The Banker, the flagship global finance magazine of the Financial Times and Group HSBC Amanah, the leading global provider of Islamic Finance have joined forces to launch the world’s first comprehensive ‘Top 500 Islamic Financial Institutions‘ listing.
The global listing in The Banker’s November 2007 issue shows that the global total of sharia-compliant assets, based on the latest official figures of the Top 500 Islamic financial institutions, grew by 29.7% in 2006 to reach $500.5bn at year end 2006.
This first comprehensive listing which covers institutions in 47 countries and incorporates all institutions that offer sharia-compliant products shows that Islamic finance is growing at almost twice the rate of western (interest-related) financial services and analysis suggests that the level of Islamic finance is still largely under-reported on a global basis.
This groundbreaking research in Islamic finance includes both Islamic financial institutions and conventional banks offering Sharia-compliant financial services.
This unique listing provides the core benchmark for Islamic finance across the globe and the first time detailed figures have been provided by institutions on the size of the market in Islamic financial services.
Mohammed Hassan Ismaeel, Global Head of Marketing, HSBC Amanah said: ‘Since its launch one decade ago, HSBC Amanah has been setting the pace for the Islamic finance industry globally through innovation and best practices. HSBC Amanah offers Islamic banking solutions which combine our financial expertise with our enduring values. Our current joint initiative with The Banker is indicative of our commitment to take the industry to new heights.’
‘At HSBC Amanah, customers can experience the global coverage and convenience of banking with HSBC without compromising the principles of the Sharia. HSBC Amanah brand speaks of the commitment of HSBC to the Muslim societies in which it operates,’ he added.
Stephen Timewell, Editor-in-Chief of The Banker, said: ‘The Top 500 Islamic financial institutions listing is a pioneering move that creates the first credible benchmark for the rapidly expanding Islamic finance industry. Just as our Top 1000 World Banks listing in July has become an essential piece of prime data for the banking industry, we are confident that this new listing, to be published every November, will become the key benchmark for Islamic finance.’
The Top 500 Islamic institutions listing provides not only an individual institutional breakdown based on sharia-compliant assets, it also includes country and regional breakdowns of the key players in the industry as well as growth, profitability and underwriter league tables. In addition to 292 banks, both fully Islamic and those offering Islamic windows or selling Islamic products, there are 115 Islamic investment banks and finance companies, and 118 insurance companies , adding up to a global total of 525 institutions from which the Top 500 was drawn.