Islamic Financial Institutions Awards
Islamic finance is a system of ethical investing that is becoming increasingly popular around the world in the wake of the US subprime mortgage crisis. Using the ancient guiding principles of Islamic law, of which the prohibition of interest is just one, shariah scholars oversee the entire process. The types of products offered by Islamic financial institutions are catching on, not only with Muslims but also with a broad range of customers and investors who see them as a fairer and safer way of doing business than is available in the conventional banking system.
In recognition of the fast growth of Islamic financing, Global Finance is introducing its first annual World’s Best Islamic Financial Institutions Awards. After extensive consultations with bankers, corporate finance executives and analysts throughout the world, the editors of Global Finance selected the best institutions in 28 countries and regions, as well as in six overall categories. In choosing the winners, we considered factors that range from the quantitative objective to the informed subjective. Amid nominally objective criteria were growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included opinions of analysts, banking consultants and others involved in the industry.
Read: Global Finance