MANAMA: Boubyan Bank, a Kuwait-based Islamic bank, has won the best performing Islamic bank awards on a global level, at the GCC regional level and at the national level at the World Islamic Banking Conference (WIBC) 2017.
A high-profile gala dinner event on Tuesday saw Central Bank of Bahrain Governor Rasheed Al Maraj awarding 16 winners that had registered the best performance in the third series of the WIBC leaderboard.
Top performing Islamic financial institutions vied for three categories of the awards – one global award; four regional awards for world regions GCC; South East Asia, South Asia and Levant; and 12 country awards for Bahrain, Bangladesh, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, the UAE and Saudi Arabia.
The Best Performing Islamic Bank for Levant was Safwa Islamic Bank, which also won the country award for Jordan, as did Maybank Islamic Berhad, winning for South East Asia and Malaysia and Social Islami Bank that won the Best Performing Islamic Bank for South Asia and for Bangladesh.
Al Baraka Bank was declared the Best Performing Islamic Bank in Bahrain, while Al Rajhi Bank won the award for Saudi Arabia and Dubai Islamic Bank for the UAE.
Faisal Islamic Bank, Turkiye Finans Katilim Bankasi, PT Bank Syariah BNI and Meezan Bank were the winners for Egypt, Turkey, Indonesia and Pakistan respectively.
Boubyan Bank also bagged the Corporate Social Responsibility Award.
Introduced in 2015, the WIBC leaderboard is a first-of-its-kind comprehensive assessment tool that acts as an innovative benchmark to help Islamic financial institutions gauge and assess their performance in comparison with their core competitors.
The leaderboard provides industry participants with dynamic and visual rankings of Islamic banks as compared with their peers at the global, regional and national levels, based on various robust financial and governance metrics.
In addition to the individual metrics, banks were also ranked on the basis of an aggregate score, which forms the apex of the WIBC leaderboard.
This aggregate index holistically ranks entities on the basis of the aforementioned financial and governance measures.
The data employed in creating the assessment framework has been sourced from the ICD Thomson Reuters Islamic Finance Development Indicator and Orbis Bank Focus.