As the COVID-19 pandemic drags on, the collective hope of returning to normalcy has morphed into an acceptance (resignation, almost) of embracing a new normal, whatever that new normal may look like.

COVID-19 has fundamentally changed our social fabric in ways we never imagined, and the effects would likely reverberate for years to come. Compounding the debilitating impact of this global health crisis are ongoing geopolitical crises which have led to staggering inflation and financial market volatility.

Times are tough — this is not an understatement. And it is precisely for this reason that this series of accolades are so significant. Because every win is a show of triumph during truly challenging times — let it be deal-structuring innovation, product development ingenuity or delivery agility. Each winner rose to the occasion to best meet client needs, to support government efforts in cushioning the impact of COVID-19 and also to further the use of Islamic finance as a development tool.

The Islamic finance industry is adjusting to changing times and its agility and resilience are paying off. In 2021, Shariah compliant financing sustained double-digit growth rates, recording a cumulative annual growth rate of 10.5% over 2020–21, when conventional loans retracted 4%, according to Moody’s Investors Service. Assets under management of Islamic funds hit a record-high and Moody’s expects growth prospects for Takaful to be promising. Sukuk deals have moderated as a result of higher energy prices, yet we have seen impressive Sukuk deals, particularly within the ESG space.

The growth and perseverance of the Islamic finance community — from bankers to asset managers to lawyers and insurers as well as scholars and other finance professionals — are reflected in the results of the prestigious IFN Awards.

Our heartiest congratulations to all winners! We thank you for your invaluable contributions to the Islamic finance industry.