IFN Awards Report 2022
We are excited to bring you the IFN Awards Reports 2022, showcasing the finest of the global Islamic finance industry. 2022 was the year of ESG as financial institutions and capital seekers integrated social responsibility considerations into their operations and offerings as seen by submissions for the IFN Deals of the Year and IFN Law Awards.
Banks and non-banking financial institutions revved up their product engineering engines and mobilized a slew of community-based initiatives; we expanded the IFN Best Banks Poll categories in 2022, dividing them into two wide umbrellas focusing on global standings and domestic rankings respectively. The IFN Service Providers Poll received a record number of votes while the IFN Non-Banking Financial Institutions Poll continued to grow in stature.
Report's Content
EDITOR`S NOTE: Celebrating excellenceIt is hard to ignore the painful times the world is going through right now. Deadly conflicts continue to rage on in Europe, the Middle East and Africa, threatening global peace. The world’s financial system is being tested as interest rates continue to climb, inflation skyrockets and banks in the US collapse. But at the same time, the World Health Organization has declared the end of COVID-19 as a global health crisis. International travel is back in full force, people are out and about and businesses...
Read MoreHassan Radhi & Associates Hassan Radhi & Associates (HRA) is one of the largest and most reputable and leading law firms in Bahrain. The office was founded in 1974 by Dr Hassan Ali Radhi, the senior partner of the firm, who has more than 48 years of legal experience and professionalism in the legal...
River Med Pharm: A success story of Uzbekistan's economic reforms Uzbekistan President Shavkat Mirziyoyev has been instrumental in creating a conducive environment for reforming the national economy; liberalizing foreign trade, tax and financial policies; supporting entrepreneurship; and guaranteeing the inviolability of private property. His administration has also prioritized accelerating the development of regions, strengthening social protection for citizens and increasing...
Gatehouse Bank Gatehouse Bank is a Shariah compliant UK challenger bank offering ethical savings products and finance for UK residential and commercial real estate. Founded in 2007, the bank has been part of the UK private rented sector since 2014, with the aim to address the nation’s housing shortage. Gatehouse Bank has...
Family Homes Funds's Sukuk initiative: Affordable housing via alternative financing in collaboration with Nigeria’s private sector Family Homes Funds (FHFL) is a quasi-government entity owned by the federal government of Nigeria, through the federal Ministry of Finance and the Nigeria Sovereign Investment Authority. FHFL is the largest housing fund in sub-Saharan Africa, focused on affordable homes for low-income families in Nigeria. FHFL is a social housing initiative...
Interview with UMBRA – Strategic Legal Solutions: Illuminating the path forward in Indonesia's Shariah and creative infrastructure financing landscape UMBRA – Strategic Legal Solutions (UMBRA) was recently awarded the ‘Project & Infrastructure Finance Law Firm of the Year’ award, one of the prestigious awards from Islamic Finance news. In the realm of Shariah compliant project and infrastructure finance, UMBRA's ability to navigate complex legal intricacies, provide invaluable insights and...
Case study: Amanat Lebuhraya Rakyat’s inaugural SRI Sukuk Amanat Lebuhraya Rakyat (ALR) has issued a sustainability Sukuk Murabahah facility worth RM5.5 billion (US$1.16 billion) in nominal value on the 13th October 2022 in a 13-tranche issuance. The Sukuk facility was issued through bookbuilding and private placement with tenors ranging from two to 15 years.
Infracorp issues Bahrain’s first green Sukuk worth US$900 million Infracorp has issued Bahrain’s first green Sukuk on the 15th March 2022 worth US$900 million. The perpetual Sukuk facility has been listed on the London Stock Exchange on the 27th March 2022. Infracorp will use the proceeds to develop projects and assets promoting the transition toward low-carbon, climate change-resilient and...
PODCAST: A case study on Kayseri Seker’s innovative crystal sugar Sukuk Turkiye’s largest beet growers cooperative brand Kayseri Seker raised TRY85 million (US$4.44 million) through Sukuk issued via Halk Investment’s SPV on the 2nd February 2022. ISFI spoke to Dr Menevse Ozdemir Diliduzgun, the head of corporate finance and advisory at Halk Investment, and Ozgun Ozok, the managing partner of Ozok...
Fund Focus – Sidra Income Fund II With banks struggling to bridge the trade finance gap that has widened since tighter regulations were introduced post global financial crisis, a universal shortage of funding is forcing a wave of innovation in the trade finance market. Saudi-based asset manager Sidra Capital takes advantage of this with its Sidra Income...
Alba completes landmark US$1.25 billion sustainability-linked facility refinancing Aluminium Bahrain (Alba) has become the first Bahraini company to successfully refinance a syndicated loan facility to a sustainability-linked facility. The US$1.25 billion dual-tranched facility includes a dollar-denominated senior Shariah compliant facility of US$710 million and a dollar-denominated senior unsecured conventional term loan facility of US$537.48 million.
IFN Deals of the Year 2022 COVID-19, what COVID-19? Travel is back. Face-to-face meetings are de rigueur. Inflation may have emerged, but businesses are churning forward. The malls and restaurants are full as are the rush-hour trains and freeways. Despite their changes and problems, supply chains are transmitting goods. Underpinning it all is finance.
IFN Best Banks Poll 2022 – Global: Major shake-up in record year It is another record year for the highly acclaimed IFN Best Banks Poll. The 2022 edition garnered over 38,000 votes from across the world, making it the most successful poll in its 18-year history. A new format was introduced to IFN Best Banks Poll 2022, which also saw the...
IFN Best Banks Poll 2022 — Country: National champions take center stage Following the announcement of the IFN Best Banks Poll 2022 – Global on the 10th January 2023, we are pleased to bring you the results of the second part of the prestigious poll: the IFN Best Banks Poll 2022 – Country, which honors local outstanding Islamic banks in key Islamic...
IFN Law Awards 2022: Results Let’s take it from the top. What are we looking for? Is bigger, as in biggest deal ever, best? Are more deals than anyone else better still? Do we care about the size of the firm or its location? Frankly, these do play in the analysis, but none of these...
IFN Service Providers Poll 2022: Major shake-ups amid record-breaking year The industry has spoken. Following the global launch of the 2022 edition of the illustrious IFN Service Providers Poll in September, a record number of votes were cast to decide the most outstanding supporting pillars of the Islamic finance industry. Now in its 17th year running, we are pleased to...
IFN Non-Banking Financial Institutions Poll 2022: Industry giants maintain stature The industry has spoken. Following the global launch of the 2022 edition of the illustrious IFN Service Providers Poll in September, a record number of votes were cast to decide the most outstanding supporting pillars of the Islamic finance industry. Now in its 17th year running, we are pleased to...