The Islamic finance industry is expected to grow by around 10 percent in 2023 into next year and, as Moody’s reports, Sukuk issuance is set to “rise sharply in 2023”. Issuance last year was postponed “because of capital market volatility, companies seeking to refinance near-term sukuk maturities and first-time rated sukuk issuers looking to diversify funding sources,” said Rehan Akbar, a Moody’s Senior Vice President. Demand for Sharia-compliant financing is high and growth is expected in several areas despite an economic slowdown in other major markets. There is also significant growth potential with green sukuk issuance with many Islamic banks adopting sustainability plans. World Finance celebrates those who have led the way to this positive outlook in its Islamic Finance Awards.

World Finance Islamic Finance Awards 2023

Best Islamic Banks

Bahrain
Al Salam Bank

Egypt
National Bank of Egypt

Jordan
Jordan Islamic Bank

Kenya
Dubai Islamic Bank Kenya

Kuwait
Kuwait International Bank

Morocco
Al Akhdar Bank

Qatar
Qatar Islamic Bank

Saudi Arabia
Al Rajhi Bank

Tunisia
Banque Zitouna

UAE
Emirates Islamic

UK
Gatehouse Bank

Best Takaful Insurance

Bahrain
Takaful International Company

Jordan
The Islamic Insurance Company

Kuwait
KFH Takaful Insurance Company

Malaysia
Jubilee General

Qatar
AlKhaleej Takaful Insurance

Saudi Arabia
Tawuniya

UAE
Abu Dhabi National Takaful

Special Recognitions

Best Islamic Banking & Finance Software Solutions
ICS Financial Systems

Best Digital Banking & Finance Software Solutions
ICS Financial Systems

Best Customer-Focused Islamic Banking Products and Services (Kuwait)
Kuwait International Bank

Best SME Bank (UAE)
Emirates Islamic

Best Retail Bank (UAE)
Emirates Islamic

Best Cash Management Bank (UAE)
Emirates Islamic

Best Treasury Management Bank (UAE)
Emirates Islamic

Most Connected and Strategically Located Financial Centre (MENA)
Qatar Financial Centre

Lifetime Achievement in Islamic Banking and Dedication to the Community
Sheikh Mohammed Al-Jarrah Al-Sabah, Chairman, Kuwait International Bank

Lifetime Achievement in Financial Technology Innovation
Robert Hazboun, Group CEO & MD, ICS Financial Systems

Business Leadership and Outstanding Contribution to Islamic Finance
H. E. Musa Shihadeh, Chairman of the Board of Directors, Jordan Islamic Bank

Kuwaiti Visionary CEO – Development & Growth Driver
Raed Jawad Bukhamseen,VC & CEO, Kuwait International Bank

Best Insurance Company for Customer Service Quality (Turkey)
Bereket Sigorta

Best Participation Insurance Company (Turkey)
Bereket Sigorta