On the back of landmark transactions, continued digital transformation and strategic expansion, the Islamic Finance arm of Bank ABC excelled at Global Finance’s World’s Best Islamic Financial Institutions Awards.
MENA Newswire: Bank ABC Islamic, the Islamic Finance arm of Bank ABC, has won the ‘Best Islamic Financial Institution in Bahrain’ title at Global Finance World’s Best Islamic Financial Institutions Awards for 2023. This remarkable recognition stands testament to the Bank’s outstanding performance and considerable progress towards its strategic digital transformation and expansion aspirations, bolstering its market share while further enhancing customer experience.
The front-runners for the awards have been chosen after considerable consultation with leading industry experts and adhering to stringent selection criteria. The winners of this year’s Global Finance awards are financial institutions that have contributed to the growth of the Islamic finance industry, having successfully met their customers’ needs for Shariah compliant products with modern and efficient delivery channels, while creating the foundation for continued growth in the future.
“We are honoured and grateful to be presented with this award from an internationally recognised platform like Global Finance,” said Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, commenting on this significant win. “A prestigious acknowledgement like this renews our commitment towards excellence in all that we do. We continually strive to expand our regional footprint and future-proof our Islamic Banking offering to meet our clients’ ever evolving needs. This achievement would have not been possible without the tireless dedication of the team at Bank ABC Islamic and support from the parent, Bank ABC, and I am deeply thankful to them for it.”
“Bahrain’s Islamic banking market share is expected to increase to over 50% of total domestic banking sector assets. Bank ABC Islamic posted a 30% increase in net profits compared to 2021 delivering strong 2022 results, the bank benefits from the Bank ABC Group’s innovative platforms and cutting-edge technology,” said Joseph Giarraputo, Global Finance President & Editorial Director.
Bank ABC Islamic proved to be a top contender for the award, following significant recent achievements in the Islamic Banking sphere. Most notably, the Bank led and supported major Islamic finance transactions in the region. The Bank acted as Joint Lead Manager and Bookrunner for a US$750 million senior unsecured Sukuk for Dubai Islamic Bank (DIB), and subsequently a second Sukuk for DIB; Joint Lead Manager and Bookrunner for a US$500 million senior unsecured Sukuk for Boubyan Bank; and Coordinator, Bookrunner and Underwriter for Aluminum Bahrain’s US$1.6 billion dual tranche syndicated facility. Moreover, the Bank acted as Mandated Lead Manager for Noga Holding’s dual tranche syndicated facility, valued at US$1.075 billion.
Embracing the digital way of banking, Bank ABC Islamic has accelerated the digital transformation of its Islamic offering. The launch of its digital onboarding service has significantly enhanced client experience and growth. Furthermore, the Bank has made considerable progress towards the digitisation of its Global Transaction Banking offering with advanced workstreams focusing on enhanced cash management and trade platforms.
In parallel, Bank ABC Islamic’s global outreach and strategic expansion endeavours continued to gain momentum. Regulatory approvals to set up an Islamic window at Bank ABC’s DIFC branch in the UAE have been secured to exclusively cover Islamic Banking clients with on-the-ground presence in Dubai.
The Bank’s Islamic banking window in Algeria, alburaq, launched in 2021, has proved to be increasingly fruitful, as it continued to expand in the country and multiply growth through the onboarding of new corporate and retail clients since its inception.