Among individual financial institutions, Kuwait Finance House, the largest Islamic bank in Kuwait, regained its third-place spot on the overall ranking, in terms of assets. Qatar Islamic Bank. Assets rose 20.3% in this year’s ranking, after falling 12.8% in 2019 and rising 20.2% in 2018. Among the top 10 fastest-growing fully sharia-compliant institutions with more than $500m in assets, the top two places were held by Sudanese lenders: Bank of Khartoum and Omdurman National Bank. In Malaysia, six of the 10 largest Islamic banks posted double-digit growth in sharia-compliant assets in 2019, as did a third of all Malaysian banks listed on the ranking. However, the rest of the list was dominated by Asian lenders, featuring four banks from Pakistan, two from Indonesia and one from Malaysia (with Saudi British Bank and Riyad Bank completing the top 10). At the same time, discussions over a potential merger between Saudi banks National Commercial Bank (fourth highest on the 2020 ranking in terms of sharia-compliant assets) and Riyad Bank (19th) were abandoned last year. Six of the 10 largest Islamic lenders come from those two countries, with only one, Malaysia’s Malayan Banking Berhad (Maybank), coming from outside the Middle East. Despite uncertainties brought about by economic sanctions on the country, Iran’s Islamic banking sector has continued to thrive. Financial institutions offering sharia-compliant services continued to post strong profits in 2019, with standalone Islamic financial institutions recording a combined profit of $16.2bn in 2019. Best Islamic SME Bank Maybank Islamic Best Islamic Corporate Bank Samba Financial Group Best Islamic Asset Manager Al Rajhi Capital Best Islamic Bank for CSR CIMB Islamic Bank Berhad Best Islamic Trade Finance Provider CIMB Islamic Bank Berhad Best Islamic Takaful Etiqa Takaful Berhad … Iran accounted for a further four on the fastest growing list, with Qatar’s Barwa Bank, Iraqi Islamic Bank for Investment & Development, the UK’s Gatehouse Bank and Warba Bank from Kuwait rounding out the list. National Bank of Bahrain acquired a 78.8% stake in Bahrain Islamic Bank in January 2020, as it looked to further develop its Islamic banking activities, with the Islamic lender set to operate as a standalone subsidiary. The Banker attempts to answer this question with the launch of a new listing: Top 500 Islamic Financial Institutions. Overall, the average ROA for standalone institutions featured in the global ranking was 1.2%. At the same time, sub-Saharan Africa, which had been the success story of the 2019 ranking, with assets up 18.2%, saw a dramatic fall in 2020, with overall sharia-compliant assets dropping 23.5% year-on-year. Four of the country’s five largest lenders saw sharia-compliant assets grow by more than 40% year-on-year in 2019 (with the fifth, Bank Saderat Iran, missing key data to know if it would have also been in this category). The economic impact of the crisis is far reaching and profound, and presents challenges to the financial services industry and its institutions … The Middle East and north Africa (MENA), which saw assets increase by 9.2% to $1.4tn, is experiencing a growing divergence between the six countries of the Gulf Co-operation Council (GCC) and the rest of the region. Bank Nizwa ranks as one of the World’s Best Islamic Financial Institutions in 2020. Saudi Arabia-based Al Rajhi Bank has retained its top spot as the strongest Islamic bank. Iran and Saudi Arabia remain by far the largest markets when it comes to sharia-compliant assets, with both markets having more than $400bn in assets. Find out how to enable it for your browser: The Banker’s 2020 Top Islamic Financial Institutions ranking illustrates the continuing growth trajectory and influence of the industry globally. Scroll down until you see the 'Scripting' section. All operate in markets with strong growth potential when it comes to Islamic banking products. However, this is unlikely to be part of a larger global trend. In June it was announced that talks were now underway over the potential acquisition of Samba Financial Group (26th overall) by National Commercial Bank, which would create a new bank controlling an estimated quarter of all banking in Saudi Arabia. The Australia/Europe/America region has also had a decidedly turbulent few years. Best Islamic Corporate Bank: Samba Financial Group: Best Islamic Asset Manager: Al Rajhi Capital: Best Islamic Bank for CSR: CIMB Islamic Bank Berhad: Best Islamic Trade Finance Provider: Kuwait Finance House: Best Islamic Takaful: Etiqa Takaful Berhad: Best Islamic Project Finance Provider: Qatar Islamic Bank: Best Up-and-Coming Islamic Financial Institution: Bank Rakyat Indonesia Syariah: Best Islamic … cookies The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. We use Islamic financing operations, including any league tables or other comparisons with competitors 2. The Banker's 2018 Top Islamic Financial Institutions ranking shows that Islamic banks are doing well, especially in frontier states, with GCC dominance being challenged by previously … World. The acquisition of the UAE’s Noor Bank (ranked 39th overall in terms of sharia-compliant assets) by Dubai Islamic Bank, ranked fifth, which was completed in January, has created a bank that would have … ... group chief executive of Dubai-based Noor Investment Group and chief executive of Noor Islamic Bank, recognises that Islamic institutions must work together if they are to compete with conventional banks. The acquisition of the UAE’s Noor Bank (ranked 39th overall in terms of sharia-compliant assets) by Dubai Islamic Bank, ranked fifth, which was completed in January, has created a bank that would have placed third on the latest list, behind only Saudi Arabia’s Al Rajhi Bank and Iran’s Mellat Bank. The Banker's editor, Brian Caplen, speaks to James King about the results of 2015 Top Islamic Financial Institutions report, including the decline in global sharia-compliant assets, the international expansion of Islamic banks … Faisal Islamic Bank’s Egyptian operations … Best Islamic Trade Finance Provider. GCC assets have grown by 12.2% while the rest of the region saw total assets rise by only 3.8%. Subsequent to the closure, First-Citizens Bank & Trust Company, Raleigh, NC acquired substantially all the deposits and assets of Venture Bank … The global COVID-19 pandemic is a defining moment for financial institutions. 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