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Following a strong performance in the prior year, Islamic financial institutions (IFIs) recorded a steady 2024, with the overall sector’s return and total assets at levels similar to their 2023 performance.
However, there was variation in individual IFIs’ performances; and many winners of Global Finance’s Best Islamic Financial Institutions 2025 achieved growth and profitability beyond their peers.
The strategic and operational aim of the IFIs is to increase digitalization to drive efficiency, gain new customers—particularly at the higher end of retail and commercial banking—and raise competitiveness in challenging banking markets. Previous years saw a notable customer drift from conventional banks to Shariah-compliant institutions, but this trend stabilized in 2024. Retail banking remains the bedrock of IFIs, but most have strengthened their commercial banking service, particularly at the level of small and midsize enterprises. In addition, wealth management activities have become increasingly important.
IFIs’ margins remain healthy and above those of conventional banks. According to S&P Global Market Intelligence data, returns for the Islamic Banking Sector in 2024 were stable at 1.7%, matching the prior year’s. The larger IFIs, which dominate their responsive markets, continue to perform above average for the sector, achieving a return on assets of 1.9%, which reflects funding advantages and cost efficiencies.
Islamic banks’ overall sector balance sheet was also stable last year. The financial profile of IFIs remains very good, with an average ratio of capital to risk-weighted assets of nearly 20%. The nonperforming-loan ratio is 3%, with good coverage in place.
The 2025 Best Islamic Financial Institutions award winners have strengthened their market position, continued with product innovation, raised service quality, and recorded good financial results. These IFIs are well managed and have good governance. These award winners continue to innovate in delivery and access.
Kuwait Finance House (KFH) won as the World’s Best Islamic Financial Institution for 2025. It is the second-largest Islamic bank globally and is active in the Middle East, Asia, and Europe. “KFH demonstrated its ability to promote the future of Islamic finance worldwide,” said KFH Group CEO Khaled AlShamlan on a February earnings webcast. “This is evident in the successful and record-breaking conversion of Ahli United Bank in Bahrain, the UK, and Egypt to Islamic banking, achieved with high efficiency.”
Standard Chartered Saadiq (SCS) earned the Best Islamic International Bank title,
Global Finance’s newest award. SCS is Standard Chartered Banking’s global Islamic network, which spans Asia, Africa, and the Middle East. It combines Shariah expertise with a strong product portfolio.SCS has been involved in Islamic banking for over 16 years and is the only international bank with a complete Islamic-financing product suite.
Malaysia’s Maybank Islamic took home the award as Best Islamic Financial Institution in Asia. Maybank is the largest Islamic bank in Southeast Asia. In 2024, Maybank expanded it’s international presence by launching Islamic services in the Philippines. The bank is also renowned for Islamic financial innovation.
Global Winners
Khaled Yousef AlShamlan, CEO, Kuwait Finance House
World’s Best Islamic Financial Institution | KUWAIT FINANCE HOUSE
Kuwait Finance House (KFH) wins our award as the World’s Best Islamic Financial Institution for strengthening its franchise in several markets, for financing innovation, and for its overall operating performance. KFH provides services to customers in the Middle East, Europe, and Asia, through extensive distribution channels, with an increasing emphasis on digitalization. The bank has subsidiaries in Kuwait, Turkey, Egypt, Bahrain, Iraq, Malaysia, the UK, and Germany.
KFH has made significant strides toward digital transformation in risk management, adopting the latest advancements in artificial intelligence (AI), machine learning, and advanced analytics, to enhance risk measurement and monitoring. Tam Digital Bank, KFH’s digital bank in Kuwait, recorded strong customer numbers and transaction growth.
The banking group’s financial profile is very sound. A successful capital-management program led to capital adequacy ratio (CAR) of 19.9%, considerably exceeding regulatory requirements and supporting growth over the coming years. Return on average assets is good at 1.8%, and loan asset-quality metrics are robust. KFH’s Islamic banking products and services cover commercial, retail, and corporate banking; as well as real estate, trade finance, project finance, asset management, and investments.
