|13 November, 2019

Dubai Islamic Bank is 'strongest Islamic retail bank in the world'

More than 130 Islamic retail lenders worldwide were ranked and the strongest banks were identified

A branch of Dubai Islamic Bank.

A branch of Dubai Islamic Bank.

Dubai Islamic Bank

For the second year in a row, Dubai Islamic Bank (DIB) was named as the Strongest Islamic Retail Bank in the World 2019, based on an Islamic banking efficiency analysis conducted by Cambridge IFA, a UK-based financial services think tank.

More than 130 Islamic retail banks worldwide were ranked, and the strongest Islamic retail banks were identified. “Strongest Islamic retail banks should be considered the safest Islamic banks in terms of doing business with, both by customers on the liabilities side and those seeking financing or doing business with these banks on the assets side,” explained Dr. Sofiza Azmi, CEO of Cambridge IFA.

“We believe that efficiency of operations and management should be the key factor in determining the safety level of bank rather than is size,” she said.

DIB was also conferred the Strongest Islamic Retail Bank in the UAE 2019 for the third consecutive year. Established in 1975, DIB is the largest Islamic lender in the UAE by assets and is the second largest Islamic bank in the world.

Commenting on this recognition, Nasser Al Awadhi, Chief of Consumer Banking said, “Over the last few years, the bank has enjoyed unparalleled success, delivering innovative products and services to our customers and achieving growth beyond expectations.”

The bank has reported nine-month net profit of 4.01 billion UAE dirhams ($1.09 billion) , up 8 per cent year on year compared to 3.70 billion UAE dirhams reported in the same period in 2018.

DIB, which is the world's oldest Shariah-compliant lender, has received approval from its board to explore the possible acquisition of unlisted Noor Bank.

Islami Bank Bangladesh Limited (IBBL) was named the Strongest Islamic Retail Bank in Asia 2019, which is not only the pioneer Islamic bank in Bangladesh but has grown from strength to strength to become a leading Islamic bank in Asia.

At the country level, Bank Nizwa was announced as the Strongest Islamic Retail Bank in Oman 2019. As the largest and fastest growing full-fledged Islamic bank in the Sultanate of Oman, Bank Nizwa is leading the sector’s growth and has been the go-to reference for Islamic finance in the Sultanate.

Other Islamic retail banks that were recognised as the strongest Islamic retail bank in their respective countries were:

  • QIIB: Strongest Islamic Retail Bank in Qatar 2019
  • Jordan Islamic Bank: Strongest Islamic Retail Bank in Jordan 2019
  • PT Bank Syariah Mandiri: Strongest Islamic Retail Bank in Indonesia 2019
  • Dubai Islamic Bank Pakistan: Strongest Islamic Retail Bank in Pakistan 2019
  • Kuveyt Turk Participation Bank: Strongest Islamic Retail Bank in Turkey 2019

(Writing by Seban Scaria; Editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

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© ZAWYA 2019