Category Archives: Awards

Path Solutions wins “Best Islamic Finance Technology Award”

Path Solutions wins “Best Islamic Finance Technology Award”

Path Solutions, the leading provider of ethically-aware software solutions to Islamic financial institutions today announced that it has been recognized as the “Best Islamic Finance Technology” at the Islamic Business & Finance Awards 2007, which took place on 12th December at the Emirates Towers Hotel in Dubai.

The Islamic Business & Finance Awards 2007 have been designed to recognize and reward excellence throughout the global Islamic finance community. They honor Islamic financial institutions from around the world and emphasize the importance and increasing attraction of Islamic finance.

Winners of the award were decided by the readers of Islamic Business & Finance Magazine who have completed casting their votes for contestants from a shortlist created by a judging panel of rating and consulting firms and were judged with greater transparency by their peers based on their performance over the last twelve months.

“We’re obviously very pleased to be selected by the readers of Islamic Business & Finance Magazine for this highly exclusive award”, noted Ahmad Al Sager, Chairman of Path Solutions. “It is an honor to be recognized for efforts and achievements and the value we have added to Islamic banking. Over the past year, we have invested heavily in our Sharia-compliant software and we have consistently demonstrated our ability to deliver low-risk, cost effective implementations in record time, as we are committed to offer our customers significant business advantages and maximum ROI”.

Mr. Al Sager added: “This is an exciting phase in Path Solutions’ growth. Having carved a niche for ourselves in the Islamic banking domain, we will strengthen our footprint in the Gulf, Middle East, UK, South East Asia and Africa. Islamic financial products are fast becoming the favorites of the global banking industry, and we have the most cutting-edge and cost-effective solution in the IT market, a robust and proven solution that has been implemented so far in over 40 major financial institutions”.

And he concluded: “In our business, we know only one direction—forward. More precisely, we have got some exciting plans for the coming years which I cannot share in huge detail yet, but will include further developing of innovative products, and we are looking forward to even more collaboration to create greater customer satisfaction”.

The Islamic Business & Finance Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry, currently estimated at $500 billion in value. They are currently the recognized industry awards across the globe with multiple award categories.

Commenting on the victory, Naji Moukadam, Path Solutions’ President said: “We are thrilled to have won one more prestigious contest. It is with no doubt a point of pride for us to be the finalist in the “Islamic Finance Technology” category. We feel it is an investment that has yielded rich returns. Hopefully we are taking a step towards a brighter future”.

Islamic Business & Finance Awards 2007 were presented to winners of the different categories in the presence of Arab and foreign dignitaries and senior representatives of major Islamic financial institutions.

Dubai Bank wins two prestigious Islamic banking awards

Dubai Bank wins two prestigious Islamic banking awards

The bank has won not one, but two awards in the ‘Best Islamic Bank, Middle East’ and ‘Best New Product Provider, Islamic Finance’ categories.

Dubai Bank is among 13 top regional banks and financial institutions winning this first of its kind, comprehensive banking awards scheme launched in the region this year. The awards aim to honor innovative and progressive-thinking organizations within the Islamic banking sphere.

‘These awards are testimony to the unconditional hard work, concerted commitment and focused dedication that the entire team at Dubai Bank has put in on a consistent basis,’ said CEO Abdulaziz Al Muhairi, adding, ‘Having received these awards in such a short time since its conversion to a Sharia-compliant bank, which was achieved in an astonishing 6 months, I’m sure we’ll all agree that this is just the beginning.’

Dubai Bank feels that the journey to where it is today has been challenging, exhilarating and adventurous.

Offering a wide range of Shari’a-compliant products that are both innovative and highly competitive, as well as ethical, the bank provides its growing customer base with banking solutions that are value-packed on one hand and match their beliefs and practices on the other.

Kuwait Finance House Global Research Wins Award In Dubai

Kuwait Finance House Global Research Wins Award In Dubai

Kuwait Finance House (KFH) Global Research has won the prestigious award for the Best Research in Islamic Finance category in the Master of Islamic Funds Award for 2007.

