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Top 500 Islamic Financial Institutions

11 jan

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The Banker, the flagship global finance magazine of the Financial Times and Group HSBC Amanah, the leading global provider of Islamic Finance have joined forces to launch the world’s first comprehensive ‘Top 500 Islamic Financial Institutions‘ (Pdf) listing.

The global listing in The Banker’s November 2007 issue shows that the global total of sharia-compliant assets, based on the latest official figures of the Top 500 Islamic financial institutions, grew by 29.7% in 2006 to reach $500.5bn at year end 2006.

This first comprehensive listing which covers institutions in 47 countries and incorporates all institutions that offer sharia-compliant products shows that Islamic finance is growing at almost twice the rate of western (interest-related) financial services and analysis suggests that the level of Islamic finance is still largely under-reported on a global basis.

This groundbreaking research in Islamic finance includes both Islamic financial institutions and conventional banks offering Sharia-compliant financial services.

This unique listing provides the core benchmark for Islamic finance across the globe and the first time detailed figures have been provided by institutions on the size of the market in Islamic financial services.

Mohammed Hassan Ismaeel, Global Head of Marketing, HSBC Amanah said: ‘Since its launch one decade ago, HSBC Amanah has been setting the pace for the Islamic finance industry globally through innovation and best practices. HSBC Amanah offers Islamic banking solutions which combine our financial expertise with our enduring values. Our current joint initiative with The Banker is indicative of our commitment to take the industry to new heights.’

‘At HSBC Amanah, customers can experience the global coverage and convenience of banking with HSBC without compromising the principles of the Sharia. HSBC Amanah brand speaks of the commitment of HSBC to the Muslim societies in which it operates,’ he added.

Stephen Timewell, Editor-in-Chief of The Banker, said: ‘The Top 500 Islamic financial institutions listing is a pioneering move that creates the first credible benchmark for the rapidly expanding Islamic finance industry. Just as our Top 1000 World Banks listing in July has become an essential piece of prime data for the banking industry, we are confident that this new listing, to be published every November, will become the key benchmark for Islamic finance.’

The Top 500 Islamic institutions listing provides not only an individual institutional breakdown based on sharia-compliant assets, it also includes country and regional breakdowns of the key players in the industry as well as growth, profitability and underwriter league tables. In addition to 292 banks, both fully Islamic and those offering Islamic windows or selling Islamic products, there are 115 Islamic investment banks and finance companies, and 118 insurance companies , adding up to a global total of 525 institutions from which the Top 500 was drawn.

The Banker Magazine
Established in 1926, The Banker is the premier magazine and acknowledged journal of record for the world’s investment, retail and commercial banking sectors. Published on a monthly basis with an ABC certified circulation of over 28,500, the magazine offers an unrivalled combination of authoritative news, features, surveys and heavyweight interviews. The Banker carries the brand name of the Financial Times Group, and provides essential reading for the cream of the world’s financial decision makers across the banking and corporate sectors. Being part of the Financial Times group The Banker has unique access to the most influential decision makers in the financial markets.
HSBC Amanah
HSBC Amanah is the global Islamic banking division of the HSBC Group, and was established in 1998 with the aim of making HSBC a leading provider of Islamic banking worldwide. With more than a hundred professionals serving the Middle East, Asia Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic banking team of any international bank. The HSBC Group is one of the largest banking and financial services organisations in the world. With operations in twenty OIC member states, no international bank is more widely represented in the Muslim world than HSBC. Nor has any made a greater investment in Islamic banking. Headquartered in London, the Groups international network comprises about 10,000 offices with almost 110 million customers in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With a rich history of community banking and a commitment to meet the particular needs of our diverse customers, HSBC presents itself as the world’s local bank.
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Publié par le janvier 11, 2008 dans A la une, English Section

 

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