Bilal Parviaz, CEO, Standard Chartered Saadiq
Best Islamic International Bank | STANDARD CHARTERED SAADIQ
Standard Chartered Saadiq (SCS) receives the inaugural award as Best Islamic International Bank – a new and important category. SCS is the global Islamic network for Standard Chartered Banking (SCB) and spans Asia, Africa, and the Middle East, combining significant Shariah expertise with a strong product portfolio. SCB has been involved in Islamic banking for over 30 years and is the only international bank with a complete Islamic-financing product suite across consumer, private, business, corporate, and institutional banking segments. This includes cash, trade, treasury, and capital-market products.
The network covers 70% of the Muslim world, offering strong Islamic wealth and retail banking services, and is a market leader in sukuk issuances. It has substantial experience structuring Islamic solutions. Leveraging SCB’s global environmental, social, and governance (ESG) expertise, Saadiq offers market-leading, Shariah-compliant, sustainable-financing offerings, including transition finance, ESG advisory, and sustainable deposits.
Ahmed Hashem, CEO, Dukhan Bank
Best Islamic Private Bank | DUKHAN BANK
Dukhan Bank‘s Private Banking offers financing, banking, and investmetn products and services for high net worth individuals (HNWIs) and ultra high net worth individuals (UHNWIs). Supported by a large team of equity specialists, Dukhan’s portfolio-management services are extensive and include equity markets, sukuk, mutual funds, and capital-protected products.
Dukhan Bank successfully issued an $800 million, five-year, senior unsecured sukuk in 2024 – the largest issue achievement by a Qatari Islamic bank since 2020. This financing will help the bank to further strengthen its private banking position. The bank’s overall revenue stream is diversified, but retail and private banking contributed to a 38% increase in group revenue for 2024.
Adel Al-Majed, Group CEO, Boubyan Bank
Best Islamic Bank for CSR| BOUBYAN BANK
Boubyan Bank‘s 2024 corporate social responsibility (CSR) strategy focused on community initiatives and contributions covering several key aspects, such as sustainability, sports, well-being, and empowerment of youths and entrepreneurs.
Working toward a more inclusive and sustainable future for everybody, Boubyan continued its efforts during 2024 to drive sustainable growth across all of its group’s companies while maintaining its core values. The bank’s approach to CSR is not confined to a single department’s performance; rather, all the bank’s operations are socially responsible and considered key participants.
Mohamed Abdelbary, CEO, Abu Dhabi Islamic Bank
Best Islamic Bank for ESG| ABU DHABI ISLAMIC BANK
Abu Dhabi Islamic Bank (ADIB) made significant progress in advancing its sustainability agenda in 2024. The bank implemented multifaceted strategies addressing operational and financed emissions, including energy-efficiency initiatives, a sustainable-finance strategy, and responsible procurement practices. These efforts underscore ADIB’s dedication to reducing environmental impacts while aligning with global sustainability objectives. ADIB’s achievements have been recognised through ESG-rating upgrades by international agencies, reflecting the strength of its ESG practices and framework.
ADIB has strengthened its focus on integrating ESG principles into its operations and strategic decision-making. A landmark achievement was the issuance in 2023 of the world’s largest green sukuk by a bank, raising $500 million. During 2024, the bank also established new board committees, including its ESG Committee.
Best Islamic Retail Bank| KUWAIT FINANCE HOUSE
Kuwait Finance House has a high-quality retail banking operation across many markets. Its performance wins the bank the Best Islamic Retail Bank award. KFH recorded a 13% increase in personal finance for 2024 and a 25% increase in transactions. The bank has been directing efforts toward enhancing innovation and digital transformation. KFH offers a wide range of banking products, services, and solutions, tailored to meet the evolving needs of retail customers. The bank introduced an array of banking services through its KFHOnline app. Tam, its Shariah-compliant digital bank, continues to experience good growth. Acquiring Ahli United Bank gave KFH a good presence across most of the Gulf regional. Internationally, KFH has retail banking activities in Turkey, Germany, Bahrain, Saudi Arabia, Malaysia, the UK, Iraq, and Egypt. In Kuwait, it dominates the Islamic financing and deposit market.