The award, received by Cheif Economist and Head of KFH Global Research, Baljeet Kaur Grewal at the fifth annual Islamic Funds World Conference in Dubai last month, was an acknowledgement by a panel of industry experts for its high quality and in-depth research.

In a statement here today, Datuk K. Salman Younis, the Managing Director of Kuwait Finance House (Malaysia) Bhd, said the company would endeavour to promote Islamic finance not only in the Middle East but also globally.

Kuwait Finance House (Malaysia) Bhd is a wholly-owned subsidiary of KFH which is listed on the Kuwait Stock Exchange.

Kuwait Finance House Global Research is an entity which comes under KFH.

Islamic finance industry shows solid performance while mainstream finance falters

Islamic finance industry shows solid performance while mainstream finance falters

‘In a time when the words inflation and credit crunch have dominated conversation on the banking industry and stock markets, the Islamic finance industry has gone against the tide and continued to show rock solid performance’, says Paul McNamara, Managing Editor and Associate Publisher of CPI Financial, which publishes Islamic Business & Finance magazine and organizes the magazine’s annual Awards.

‘Where global financial institutions have mostly announced shortfalls in their investment programmes in recent months, the current credit crunch seems to have passed over the Islamic finance industry with minimal damage,’ he continued.

‘This is mostly due to the intrinsic nature of Islamic finance – the thorough screening process, greater transparency and the need to understand the nature of the investment rather than just focusing on returns, to ensure its Shari’ah compliance. Having to answer to a Shari’ah board ensures that the source and location of the original instrument is clearly known and avoids the practice of repackaging and reselling investment products that is commonplace with mainstream investments.’

The Awards ceremony, which will take place on 12th December in Dubai, will not only rate Islamic finance organisations from across the world, but also honour outstanding professionals through awards for ‘Islamic Banker’, ‘Lifetime Achievement’ and ‘Outstanding Contribution’.

The Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry, currently estimated at $500 billion in value. They are currently the recognised Industry Awards across the globe, and are hosted in a different country of the GCC and other Islamic finance capitals every year.

Readers of Islamic Business & Finance magazine from across the world have completed casting their votes for winners from a shortlist created by a judging panel of rating and consulting organisations. Following analysis of the voting results, final winners will be announced at the 12th December ceremony in Dubai.

Islamic banker award at WIBC forum

Islamic banker award at WIBC forum

The winner of the Islamic Banker of the Year 2007 will be announced on Sunday at the World Islamic Banking Conference (WIBC) in Bahrain.It is one of the global Islamic banking and finance industry’s oldest and most prestigious awards.

The award, which recognises the industry’s most outstanding achievements, will be handed out at a gala dinner and awards ceremony hosted by JP Morgan during the 14th Annual WIBC at the Gulf Hotel.

“For more than a decade, the Islamic Banker of the Year Award has recognised ground-breaking achievements by the executive leaders of the international Islamic industry,” WIBC managing director David McLean said.

“The award has achieved a greater significance in the current climate, with the industry surging into its next phase of development.”

The award is traditionally given to an established Islamic banker who has made notable contributions to the Islamic services industry during the year.

Key selection criteria will include strategy, innovation and leadership as in spearheading the launch of institutions or re-positioning landmark institutions or launching new products or services or driving substantial wholesale Islamic transactions and international involvement and complexity.

“The Islamic Banker of the Year Award is one of the most prestigious awards in Islamic finance. It recognises the outstanding efforts of a truly exceptional individual who has helped develop our industry,” Ernst and Young’s Islamic Financial Services Group head Sameer Abdi said.

The award is supported by the Central Bank of Bahrain and uses a peer-based voting system amongst a select group of industry leaders.

Ernst & Young, the official auditors for the event, applies a series of criteria developed in collaboration with the WIBC to ascertain the final winner.

Additionally two prestigious awards, The Institutional Excellence Award and The Industry Leadership Award will also be presented at the WIBC.