During the ceremony of the "Asset Triple A" Awards for Islamic Finance
The Award confirms the Bank's leadership in providing large Islamic finance solutions
NCB achieved a new professional edge that confirmed its leadership in the field of Islamic banking. NCB led the financing of a club deal that was recently declared in the Malaysian capital, Kuala Lumpur the winner of the "Best Islamic Finance Deal" from the Asset magazine, specialized in finance and banking. This announcement came during the annual ceremony to honor the best Islamic financial institutions and distribute the "Asset Triple A Islamic Finance Awards 2011 ".
The Bank received the Award for leading the Phase I financing of Ma'aden's Aluminum complex. The total Smelter Project Costs have been estimated at USD 5,010 MM and the total initial Rolling Mill Project Costs USD 2,519 MM. Both Projects have been financed through a mix of Debt and Equity. Being committed to the economic development of the Kingdom, NCB made the highest financial commitment to Phase I. Besides being the Documentation Bank for the Rolling Mill, NCB participated in the Islamic tranches with the highest aggregate allocation among almost two dozen banks in Phase-I financing. It is widely believed that the Islamic structures used for this financing will be considered as acceptable precedents in the future transactions.The Annual "Triple A" Awards are the most important awards granted in the financial services sector, due to the strict evaluation process used. These Awards are offered in recognition of institutions and individuals who significantly contribute to the development of the financial services sector in Asia and the Middle East.Abdulkareem Abu Alnasr, NCB's CEO, said: "We are pleased to receive this award that comes in recognition of the well stand of the NCB in the Islamic banking industry due to the excellent performance it has achieved in the development of Islamic banking in both corporate and retail sectors."
Abu Alnasr considered the winning of this Award as a confirmation of NCB's capability and outstanding performance in the management and delivery of funding programs that are consistent with the provisions of Islamic law. He pointed out that the Award reaffirms the advanced position represented by NCB in the area of launching various Islamic finance products and services and highlights excellence reputation premium of the Bank amongst the professionals in the financial and economic sectors.
"The enormous expansion that we have achieved in the corporate banking service sector had a significant effect in upgrading our performance in 2010. The Bank's participation in the financing of several major projects has the bank in the first place in the Middle East, according to the evaluation of the "DEAL LOGIC" specialized magazine. The vast majority of the huge projects' financing deals were compatible with the Islamic law, which we consider to be a major achievement and a source of pride for us", the CEO added.
Abu Alnasr explained that this deal came to confirm once again the leadership of NCB in providing huge finance solutions that are compliant with the Islamic law. He said that the Bank would continue to build on its achievements all the way to maintain its position as the regional leading financial services group.
"NCB is a major player in the development of the banking industry by continuing to provide innovative financial services and launching the solutions necessary to meet changing needs." He added.
He concluded by noting that Islamic finance products devised by NCB have been applied by many national and international banks and banking institutions, which placed the Bank at the top of the list of banks, locally, regionally and internationally, in terms of diversity and innovation of Islamic banking products.
It is noteworthy that NCB was the first bank to launch a real estate fund compatible with the Islamic law in the world, and was the first Saudi bank to provide its customers with a wide range of financing funds that were compliant with the Islamic law. As a result, NCB is today the largest asset manager complying with the Islamic law in Saudi Arabia and the manager largest of assets that are in compliance with the Islamic law in the world.
On his part, Dr. Mansoor Durrani, NCB Vice President and Head of Project Finance, who received the Award, confirmed that selecting NCB to win the award was an indication of the high level of professionalism achieved by the Bank in this field and its impressive record in the Islamic financial services and banking. He pointed out that the Award granted by a specialized and highly credible magazine has promoted NCB's position at the top of the Saudi banking system. Such achievements qualify us to earn the trust of more customers at both national and regional levels.
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© Press Release 2011
