For the 13th year running, IFN is pleased to reveal the winners of the IFN Service Providers Poll, the market-leading poll honoring the indispensable pillars of the global Islamic finance sector.
This year’s poll received a record-breaking number of votes since IFN revamped the voting verification system to eliminate discrepancy and duplication to ensure fairness and accuracy. From consultancies, technology providers to standard-setting bodies, 11 categories were contested to determine the brightest and most influential Islamic finance service providers supporting operations, facilitating transactions and reinforcing proper governance and transparency, all vital in ensuring the sustainability and success of the Islamic finance industry as it continues its positive growth trajectory.
IFN would like to extend our most sincere and heartiest congratulations to all winners and deepest gratitude to all voters for making the IFN Service Providers Poll the most trusted yardstick for performance and benchmark of excellence for the industry’s unsung heroes.
|The IFN Service Providers Poll 2018 winners are:|
|Most Outstanding Standard-Setting Body||AAOIFI
• AAOIFI wins for the eighth year in a row, taking home 41% of the votes. IFSB is once again the runner-up but has managed to close the margin, trailing behind by a mere eight percentage points, as opposed to 2017 when AAOIFI’s vote share was almost double that of the IFSB.
|Best Islamic Consultancy Firm||Dar Al Sharia
• In another sweeping victory, Dar Al Sharia wins Best Islamic Consultancy Firm for the fourth year in a row. With almost one-third of the votes, the Dubai-based firm managed to widen its lead by a comfortable margin. This year welcomed Meezan Bank’s Islamic Financial Advisory Service to the top two, displacing last year’s ZEYMD Consultancy as the runner-up.
|Best Takaful Provider||Qatar Islamic Insurance Co
• Leapfrogging its rivals in a tightly-contested category, Qatar Islamic Insurance Co beat last year’s winner Abu Dhabi National Takaful Co to first place, up from its third-ranking in 2017.
|Best Re-Takaful Provider||Takaful Re
• In another category where the second runner-up catapults itself to pole position, the UAE’s Takaful Re grabbed this year’s Best Re-Takaful Provider award, displacing former champion Munich Re ReTakaful (Malaysia) by only a hair’s breadth.
|Best Islamic Index Provider||S&P Dow Jones Indices
• Record-holder S&P Dow Jones Indices continues its 12-year unbroken streak of success, displaying another year of dominance as the Best Islamic Index Provider of 2018 with almost 36% of the votes. MSCI climbed up the rankings from third to runner-up with 28% of the votes.
|Best Interbroker for Islamic transactions||DDCap
• Clinching the award for the second consecutive year after a stunning win last year wrestling the trophy away from Malaysia’s Bursa Suq Al-Sila’, DDCap from the UK anchors its position as the Best Interbroker for Islamic transactions, edging Bursa Suq Al-Sila’ by seven percentage points. Eiger Trading came in a close third.
|Best Rating Agency in Islamic Finance||S&P Ratings
• By the skin of its teeth, S&P Ratings this year grabbed the crown for Best Rating Agency in Islamic Finance from repeat winner Moody’s Investors Service, with Malaysia’s RAM Ratings giving these international firms a good fight.
|Best Islamic Research Firm||International Shari’ah Research Academy for Islamic Finance (ISRA)
• Our winner since 2014, ISRA is indeed the undisputable top research firm in Islamic finance. The firm rallied ahead to gain significant mileage from its next closest competitor, the Islamic Research and Training Institute, receiving almost twice the number of votes.
|Best Shariah Advisory Firm||Dar Al Sharia
• While the tables may have turned for runner-up ISRA Consultancy and Amanie Advisors with ISRA supplanting Amanie Advisors as first runner-up, Dar Al Sharia remains immovable from the helm with over 36% of the votes cast.
|Best Islamic Technology Provider||Path Solutions
• In another big year for Islamic tech behemoth Path Solutions, the firm is crowned Best Islamic Technology Provider for the 11th consecutive year (winning a total of 12 times), demonstrating its unparalleled edge in one of the most hard-fought categories of the Poll. Oracle FSS came in second.
|Best Stock Exchange for Islamic Listings||Bursa Malaysia
• Bursa Malaysia is the inaugural winner of the Best Stock Exchange for Islamic Listings category, which has been introduced for the first time this year. Facing serious competition from rivals around the world, the Malaysian stock exchange garnered a quarter of the votes, followed by Pakistan Stock Exchange and Dubai Financial Market.