Farid Al Mulla, CEO, Emirates Islamic Bank
Best Islamic Corporate Bank| EMIRATES ISLAMIC BANK
Emirates Islamic Bank (EIB) recorded a strong year in Corporate Banking for 2024, with the division achieving a record annual income of 30%. Customer financing grew considerably, by 40%; and deposits grew by 39%. EIB experience increased execution of ESG financing, with over $3.5 billion in ESG-related syndicated financing, including sustainability-linked facilities.
In addition, there was a significant rise in club/syndicated financing. EIB successfully managed its debut $500 million Islamic syndicated facility. The financing provided liquidity required to manage targeted growth. EIB’s corporate banking division provides a full-fledged value proposition consisting of working capital finance, trade finance, project finance, syndicate and structured finance, and cash management services, to large and midsize corporates, financial institutions, sovereigns, and government-related entities. The bank has always been a pioneer in providing Shariah-compliant solutions and structures, including revolving credit facilities, musharaka structures, and cash and trade products and services.
Hisham Alrayes, CEO, GFH Financial Group
Best Islamic Investment Bank| GFH FINANCIAL GROUP
Bahrain-headquartered GFH Financial Group earned the Best Islamic Investment Bank award for its investment deals and placements. These included acting as one of the joint lead managers and book runners for the successful issuance of a $500 million, five-year sukuk by Arabian Centers Company, Saudi Arabia’s largest shopping mall owner, developer, and operator. GFH concluded Shariah-compliant investments totaling $450 million in the US real estate sector in early 2024.
Through GFH’s asset management arm, it successfully launched and closed its seventh Shariah-compliant logistics and industrial fund in the US. The fund comprises of two types of assets: industrial and transportation logistics. The fund’s portfolio includes 25 of these with a total transaction value of $300 million. In October 2024, GFH issued a $500 million, five-year sukuk. The year also saw GFH launch a Shariah-compliant investor mobile app. GFH and Panattoni Saudi Arabia signed a strategic Shariah-compliant partnership last year to develop logistics facilities in the kingdom. The collaboration focuses on creating high-quality logistics and industrial infrastructure across key cities, including Riyadh, Jeddah, and Dammam, with a planned investment of $500 million over the next five years.
Best Sukuk Bank| STANDARD CHARTERED SAADIQ
Standard Chartered Saadiq has long held a leading position in the global sukuk market, managing and structuring many instruments. This remained so in 2024. Standard Chartered holds first-place position in the International Sukuk League Tables. SCS has used its strong presence across local markets in Asia and the Middle East to enable issuers from the Middle East to tap domestic market in Asia and vice versa. Standard Chartered Saadiq is also a leading Islamic sustainable finance institution. It has a track record of market-first transactions and offers sustainable products such as green sukuk.
Muhammad Currim Oozeer, CEO, Sidra Capital
Best Islamic Fund Manager| SIDRA CAPITAL
Sidra Capital, headquartered in Jeddah, Saudi Arabia, is a leading alternative Shariah-compliant asset manager. It also has offices in Riyadh, London, Dubai, and Singapore. Sidra focuses on global income-generating real estate, private finance, and private equity. The company has made several recent deals. Sidra Capital established the 2 billion Saudi riyal (about $533 million) Al-Bushra Infrastructure Development Fund in partnership with project developer Sager Group. The fund is dedicated to developing raw land covering 734,744 square meters (about 181.6 acres) in the Al-Aziziyah district of the holy city of Mecca. The project will transform the land into serviced plots, aligning with the objectives of Saudi Vision to drive sustainable economic growth and enhance the kingdom’s appeal to foreign investors. Knowledge Economic City, a multi-billion dollar project in Medina, signed a framework agreement with Sidra Capital and Raseel Properties to establish a REIT.
