REGIONAL WINNERS Gulf Cooperation Council (GCC): Al Rajhi Bank
NEW YORK, April 19, 2013 - Global Finance magazine has announced its sixth annual
awards for the World’s Best Islamic Financial Institutions. A full report on the selections will
appear in the June issue of Global Finance. The winners of this year’s awards are those banks
that contributed to the growth of Islamic financing and successfully met their customers’
needs for Shariah-compliant products, while creating the foundation for continued growth
and safety in the future, with modern and efficient delivery channels.
All selections were made by the editorial team of Global Finance, after extensive
consultations with bankers, corporate finance executives and analysts throughout the
world. In selecting these top banks, we considered factors that range from the quantitative
objective to the informed subjective. Quantitative criteria included growth in assets,
profitability, geographic reach, strategic relationships, new business development and
innovation in products. Among the subjective criteria considered were reputation, customer
satisfaction, and the opinions of analysts and others involved in the industry. The mix of
these factors yields leading banks that may not be the largest, oldest or the most diversified
in a given country, region or product, but rather the best—the banks with which customers
around the world would most likely want to do business.
“Shariah-compliant finance remains the fastest-growing area of finance worldwide, with
more than 500 financial institutions that are either fully Islamic or provide Islamic financial
products to their customers, in addition to several hundred more Islamic investment banks
and insurance companies, or takaful,” says Global Finance’s publisher Joseph D. Giarraputo.
“The winning banks were all noteworthy in their dedication to satisfying their customers’
increasingly sophisticated needs in accordance with the rules of Islamic finance.”