Global Finance Names the World’s Best Islamic Financial Institutions 2023
Global Finance has announced its sixteenth annual awards for the World’s Best Islamic Financial Institutions. A full report on the selections will appear in Global Finance’s World’s Best Banks special issue in May, as well as online at GFMag.com. The winners of this year’s awards are those firms that contributed to the growth of Islamic financing. They successfully met their customers’ needs for Shariah-compliant products with modern and efficient delivery channels, while creating the foundation for continued growth and safety in the future.
“As the Middle East seeks to diversify away from the energy markets while seeking to become a global technology hub, the adoption of Islamic finance has only grown,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance. “In such an environment, knowing the leading provider is critical to remain competitive. Global Finance’s annual World’s Best Islamic Financial Institutions awards have a history of acknowledging the leaders in the industry.”
All selections were made by the Global Finance editorial team after extensive consultations with bankers, corporate finance executives and analysts worldwide. Entry submissions from Islamic Financial Institutions were also considered. In selecting these top firms, factors that ranged from the quantitative objective to the informed subjective were considered. Quantitative criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Among the subjective criteria considered were reputation, customer satisfaction and the opinions of analysts and others involved in the industry. The mix of these factors yields leading banks that may not be the largest, oldest or the most diversified in a given country, region or product but rather the best—the firms with which customers around the world would most likely want to do business.
The complete list of Global Finance’s World’s Best Islamic Financial Institutions 2023 follows.