Once again, IFN is delighted to announce our annual awards issue, which recognizes and unites the exceptional performance of so many sterling players within the Islamic financial industry and across the global financial markets. From banks to law firms, Sukuk issuers to service providers, this guide brings you the very best in show from the movers and shakers who are stirring up the sector and surging forward with innovation, dedication and inspiration.
2016 was a volatile year for Islamic finance, and one that saw as many troughs as peaks. While Sukuk issuance flattened and the corporate market remained cautious amid continued concerns of Fed rate hikes and emerging market turbulence, sovereign transactions were the star players and have driven markets forward through major ticket sizes and unprecedented investor demand.
In our Deals of the Year, Malaysia, the UAE and Saudi Arabia emerged as champions, with domestic demand strong and international influence increasing. Pakistan and Indonesia also remain on the radar, although other potential players such as Turkey saw their ambitions falter. However, in a tough year for the debt capital markets the depth and breadth of deals was impressive, with eight Sukuk transactions and seven syndicated deals winning the day. Read on to discover who took home the final prizes on Page 28.
Our Best Banks Poll for 2016 also demonstrates the endurance and strength of the industry during tough times. And with over 26,000 votes from across the world, it is clear that banking performance remains one of the most important indicators of sectoral health. In a year that saw the Brexit vote, a Trump victory, a rate hike, massive currency fluctuations across Southeast Asia and continuing geopolitical turbulence across the Middle East, Islamic banks dug their heels in to produce a strong performance despite the headwinds. The winners can be found on Page 44.
And of course, no awards issue is complete without the unsung heroes of behind the scenes: the stalwart supporters of Islamic finance transactions throughout every incarnation. IFN is delighted to recognize the leaders in the field of legal advice and service provision for the industry, and we salute them for their dedication.
Once again, these pages provide a showcase of the very best and brightest in the Islamic finance industry – and demonstrate that even in the darkest of times, the commitment and inspiration of its experts will always shine through. I wish you all a rewarding read.