Best bank for CSR: National Bank of Bahrain
National Bank of Bahrain (NBB) is Bahrain’s best bank for corporate social responsibility this year. It has demonstrated its commitment to CSR through donations and initiatives in volunteering, education and employee training.
NBB has a policy stipulating that 5% of the bank’s annual profit be earmarked for social outreach activities. As a result, it has committed more than BD3.5 million ($9.3 million) to charity in 2022. This exceeded the bank’s donations in the previous year and was in line with projections. It places the bank among the most generous of Bahraini donors.
Employee training was an area of improvement for the bank. It recorded 66,531 training hours in 2022, which represented a 72% improvement year on year. Some 830 employees completed sustainability-awareness training, accounting for 99% of the bank’s total workforce. In addition, the bank expanded its group mentorship programme, Inspire, which recorded 52 mentors for 115 mentees across the organization.
The bank has been committed to supporting education as well. It launched a summer internship programme, Evolve, which enabled a total of 58 high-school and university students to gain work experience. The programme was supplemented by a digital version that catered for up to 750 students per session.
A focus on fostering a culture of volunteerism among its workforce is also evident. The bank has organised several volunteering initiatives – some in partnership with Bahraini organizations. In one example, 20 employees from different areas of the bank participated in its flagship ‘Neqsatna’ Ramadan programme.
Best bank for D&I: Sico
Impressive gender statistics relative to peers, together with a commitment to gender equality make Sico this year’s diversity and inclusion award winner in Bahrain.
The bank has had a female chief executive since 2014 and has the highest female representation at board level (40%) in the Bahraini financial sector. Among peers, a leading 37% of its total workforce is made up of women, with its research, brokerage and market-making businesses boasting the highest female representation, at 55%, 60% and 60% respectively.
These figures are a function of the bank’s comprehensive diversity and inclusion policy, as well as its inclusive recruitment and retention strategies, employee training and development programmes. As an example of the bank’s focus on fostering an inclusive work environment, it provides working mothers with wellness and breastfeeding rooms on its premises.
The bank has also launched several impactful initiatives to empower women in broader Bahraini society. Its Women in Investment (WIM) programme, for instance, has helped boost the number of female investment professionals in Bahrain through the provision of training courses. Additionally, its participation in two Bloomberg Vision events saw it mentor 25 female students by matching them with female professionals.
The bank’s financial support of Room to Read, a global non-profit organization supporting girl’s education, and Shamsaha, a Bahraini crisis response centre for women, are good examples of the bank’s philanthropic work to empower women in wider Bahraini society.
Best bank for digital solutions: Ahli United Bank
Ahli United Bank is named the best bank for digital solutions in Bahrain after taking tangible steps to enhance its digital channels on both the retail and business banking fronts.
Its new automated retail loan origination system helps customers get loans faster. Introduced for both conventional and Islamic products, the service was equipped with rule engines, automated credit decisioning and end-to-end workflows, which has helped the bank cut loan facilitating times.
The bank’s new customer relationship management system also achieves completely paperless processing, thanks to embedded e-requests. The system features live rates that help customers manage transfers, while its lead-management module helps automate cross-selling.
In business banking, a virtual account management system for corporates has been launched, allowing customers to efficiently handle billing and invoicing, streamline reconciliation, and integrate reports into their enterprise resource planning platforms. Additionally, the bank has introduced a supply-chain and receivables finance solution, automating trade receivables management. It is the first bank in the region to automate financing from initiation to disbursement in just 84 seconds.
The bank has also introduced a digital-first branch. The branch is equipped with a round-the-clock digital zone that provides an array of self-service machines to allow customers to conduct transactions online.
Best bank for ESG: National Bank of Bahrain
National Bank of Bahrain (NBB) has achieved a sizeable reduction in its environmental footprint, expanded its retail sustainable product offering and undertaken efforts to make its operations more sustainable this year. It has therefore been named best bank for ESG in Bahrain.