Best Islamic SME Bank| KUWAIT FINANCE HOUSE
Kuwait Finance House had a very strong year across all of KFH’s markets in the small and mid-size enterprise (SME) banking sector. The bank has formidable position in the Kuwaiti SME market, possessing the most extensive portfolio among all local banks. in 2024, its SME portfolio grew 14% by assets and 13% by clients. KFH is one of the key banks for Kuwait’s National Fund for SME Development. The bank launched a corporate mobile app as part of the e-Corp OMNI channel project and added new services throughout 2024.
Best Islamic Trade Finance Provider| STANDARD CHARTERED SAADIQ
Standard Chartered Saadiq offers unique Islamic solutions that help meet its clients’ Shariah trade financing and investment needs. The bank has supported many SMEs and corporates by providing offerings across term loans, trade working capital, and cash, backed by its state-of-the-art Straight2Bank online banking and network capabilities. SCS also undertook a project to migrate its commodity murabaha-based trade and financing products to the ceiling rate structure. Before the ceiling-rate structure, the Shariah contract had been conducted at the transactional level for every disbursement, extension, or other action. This project has progressed, helping the bank to improve transaction-turnaround time for clients, reduce operational and Shariah risk for the bank, and align Islamic trade and financing products with conventional equivalents in the market.
Best Takaful Provider| KUWAIT FINANCE HOUSE
Kuwait Finance House‘s KFH Takaful Insurance company provides comprehensive, innovative, and Shariah-compliant insurance services. The company examines customer needs and works to provide the best services through multiple distribution channels that serve customers on a large scale. It has a broad portfolio of insurance products with financial backing from KFH.
Best Islamic Project Finance Provider| KUWAIT FINANCE HOUSE
Kuwait Finance House remains the leading project finance provider in key Middle Eastern markets. In 2024, it continued financing many companies and mega projects at local and regional levels. KFH financed deals totaling about 325 million Kuwaiti dinars (about
$1.1 billion) in Saudi Arabia, Qatar, and Egypt. KFH also partici- pated in syndicated financing deals. Domestically, KFH played a pivotal role in the local economy by financing large-scale projects across various sectors, most notably real estate projects worth 313 million dinars. Furthermore, KFH contributed to development of the local infrastructure by offering additional financing for the telecommunication industry.
Dato’ Muzaffar Hisham, CEO, Maybank Islamic
Best Islamic Asset Manager| MAYBANK ISLAMIC
Maybank Islamic (MI) is an innovative leading Islamic asset manager. MI wins the Best Islamic Asset Manager award due to many product and service developments in 2024. The bank bridges Shariah fund flows across many key markets and has a centralized investment platform. MI’s target market includes retail and institutional investors. Islamic Portfolio Financing, the first such by a Malaysian bank, was launched in 2024. This portfolio empowers customers to optimize the value of their assets by capitalizing on avail- able investments and leveraging current market opportunities. Avaloq is banking software and a digital offering for wealth management, core banking, and digital banking services. MI deployed the Islamic Avaloq platform in October 2024. It offers an integrated system for private banking products, enhancing client portfolio management, adviser services, and back-office efficiency. Expanding its suite of Shariah-compliant products in the market, the bank increased its Shariah-compliant unit trust offering to 14 funds.
Regional Winners
Asia | MAYBANK ISLAMIC
Maybank Islamic is the flagship Islamic institution in Asia. The bank is often first in introducing innovative Shariah-compliant financial products. It’s primary market is Malaysia, where it controls approximately 30% of Islamic assets; but its activities also extend across other Asian countries. MI is the largest Islamic bank in Southeast Asia and fifth biggest globally. In 2024, it expended its international presence by launching in the Philippines. MI has prominent operations in Singapore, Indonesia, and Hong Kong. The bank’s financial metrics are solid, with a strong capital base, good returns, and net profit growing in 2024. The bank holds a notable position in the global sukuk market.
