The global Islamic financial services industry had assets under management worth approximately US $ 2,941 billion at the end of 2020 (Global Islamic Finance Report 2021). An industry experiencing strong performance in 2019 is expected to grow even more, however, many expected developments in the Islamic finance industry have slowed due to the COVID-19 pandemic. Despite the bleak outlook, it has also presented unprecedented opportunities for Islamic finance to become an alternative financial system, with assets expected to grow to a size of between $ 3.789 trillion and $ 5.15 trillion by now. 2025.
Global Islamic Finance Awards (GIFA) was founded in 2011 by Edbiz International Advisors as part of its advocacy for Islamic banking and finance. Since then, it has been held annually with its first prize – Global Islamic Finance Leadership Award – given to heads of state or government (or equivalent) for their leadership and advocacy roles in promoting banking and Islamic finance in their respective jurisdictions or around the world. The winners of this prestigious award are known as the GIFA Laureates. This year’s Global Islamic Finance Leadership Award went to His Excellency Ma’ruf Amin, Vice President of the Republic of Indonesia. His Excellency Ma’ruf Amin is a true champion of Islamic finance, leading the country to become a global hotspot for the Islamic economy of which Islamic banking and finance is a part.
Other GIFA laureates include HE Tun Abdullah Badawi, former Prime Minister of Malaysia (2011), HRH Sultan Nazrin Shah of Perak, Malaysia (2012), HE Shaukat Aziz, former Prime Minister of Pakistan (2013), HE Nur Sultan Nazarbayev, first Prime Minister of Kazakhstan (2014), His Highness Muhammandu Sanusi II, Emir of Kano, Nigeria (2015), HE Joko Widodo, President of Indonesia (2016), HE Ismail Omar Guelleh, President of Djibouti (2017), HE Bakir Izetbegovic, former President of the Presidency of Bosnia and Herzegovina (2018), HE Cyril Ramaphosa, President of the Republic of South Africa (2019), and His Excellency Dr Arif Alvi, President of the Islamic Republic of Pakistan (2020) .
Professor Humayon Dar, President of the Global Islamic Finance Awards, highlighted in his speech the shared responsibility we have towards the development and advocacy of the Islamic finance industry to be a sustainable solution in the post-COVID world. “This year’s GIFA celebrates a record number of Islamic financial institutions and individuals. We have winners from USA, UK, South Africa, Middle East and Asia. On behalf of the Awards Committee, I congratulate this year’s laureates, hoping that they will continue to contribute to the success of their organizations and the global Islamic financial services industry. It is because of your hard work, dedication and commitment that the industry is now at the historic US $ 3 trillion mark.
The Top Award for an institution, the Global Islamic Finance Leadership Award (Institution) 2021, was won by none other than Komite Nasional Ekonomi Keuangan Syariah (KNEKS). The National Committee for Sharia Economics and Finance (KNEKS) for its efforts in developing the Sharia economic and financial ecosystem and for making Indonesia a global halal center.
Other notable winners include; RAM Ratings Services Berhad, Saturna Sdn Bhd, Bid Bond by Siraj Finance, IMMC by Al Waseelah PLC, ETHOS AFPMT, ZAWAF (Zakat, Sadaqah and Waqf Division) of the Universiti Teknologi MARA (UiTM), meem Digital Banking by Gulf International Bank,
GIFA has awarded the GIFA Excellence Awards to leading organizations in the Islamic finance sector: the 2021 GIFA (Islamic Social Responsibility) Award of Excellence has been awarded to CaizCoin, one of the many cryptocurrencies developed in Germany but with a unique working model.
The 2021 GIFA (Islamic Social Responsibility) Award of Excellence was awarded to Yayasan BaitulMaal Muamalat, an Indonesian zakat management institution.
The GIFA Excellence Award (Islamic Asset Management) 2021 was won by Albilad Capital in recognition of initiatives and innovations undertaken to provide financial products and services.
The 2021 GIFA Excellence Award (Takaful) went to Prudential BSN Takaful Berhad, the country’s leading takaful operator.
The 2021 GIFA Excellence Award (Islamic Financial Ratings) was won by Fitch Ratings, a leading provider of credit ratings, commentary and research to global financial markets.
