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Skip Navigation LinksHome :: Islamic finance awards :: Banking :: Islamic finance 2006: Local markets make it to the mainstream

January 2006

Islamic finance 2006: Local markets make it to the mainstream

by Kate Luxford

Euromoney reports on the innovations driving the market forward, and profiles the winners of latest Islamic finance awards.




Sukuk market breaks new ground             

The Islamic finance industry has witnessed phenomenal growth in recent years, and as long as institutions keep coming up with sound new products, there’s no end in sight for strong growth rates.              


RESULTS:
Best Islamic bank in the Middle East Best Islamic bank in Asia
Best sukuk house Outstanding contribution to Islamic finance
Best general takaful provider Best life takaful provider
Best Islamic project finance house Best Islamic private equity house
Best Islamic real estate finance house Best Islamic advisory services
Best Islamic legal advisor Most innovative Islamic finance house
Islamic finance product of the year Islamic finance deal of the year
Most improved bank in Islamic finance


Financial markets have always demonstrated an uncanny ability to take external factors as a cue for innovation and growth. Islamic finance, which has developed at a remarkable pace over the past five years, is no exception.

According to Badlisyah Abdul Ghani, CEO of Malaysian bank CIMB Islamic, which wins Euromoney’s 2006 award for best Islamic bank in Asia, this is because Muslims are refocusing on their local markets in the aftermath of the World Trade Center attacks and a resurgence of the Islamic faith. “We have seen a desire by a lot of Muslims to invest their wealth in shariah-compliant activities, particularly after 9/11 and the Gulf War. There’s a realization that they need to be investing in their own countries and in a shariah-compliant manner,” he says.

More information on islamic finance awards


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[Silence]

Citi and Bank of America had a common response to Euromoney’s repeated enquiries into what progress they had made towards their headline-grabbing announcements last year to invest $50 billion and $20 billion respectively in green projects. It would seem the credit crisis has forced grandstanding on the environment down the agenda

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