Best Banks in the Islamic World 2022
Islamic financial institutions have marked a strong year for 2021 as they continue to invest in digital investment.
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Last year there was a strong stabilization of Islamic financial institutions (IFIs) as the economy recovers following the difficult 2020 year caused by the global epidemic and lower oil prices. IFIs were very smart in booking savings for losses by 2020. Costs were at a very low level by 2021, with some banks releasing savings, which increased results.
Total profits of Islamic banks increased by more than 50% by 2021, with Gulf banks receiving strong results. Customer deposits continued to grow, financing the growth of funded portfolios. In addition, IFIs have recognized the benefits of digital investment and technology that have helped control operating costs.
Winners of this year's awards as the Best Islamic Financial Institutions in the World have continued to invest in technology and delivery, introducing new products and services while delivering financial efficiency. In addition, award winners recognize the importance of business and social responsibility and environmental factors, as two different new awards are recognized.
Global Finance has named Kuwait Finance House (KFH) as the world's leading Islamic financial institution. KFH has market access throughout the Middle East, Asia and Europe. The team benefits from its advanced systems and applications.
IFIs continue to grow as the demand for Sharia-compliant products grows. The sector is expected to maintain growth in many segments of the market, including finance, investment, sukuk and insurance. Sectors such as mortgage financing are experiencing rapid growth, while sustainable financing is booming.
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Digital creation and sustainability are key focus areas, according to Muhammad Al Jasser, chairman of the Islamic Development Bank (IDB).
"It was a digital revolution where many people kept their social and professional lives within closed hours," he said. “The digital revolution, however, was already underway before the epidemic and before the closure of places that forced people to work remotely. The IDB will continue to support border control agreements, which are critical to making full use of opportunities such as e-commerce and addressing potential cyber security issues. ”
"Islamic finance requires social justice, financial integration, ethics and social responsibility," said Dato Mohamed Rafique Merican, CEO of Maybank Islamic, who won our award as Best Islamic Financial Institution in Asia and Malaysia. “All of these ideas are at the heart of sustainability efforts and programs. With the important alignment between Islamic financial systems and sustainability, we believe that Islamic finance will have a global impact.
GOOD FUNDING ISLAMIC Kuwait Finance House
The leading Islamic financial institution, Kuwait Finance House (KFH) wins the Best Islamic Financial Institution award for its strong performance of 2021 while keeping investment in new technologies and introducing new products and services. KFH provides services to clients in the Gulf Cooperation Council (GCC), Asia and Europe through a wide range of distribution channels and has subsidiary companies in Kuwait, Turkey, Bahrain, Malaysia and Germany. By 2021, customer numbers are increasing in all operating areas around the world.
Total KFH assets stood at $ 72 billion by the end of 2021. Total profits were 68% annually higher than $ 1 billion, and average equity returns (ROAE) increased to 14%. KFH Islamic banking products and services include commercial, retail and corporate banks and real estate, commercial finance and investment. KFH strongly emphasizes digital banking, and online banking transactions increased quarterly by 2021. KFH has successfully launched a national payment system through a fully integrated application that is compatible with Swift's global network. KFH became the first bank in Kuwait to introduce an immediate card issuance service.
KFH has participated in major GCC development programs and in international markets, in various fields such as infrastructure, energy, water, electricity, transportation, communications, housing and housing development. In 2021, KFH Capital, the group's investment unit, led a successful draft of several private securities issuance agreements, exceeding $ 15 billion in favor of customers in various sectors and areas.
BEST ISLAMIC CORPORATE BANK Qatar Islamic Bank
Qatar's largest Islamic financial institution, Qatar Islamic Bank (QIB), has a strong 2021, with assets rising 11% to $ 53 billion. Its total profit increased by 17% to $ 976 million by 2021 assisted by strong performance in the corporate banking sector which contributes about a third of total profit. QIB provides a wide range of products and services to corporate banks, from commercial finance to organized finance, as well as deposit-related products. It has a strong customer base in government-related companies, financial institutions, housing, oil and gas, and small and medium enterprises (SMEs). The commercial banking service is technically operated, including the Corporate Internet Banking portal, and is supported by the QIB investment banking unit of QIB. QIB boundary divisions are also growing.
Al Rajhi Bank
A pioneer in the provision of Islamic commercial banking services, Al Rajhi Bank specializes in Shariah consumer banking. It has won the Best Commercial Bank of the World Award following its outstanding performance of retail banks in 2021, as well as its development of Islamic retail banking products, digital transformation, employee investment and market leadership. By the end of 2021, Al Rajhi was the largest Muslim bank in the world, with $ 166 billion in assets — up 33% from last year — and $ 17.9 billion. Total profit
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