Middle East | KUWAIT FINANCE HOUSE
Kuwait Finance House is also the winner of the Middle East regional award. In addition to dominating the Islamic banking sector in Kuwait, KFH has strong market positions in Saudi Arabia and Bahrain. It is also active in cross-border transactions, financing, and investment throughout the Middle East. KFH has also been aided by successful organic growth and acquisitions over the years
Country and Territory Winners
Bahrain | AHLI UNITED BANK BAHRAIN
Ahli United Bank Bahrain (AUBB) has raised its market position significantly over the past two years. Now part of KFH, it has fully converted to an Islamic bank. In late 2024, the bank successfully executed Bahrain’s first fully automated Shariah-compliant sup- ply chain finance transaction. The bank created a collaborative payable finance ecosystem on its business-to-business platform, where the seller could raise an invoice and pass it to the buyer for approval. Last year saw significant growth in AUBB’s virtual accounts management, incorporating microfinancing. The bank expanded its host-to-host and application programming interface (API) integration capabilities beyond payments and reconciliation to include trade finance solutions.
Brunei Darussalam | BANK ISLAM BRUNEI DARUSSALAM
With assets of $8 billion, Bank Islam Brunei Darussalam has the dominant position in Islamic finance in Brunei Darussalam. In 2024, the bank invested in a new core banking system. The bank’s net profit was $115 million in 2024, with a healthy return on assets (ROA) of 1.4%. The balance is well capitalized with a CAR of 17.9%.
Egypt | ADIB EGYPT
The leading institution in Egypt’s Islamic banking sector in terms of performance, Abu Dhabi Islamic Bank Egypt (ADIB EGYPT) had a good 2024, with net income growing by a third. The bank has assets of $5 billion. Apart from mainstream Islamic financing, ADIB Egypt offers investment banking, leasing, asset management, and microfinance. ADIB Egypt works closely with international financing agencies such as the International Finance Corporation and the European Bank for Reconstruction and Development.
Indonesia | BANK SYARIAH INDONESIA
Bank Syariah Indonesia remains Indonesia’s largest Islamic bank and the country’s sixth-largest bank overall, with assets of $25 billion. The balance sheet increased robustly in 2024, as did net profit and returns. With most of the large Indonesian population being Muslim, Islamic financing in the country is growing rapidly.
Jordan | JORDAN ISLAMIC BANK
Jordan Islamic Bank (JIB) main- tains the dominant Islamic bank- ing franchise in Jordan, aided by good financials, including a CAR of 20%. JIB controls nearly half of the Islamic banking sector in the country and 10% of total banking-sector assets. Both financing and deposits continue to expand, and its digital- banking platform is expanding. Well managed, JIB has good prospects.
Kuwait | BOUBYAN BANK
Boubyan Bank stands apart as the leading technology-backed bank in Kuwait. Total assets are $30 billion, with net profits of $315 million in 2024—up by 20%. The bank has positioned itself as a leading digital force in the banking sector. Its focus on digital transformation is evident, segmenting services into customer-facing digital products and internal services. The latter support digital and traditional channels, automating processes to enhance efficiency. Boubyan’s Nomo Bank, the first Shariah-compliant digital bank designed for individuals, has been successful. Nomo’s launch of its Instant Access Saver, available in three currencies, has stimulated strong demand. Extending the Nomo liabilities proposition through- out 2024 resulted in a 70% increase in total balances.
Malaysia | MAYBANK ISLAMIC
In Malaysia’s Islamic financing and investment areas, Maybank Islamic holds the dominant market position. The bank is market savvy and innovative and has recorded impressive long-term performance.
Morocco | BANK ASSAFA
Owned by Morocco’s largest bank, Attijariwafa, Bank Assafa had a good year in 2024, with 41 branches covering the major cities of Morocco. The bank provides a range of services, from every- day banking operations to savings products and takaful. In terms of financing, it supports its clients through diversified offerings, including real estate, automobiles, equipment, and the purchase of construction materials.
Oman | AHLI ISLAMIC OMAN
Ahli Islamic Oman posted robust growth. The bank caters to all customer segments: institutional, corporate, SME, and retail. It was the first Islamic bank in Oman to digitally onboard customers through its mobile banking platform and the first to offer IPO leverage. Ahli Islamic has seen a continued expansion of retail business. Shariah-compliant investment and financial offerings for private banking customers have also gained traction.
