Islamic Business & Finance 2020

ABOUT ISLAMIC BUSINESS & FINANCE

Islamic Business & Finance, the authoritative voice of the global Islamic finance industry and the broader Islamic economy, has a worldwide circulation that spans every continent.

Celebrating its 15th anniversary in 2020, Islamic Business & Finance is the oldest continuously published magazine covering the Islamic finance sector. It is published by CPI Financial— based in Dubai since 1999—offering a comprehensive portfolio of market-leading periodicals, products and services tailor-made for the banking and financial sector.

As part of our mission, we have, since our inception, held the Islamic Business & Finance Awards in order to award the pioneers of the Islamic banking and broader financial sector. As the Islamic finance industry continues to grow and innovate, our awards programme will continue to recognise the pioneers in the Islamic finance landscape and laud their many achievements that are integral to the industry’s continued growth.

METHODOLOGY

After each and every awards ceremony, together with feedback from the industry, throughout the year, we conduct our own research to ensure that our awards categories accurately reflect the current banking landscape and comprehensively recognise the achievements of the industry.

As a result, we have expanded to 36 award categories that provide regional recognition to exceptional financial institutions across the wide spectrum of banking and finance, with added focus on technology to reflect the industry’s ongoing transformation.

Institutions can nominate themselves in all relevant categories as deemed appropriate, provided the submission is sent in before the deadline, and in the required format. Award submissions will be critically evaluated and mutually analysed, utilising market knowledge, marketing materials, research and relevant company financial statements, before a shortlist is made. The editorial team will then create the shortlist based on those submissions and all submitted materials will be given to the judging panel which comprises senior executives from research and rating agencies, management consultancy firms as well as accountancy and auditing firms.

The judging panel will then score each shortlisted institution for each category from 1-5, with scores sent back to the editorial team, which will tabulate the scores, along with independent scores from the editorial team itself. Each institution will be judged on five criteria: financials, corporate strategy, marketing strategy, digital adaptation and client care*, all of which will carry a 20 per cent weightage per criteria in the scoring system.

The institution in each category with the highest score will be declared the winner. Winners will be notified in advance and trophies will be presented at the awards ceremony.

*client care will require submission of testimonials and/or accolades.

Adjudication criteria:

• Financials: Financial statements are important in assessing the true strength of a financial institution. Amongst other indicators, the assessment will take a look at what’s driving revenue, net interest income and provisions.
• Corporate strategy: A winning corporate strategy defines an organisation’s goals and builds the roadmap to achieve them. It incorporates forward-looking themes ensuring growth and sustainability whilst have the agility to maneuver in volatile operating conditions.
• Marketing strategy: An all-rounded marketing plan is one of the key factors to the success and profitability of a bank. A successful marketing strategy is one that not only attracts and retains clients, but also establishes a unique market position for the financial institution.
• Digital adaptation: Technology is an element that is now extremely essential in any business. A financial institution must demonstrate exceptional adaptability to technology and the changing nature of the financial business.
• Client care: In a landscape where personalization is becoming a requirement in any service-related industry, fast, competent and efficient customer service is a key determining factor in valuable client interactions. To ensure business continuity, proactive and innovative customer service solutions are of high importance in measuring success.