GLOBAL: The IFN Best Banks Poll 2023, now in its 19th year, witnessed almost half of the incumbents replaced, with the global categories recording around 90% new winners compared with the previous year.
The poll received 28,338 votes for nine global categories across 21 countries, highlighting the significant role played by Islamic banks globally.
In the global awards category, Saudi Central Bank (SAMA) secured the Best Central Bank in Promoting Islamic Finance, beating competitors Bank Negara Malaysia and the State Bank of Pakistan. SAMA’s proactive approach to enhancing the country’s finance regulatory landscape contributed to its victory.
Al Rajhi Bank maintained its position as the Best Islamic Private Bank, while Dubai Islamic Bank (DIB) dethroned Meezan Bank as the Best Islamic Retail Bank.
The Best New Islamic Bank title went to Salaam Bank Uganda, signaling a new era for Shariah banking in the East African nation. Emirates Islamic claimed the Most Innovative Islamic Bank award, demonstrating its commitment to digital and innovation initiatives. HSBC secured the Best Islamic Trustee/Custodian title, and Abu Dhabi Islamic Bank reclaimed its crown as the Best Islamic Bank for Treasury Management.
Standard Chartered emerged as the Best Islamic Investment Bank, involved in major transactions such as the Philippines’s debut Sukuk and the UAE’s treasury Sukuk.
The shortlisted banks for the prestigious Best Overall Islamic Bank are CIMB Islamic Bank, Dubai Islamic Bank, Emirates Islamic, Saudi National Bank and Standard Chartered Saadiq.
Country-specific awards highlighted notable achievements, with institutions like Bank ABC Islamic in Bahrain, Islami Bank Bangladesh, and Al Baraka Bank South Africa securing top positions. The poll recognized consistent performers like Kuwait Finance House, CIMB Islamic in Malaysia and Meezan Bank in Pakistan. The UAE’s DIB claimed Best Islamic Bank, while Gatehouse Bank maintained its status as the Best Islamic Bank in the UK.
The winners will be celebrated at the IFN Awards Ceremony in Dubai on the 25th April 2024, showcasing the resilience, innovation and excellence within the Islamic banking sector amid a challenging global landscape.
Read the full story on the winners HERE.
IFN Best Banks Poll 2023 – Global winners | |||
Winner | First runner-up | Second runner-up | |
Best Central Bank in Promoting Islamic Finance | Saudi Central Bank | Bank Negara Malaysia | State Bank of Pakistan |
Best Islamic Private Bank | Al Rajhi Bank | Kuwait Finance House | Maybank |
Best Islamic Retail Bank | Dubai Islamic Bank | Meezan Bank | Al Rajhi Bank |
Best New Islamic Bank | Salaam Bank Uganda | Padma Bank | N/A |
Most Innovative Islamic Bank | Emirates Islamic | Al Rajhi Bank | Dubai Islamic Bank |
Best Islamic Trustee/Custodian | HSBC | Maybank | Standard Chartered Bank |
Best Islamic Bank for Treasury Management | Abu Dhabi Islamic Bank | HSBC | First Abu Dhabi Bank |
Best Islamic Investment Bank | Standard Chartered Bank | Emirates NBD | CIMB Islamic |