GIFA Excellence Award (Islamic Finance Training & Education) 2021 has been awarded to the Brunei Institute of Leadership & Islamic Finance (BILIF).
GIFA Excellence Award (Roshan Digital Account Experience) 2021 was won by HBL Islamic Banking, which has positioned itself as one of the biggest and leading Islamic banking players in the country.
The 2021 GIFA (Premier Islamic Banking Services) Award of Excellence was won by Shariah Banking, Standard Bank for its commitment to Islamic principles and Sharia-compliant assets.
GIFA Excellence Award (Corporate / Business Credit Cards) 2021 is won by Qatar International Islamic Bank, a leading bank providing innovative and Sharia-compliant banking services in Qatar.
GIFA Championship award winners include; Tazkia Islamic University College for GIFA Championship Award (Education in Islamic Banking and Finance) 2021; Malaysian Financial Planning Council for the 2021 GIFA (Islamic Finance Qualifications) Championship Award; Bank Nizwa for the 2021 GIFA (Islamic Bank) Championship Prize; Takaful Oman for the 2021 GIFA (Takaful) Championship award; Arabesque Asset Management Ltd. for the 2021 GIFA (ESG and sustainability) championship prize; Aion Digital for the 2021 GIFA (Islamic Digital Solutions) Championship Prize; and S&P Global Ratings for the GIFA Championship Award (Islamic Financial Ratings) 2021.
GIFA Market Leadership Award was given to market leaders for their strategic role in the growth of the Islamic finance industry. Notable winners include; Cagamas, BNP Paribas Asset Management Malaysia Sdn. Bhd., Al Ahli REIT Fund 1, Faculty of Islamic Economics and Finance UNISSA, Moody’s Investors Service, SEDCO Capital and Bank Syariah Indonesia.
The Islamic Corporation for Investment and Export Credit Insurance (ICIEC) has again won the 2021 Global Islamic Export Credit Insurance and Political Risk Award. Emirates NBD Capital, RIZQ , MANUlife Shariah Global REIT Fund, IBF Net Group, Siraj Finance, Ajman University, International Islamic Trade Finance Corporation (ITFC), Islamic Development Bank Institute (IsDBI), Riyad Saudi Equity Sharia Fund, Oasis Crescent (UK) Limited, Dar Al Sharia , Indonesia Stock Exchange, Pakistan Stock Exchange Limited, TAIF Digital Institute, Al Farabi National Kazakh University, Eiger Trading Advisors Limited, Malaysian Rating Corporation Berhad (MARC), International Turnkey Systems Group (ITS), PT Capital Life Syariah, Meezan Bank, Trust Bank Limited, HabibMetro Sirat, FNB Islamic Banking, Jaiz Bank PLC, Ambank Islamic Berhad, Faysal Bank Limited, Gatehouse Bank, Agrobank, BankIslami Pakistan Limited, Bank Islam Brunei Darussalam, Central Shari ah Board for Islamic Banks of Bangladesh, Saudi Ce ntral Bank, Alinma Bank and Islami Bank Bangladesh Limited are the proud winners this year.
Dr Adnan Aziz (Professor of Practice and Director of the Islamic Finance Center for Academic and Research Excellence, Ajman University), Mr. Khalid Zubair Parekh (Founder and CEO of Fair), Mr. Muhammad Afaq Khan (Head of Islamic Bank, HBL), Eqhwan Mokhzanee (Managing Director of AmBank Islamic Berhad), Mr. Irfan Siddiqui (Founding Chairman and Chief Executive Officer of Meezan Bank) and Mr. Adam Ismail Ebrahim (Chief Executive Officer and Chief Investment Officer of Oasis Group Holdings) have received individual awards for their tireless advocacy, effort and contributions to innovate, evolve and develop products and services that serve the global public and support the Islamic financial services industry.
About Edbiz International Advisors:
Edbiz Corporation is a global Islamic finance think tank headquartered in London. For more information, please visit: www.edbizconsulting.com . Edbiz Corporation provides multiple services that balance the dual purpose of developing thought leadership in this niche sector and building the capacity of Islamic finance for businesses and banks. Its clientele is diverse and includes financial institutions, governments, educational institutions, established businesses and entrepreneurs.
© Press release 2021