking windows. Other institutions include takaful operators, microfinancing, investment companies, Ijara or leasing companies, and Islamic FinTechs such as digital banks and wealth management platforms. Islamic capital market instruments such as ṣukūk are developing more slowly than Islamic financial institutions, however. Islamic finance assets in Central Asia amount to USD 699 million at the beginning of 2024. According to the Islamic Finance Development Report 2024, Kazakhstan ranks 19th in the world in terms of Islamic finance development in 2024 (i.e. above the global average) and leads the Central Asian market. In the next ten years, there is a perspective for significant growth and development in the Islamic finance industry in the region, driven mainly by the Islamic banking sector and the ṣukūk asset class (Energy, Transport & Logistics, Industry, Food Security and Social Infrastructure are priority areas of investment). A baseline scenario based on the growth of financial intermediation and an estimate of the change in the share of Islamic finance in the financial sector structure was used to project the increase in Islamic finance assets in the region. This approach assumes an increase in Islamic banking assets in Central Asia to the level of USD 2.5 billion in 2028 and USD 6.3 billion in 2033. Given the favourable demographics, strong economic growth, and the substantial size of the banking industry in each of the five Central Asian nations, Kazakhstan is expected to be the leader, followed closely by Uzbekistan. The region's Ṣukūk market is also expected to witness significant expansion: the baseline forecasts suggest that Ṣukūk market is anticipated to grow to USD 2.05 billion by 2028 and USD 5.6 billion by 2033. Figure – Islamic Finance market Outlook for Central Asia The Islamic finance industry faces challenges such as lack of standardisation, and the need for robust risk management frameworks. For that reason, regulatory harmonisation across Central Asian countries is crucial to attract foreign investment and facilitate cross-border transactions. The report stresses the need for cooperation of the multilateral financial institutions and International Islamic banks on creating Sharia-compliant products and services tailored to the specific needs of Central Asian markets, including development of 'Islamic windows' in conventional financial institutions as a sustainability milestone and innovative solutions for microfinance, agriculture financing, and renewable energy financing. International Islamic banks from more mature Islamic finance jurisdictions such as the Gulf countries and Southeast Asia can help build capacity in Central Asian Islamic banking ecosystems and can enable knowledge transfers in Central Asian countries to enhance the levels of Islamic finance technical expertise they can draw upon. 'One of the EDB's strategic priorities is to become a platform for Islamic finance in Central Asia. The further development of Islamic finance in Central Asia will expand financial inclusion and connect local businesses to the global Islamic market, contributing to regional economic growth. With the Islamic Development Bank Group's support, EDB has started to develop an 'Islamic Window' for financing projects in accordance with Sharia principles. The priority areas of investments will be energy, transport, social infrastructure, food security and industry', says Mr Nikolai Podguzov, EDB Chairman. In a message published in the report, Chairman of the IsDB Group, H.E. Dr. Muhammad Al Jasser, said, 'The Islamic Development Bank Group is committed to supporting the advancement of Islamic finance in Central Asia and beyond. Our collaboration with Eurasian Development Bank demonstrates how development banks can work together to create inclusive and resilient financial systems.' The report concludes that Islamic finance holds immense potential to contribute to economic development, financial inclusion, and foster good governance practices in Central Asia. By capitalizing on the region's unique opportunities and addressing existing challenges through collaborative efforts, Islamic finance can emerge as one more source of sustainable growth and prosperity in the region. The report ' The Future of Islamic Finance in Central Asia' is accessible on IsDBI website here: -Ends- The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By 2025, the EDB's cumulative portfolio comprised 305 projects with a total investment of US $16.5 billion. The Bank's portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank's operations are guided by the UN Sustainable Development Goals and ESG principles. The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. IsDBI enables economic development through pioneering research and original economic analysis, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives.
