CIMB Islamic Bank voted Best Islamic bank in Asia

KUALA LUMPUR: CIMB Islamic Bank's achievements across the spectrum of Islamic banking and finance saw it winning the "Best Islamic Bank in Asia" at the Euromoney Islamic Finance Awards 2010 held in London recently.

The bank was also presented with the "Best Sukuk Deal" award for its RM20 billion Islamic commercial papers/medium term notes programme for Pengurusan Aset Air Bhd, the largest sukuk issuance in Malaysia last year.

The bank said on Monday, March 15 the "Best Islamic Bank in Asia" award was in recognition for its continuous growth in the Islamic banking arena. The Euromoney Islamic Finance Awards is a benchmark of achievement in the global Islamic finance sector.

"No other bank in Asia can match CIMB Islamic's achievements across the spectrum of Islamic banking and finance and it remains the bank to beat," said the editor of Euromoney magazine, Clive Horwood, at the Euromoney Islamic Finance Awards 2010.

Euromoney said some of the more impressive deals sealed this year were done by CIMB Islamic - the S$1 billion (US$715 million) multi-currency Islamic trust certificate programme for Singapore's City Developments Ltd through its subsidiary, CityDev NahDah - and the launch of five new Islamic funds, including Asia's first multi-country Islamic infrastructure fund.

Chief executive officer of CIMB Islamic Badlisyah Abdul Ghani described the award as a "great honour" for the bank to be recognised internationally when the economic environment has been rather challenging.

"At CIMB Group, we have been fortunate as 2009 was a rewarding one for us with the strong growth of our Islamic finance business across all market segments regionally," he said.

Euromoney's most prestigious individual award was presented to Badlisyah for his "Outstanding contribution to the development of Islamic Finance". Badlisyah is the first industry practitioner and the youngest to be honoured with this award. Previous award winners for this category were governors of central bank and shariah scholars.

Badlisyah attributed the award to CIMB Islamic's successful dual banking leverage model and staff.

Badlisyah, 36, was appointed executive director and chief executive officer on Feb 28, 2006. He is also a director of CIMB Middle East BSC (C), Bahrain and CIMB Islamic Funds LCC Ltd, Brunei. He chairs the Islamic Capital Market Committee of the Malaysian Investment Banking Association and sits in various other industry committees.