Pakistan | FAYSAL BANK PAKISTAN
Faysal Bank Pakistan is one of the largest banks in Pakistan, with over 700 branches. Its total assets grew by 14% in 2024, and profit before tax recorded a 22% rise. The bank has achieved growth in new customers. Faysal continued to invest in digital transformation, upgrading its online banking plat- form, mobile applications, and payment systems. Digital channels have seen significant growth, with a 66% increase in internet and mobile banking transactions and a 34% rise in mobile banking subscribers.
Qatar | QATAR ISLAMIC BANK
Qatar Islamic Bank (QIB) is the largest Islamic bank in Qatar, controlling approximately 36% of the total assets of listed Islamic banks. It is Qatar’s second-largest bank overall in terms of total assets, financing assets, and net profit. QIB has a strong financial profile – capital adequacy of 21% – with continued growth in recent years and a robust risk management framework. It has significant government support, with the Qatar Investment Authority, the country’s sovereign wealth fund, as its largest shareholder. In 2024, QIB’s assets were $55 billion and net profit was $1.3 billion.
Saudi Arabia | ALINMA BANK
Alinma Bank is the fourth-largest Islamic bank globally, with assets of $74 billion. It is the young- est bank in Saudi Arabia but has made significant strides since its establishment in 2006 and now controls 6.5% of assets and 7.7% of deposits. Alinma ranks second in the kingdom regarding return on equity (ROE) and ROA. In 2024, the bank increased its capital from 20 billion to 25 billion Saudi riyals via stock dividends, to fund the next growth stage. It has focused on building a digital factory and applying the latest technologies: advanced analytics, AI, and Big Data. In 2024, it launched the Alinma New API Portal and Alinma Business Platform. The bank focuses on digitally savvy customers.
Sri Lanka | AMANA BANK
Amana Bank, the leading Islamic bank in Sri Lanka, offers the full spectrum of retail banking, SME banking, corporate banking, and treasury and trade finance services. Amana performed strongly in 2024, with advances growing by 24% and deposits up by 16%. Net profit was 28% higher last year. Increased trade volumes from SME and corporate customers as well as digital transactions drove this performance.
Tunisia | AL BARAKA BANK TUNISIE
A subsidiary of Al Baraka Banking Group of Bahrain, Al Baraka Bank Tunisie offers several Islamic banking products and services and continues to benefit from the Al Baraka Group. Major achievements for the bank in 2024 included opening over 13,000 new accounts and upgrading its mobile app with several new features. Total assets were up by 27% in 2024, with financing growing by 32%.
Turkey | KUVEYT TURK KATILIM BANKASI
Kuveyt Turk Katilim Bankasi (KTKB) operates throughout Turkey, supported by an extensive branch network. It also oper- ates an Islamic bank in Germany named KT Bank. KTKB is the largest Islamic bank in Turkey, with assets of $26 billion and equity of $2.5 billion. Financing growth was over 10% in 2024. Net profit rose in 2024 to $1.1 billion, with ROA a high 4.7%. KTKB has an office in Bahrain that serves as a bridge between Turkey and the Gulf countries. Its parent banks is KFH.
UAE | EMIRATES ISLAMIC BANK
Emirates Islamic Bank’s parent is Emirates NBD. With assets of $30 billion, EIB’s market position strengthened considerably in 2024. The bank’s customer base grew strongly across the retail, SME, and corporate banking divisions. It also launched wealth and investment products catering to HNWIs and affluent customers. Emirates Islamic was the first Islamic bank in the United Arab Emirates (UAE) to launch a Shariah-compliant digital wealth offering and equity trading via a mobile banking app. It also was the first Islamic bank to offer fractional sukuk participation on its digital wealth platform. Its Islamic banking areas recorded a record yearly income in 2024 on the back of growth in customer financings and deposits. Retail banking net profit increased by 69%.
