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Top Islamic financial institutions vie for WIBC Performance Awards

30 Oct 2018, 10:50 am
Financial Nigeria
Top Islamic financial institutions vie for WIBC Performance Awards

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The annual WIBC Performance Awards will hold on November 27 as part of the World Islamic Banking Conference (WIBC) Leaderboard.

An Islamic finance dashboard

The Middle East Global Advisors (MEGA) has announced the 4th series of the World Islamic Banking Conference (WIBC) Leaderboard, which form the basis of the annual WIBC Performance Awards that will hold on November 27. The Performance Awards is part of the three-day World Islamic Conference taking place on November 26-28 in Bahrain.

The WIBC Leaderboard was first introduced in 2015 as a comprehensive tool aimed at helping the Islamic finance industry to critically appraise the challenges and growth opportunities that lie ahead. It ranks Islamic banks based on various financial and governance metrics in comparison with their key competitors.

According to a statement by MEGA, organizers of the WIBC, these metrics include financial stability, financial performance, governance and social responsibility.

The top performing Islamic banks vying for the Awards include Kuwait Finance House (Kuwait); Al Rajhi Bank (Saudi Arabia); Jordan Islamic Bank (Jordan); Kuwait International Bank (Kuwait); Boubyan Bank (Kuwait); Ahli United Bank (Kuwait); Warba Bank (Kuwait); PT Bank Syariah BNI (Indonesia); Maybank Islamic Berhad (Malaysia); and Dubai Islamic Bank (UAE).

The award categories to vie for are Global Award; Regional Awards for the Gulf Cooperation Council, Asia and Levant regions; Governance and Corporate Social Responsibility Award; and Award for the Fastest Growing Bank (in terms of asset growth).

According to the statement, the banks will also be ranked on the basis of an aggregate score, which forms the apex of the WIBC Leaderboard. The data employed in creating the assessment framework has been sourced from the ICD Thomson Reuters Islamic Finance Development Indicator (IFDI) and Orbis Bank Focus.

Held under the patronage of His Royal Highness Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain, and in partnership with the Central Bank of Bahrain, this is 25th World Islamic Banking Conference, held with the theme: Islamic Finance and Sustainable Economic Growth in the Age of Disruption.

The conference is expected to bring together over 1,300 global industry leaders, policy makers, innovators and other stakeholders. The conference would generate breakthrough insights to navigate through the complexities of the global finance system and provide a vision to serve as compass for the global Islamic finance and banking industry.

Founded in 1993, MEGA connects industry professionals in the Middle East North Africa Southeast Asia (MENASEA) region with the latest advances in technology, research and thinking.

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