The Malaysian-based Islamic Finance News magazine has disclosed the results of its annual best Islamic financial institutions poll for 2007, naming Türkiye Finans as the number-one participation bank among its rivals in Turkey.
Islamic banking, the provision of interest-free banking services, is offered via participation banks in Turkey. There are four such participation banks: Kuveyttürk, Bank Asya, Albaraka Türk and Türkiye Finans.A record 1,502 votes were cast in 35 categories during the December polling period in the industry’s most comprehensive survey. In the individual country categories, Bahrain Islamic Bank was the winner in Bahrain; the Islamic Bank of Brunei in Brunei; Faisal Islamic Bank in Egypt; Bank Syariah Mandiri in Indonesia; Kuwait Finance House in Kuwait; the CIMB Islamic Bank in Malaysia; Meezan Bank of Pakistan; Qatar Islamic Bank in Qatar; Al Rajhi Bank in Saudi Arabia; the Islamic Bank of Asia in Singapore; Dubai Islamic Bank in the United Arab Emirates; the European Islamic Investment Bank for Europe; and Türkiye Finans in Turkey.
The Kuwait Finance House scooped the award for Overall Best Islamic Bank, edging out Dubai Islamic Bank, which had claimed the top spot for the past two years. Saudi Arabia’s Al Rajhi Bank won the Best Islamic Retail Bank award, rising victoriously over Dubai Islamic Bank. In the Best New Islamic Finance Bank category, Bahrain’s Global Banking Corporation beat Singapore’s Islamic Bank of Asia.
In the poll’s most one-sided battle, Bank Negara Malaysia once again eclipsed its nearest rivals for the Best Central Bank in Promoting Islamic Finance category. With the vast majority of votes in this category coming from outside Asia, Malaysia is still widely recognized as the most industry-friendly country.
Ernst & Young claimed the Best Islamic Advisory Firm award, Parsoli Corporation of India won Best Islamic Brokerage Firm and the Dow Jones Indexes was selected for its impressive array of Islamic-based indexes in the Best Islamic Index Provider.
Some other winners by category were HSBC Amanah for Best Islamic Private Bank; Clifford Chance in Best Law Firm in Islamic Finance; Standard & Poor’s in Best Islamic Ratings Agency; and International Turnkey Systems in Best Islamic Technology Provider.
Winners will be honored at two gala award ceremonies to be held in Dubai (Feb. 26) and Kuala Lumpur (March 6). The poll also determined the most outstanding Islamic banking deals of the year. In the Deal of the Year category, the Dubai International Financial Center (DIFC) won the first prize for issuing $1.25 billion in Sukuk al-Mudarabah bonds, equity-based securities to raise funds in the Islamic banking system. The Most Innovative Deal was Mobily’s $2.85 billion project financing.