The bank has recorded a 13% reduction in energy consumption, a 13% reduction in Scope 1 and Scope 2 greenhouse gas emissions, and a 13% reduction in overall water usage. As part of its efforts to become paperless, the bank recycled approximately 24.3 tons of paper. It has also continued to monitor other environmental factors, including general waste, electronic waste and recycling waste.
As part of its near-term strategy to tackle climate risk, the bank launched an ESG risk-assessment toolkit to analyse various climate-related elements in its clients’ operations. The bank has also completed the installation of solar panels in four of its branches. The systems produce more than 350-kilowatt peak, reducing annual carbon emissions by 50%.
The bank also introduced new products and services to help customers reduce their environmental footprint. In one example, it extended retail financing for solar power and electric and hybrid vehicles. Furthermore, it initiated a project to produce all cards in recycled plastic in partnership with Mastercard and Sinnad.
Best bank for SMEs: Ahli United Bank
Ahli United Bank wins the small and medium-sized enterprise banking category in Bahrain this year following a period of product enhancements and growth in key metrics.
The bank recorded an annual increase in SME customer deposits of 12.4%, to reach nearly $2 billion at the start of 2023. Its SME customer loans grew by 10.2%, to approximately $2.5 billion over the same period. These increases were made possible by the bank’s investment in key platforms.
Notable among these improvements was an upgrade to Ahli’s business-to-business system for a better client journey and user experience. Customers can now directly register on the portal and can digitally request services from the bank. Other useful features include consolidated dashboards, integration with Refinitiv and a new e-request service that allows customers to cancel or stop an issued cheque.
The investment paid off, and the bank saw a 64% growth in the total value of transactions conducted via its B2B platform in 2022.
Ahli also enhanced the management of trade receivables with a new supply-chain finance solution. It enables the bank to speed up its financing process from initiation to disbursement to 84 seconds – faster than any competitor in the Middle East.
The bank’s new virtual account management system was another innovative solution made available to SME clients. A market-first service in Bahrain, it provides clients with the capability to create, maintain and monitor customer or vendor virtual accounts.
Best corporate bank: Bank ABC
In a period marked by rapid technological evolution across its entire business, Bank ABC has made several digital enhancements to its corporate product offering. The bank has been named best corporate bank in Bahrain this year in recognition of these transformative efforts, alongside its involvement in a number of important regional transactions.
The domestic bank launched digital corporate customer onboarding this year. The service, which was made available to all the bank’s 15 global units throughout 2022, enables clients to open an account in under eight hours – substantially faster than the 60-day industry average.
The bank also introduced improvements to its transaction services offering. It launched the first module of its front-end channel for trade finance, a tool that enhances integration with import clients.
It also completed the first phase of its trade operations-hub project, which enhances automation. In supply-chain finance, the bank’s backend solution was complemented with a front-end customer interface, a feature that enables corporate clients to easily initiate letters of credit, guarantees and collections.
Bank ABC’s headline deals include arranging a $400 million dual-tranche syndicated term loan for Oman-based BankDhofar, a $75 million term loan facility for Industrial Bank of Kuwait and a $100 million term-loan facility for Agricultural Bank of China.
Best bank for CSR: Banque Misr
Banque Misr is the best bank in Egypt for corporate social responsibility after its efforts to promote social and economic development and community wellbeing in Egypt.
The bank has a legacy CSR focus. It has encouraged volunteering and fundraising by investing more than E£5.2 billion ($168 million) in CSR activities. It has also launched more than 50 community development projects to improve life for those living in slums, while its health programme has benefited nearly 500,000 people and 70 hospitals.
More recently, the bank has launched initiatives in collaboration with technology companies for economic development. Notable examples include a Google training programme for micro-, small and medium-sized enterprises launched through the Skills from Google programme, as well as the bank’s partnership with BDS Hubs (Business Development Service Centres) – NilePreneurs.
During the review period, the bank delivered a QR code functionality to mosques in Egypt to enable donations for those affiliated with the Ministry of Awqaf, which oversees religious endowments. This service automates Zakat contributions and donation boxes in mosques, as well as facilitating electronic collection of donations.
Best bank for digital solutions: Banque Misr
Banque Misr has been behind many innovative market-first products and services in Egypt and is the country’s best bank for digital solutions for 2023.
The bank has pioneered digital small and medium-sized enterprise lending in Egypt. Its express loan product had 31,000 customers in 2022 and added an express Islamic financing facility.
In July 2022, the bank introduced instant transfers. This functionality is available 24/7 (including public holidays) for all local banks, cards and e-wallets. The bank’s app was also first on the market to release in-app push notifications. Since the launch of this feature in August 2022, customers have received 49 million notifications.
Innovation requires not only ideas, but also an intricate understanding of customer needs. The bank’s newly launched corporate banking platform reflects this. The service includes several innovations, most notably, its Bulk Payments in One Step service, which, for the first time in Egypt, allows corporate customers to gain access to an instant transfer service.
The bank has also launched its express business account service for sole proprietorship customers, which has enabled businesses to open their accounts online. It received a rating of 4.4 on Apple’s App Store and 4.6 on Google Play. Loan requests initiated online increased to 38% of total requests in 2022 as a result.
Best bank for ESG: Commercial International Bank
This year’s best bank for environmental, social and governance in Egypt, Commercial International Bank (CIB), has led its peers in the local market by broadening its offering and launching an impactful set of new initiatives and policies.
The bank introduced an Ecological Footprint Report to measure its carbon footprint as well as its land and water use. This has helped it register a reduction of greenhouse gas emissions by 22%, compared with a 2018 baseline.
CIB also issued Egypt’s first corporate green bond, a $100 million deal. Proceeds of the bond will be used to finance projects that promote sustainable solutions to climate change, including renewable energy, industrial energy efficiency, green buildings and resource efficiency.
The bank has expanded its sustainable finance product line to cover 12 financing areas for corporates and small and medium-sized enterprises.
Sustainable finance was also introduced to the bank’s flagship credit course and SME academy, and is now covered in both sessions and featured case studies. Additionally, the bank’s Sustaining Sectors and Sustaining SMEs programmes provides clients with training opportunities.
In addition to its efforts in green finance, the bank has also introduced environmentally friendly products and advocated individual clients to protect the environment. In an example of sustainable product innovation, the bank introduced Egypt’s first programme to recycle shredded cards. It has also partnered with a local waste-management enterprise to improve its process to recycle paper statements.
Best bank for SMEs: Commercial International Bank
Commercial International Bank (CIB) is the best bank for small and medium-sized enterprise banking in Egypt this year.
The bank launched the first SME alternative lending product in Egypt and the first supply-chain financing programme on the market.
It has also launched several dedicated programmes for SMES. These include the Growing Together initiative to provide SMEs with discounted prices on non-financial services from the bank’s Business Solutions programme, funding up to 80% of their service cost.
Other measures include a special credit facility for merchants depending on point-of-sale proceeds, launched as a tool for assessment to support them in growing their businesses.
A memorandum of understanding has also been signed between Nile University and CIB for the development of the first programme of its kind – a $50 million credit guarantee agreement with FMO, the Dutch development bank, to cover loans granted to SMEs.
As a result of the bank’s work to support SMEs, its customer base in the segment reached more than 75,000.
Best corporate bank: Banque Misr
After taking an impressive share of deal activity in 2022, Banque Misr achieved healthy year-on-year growth of its loan portfolio. It is Egypt’s best corporate bank this year.
Misr achieved a number of milestones over the awards period, the most notable of which was the growth of its corporate and syndicated loans portfolio (conventional and Islamic), which increased by 27%, E£108 billion ($3.5 billion), between the end of 2021 and 2022 to reach E£505 billion.
Increased deal activity saw the bank rank second in Bloomberg’s Egypt syndicated loan league tables for mandated lead arranger and bookrunner, and it was ranked in the top 20 of the equivalent table for the Middle East and North Africa region.
Banque Misr participated in 16 syndicated loans with a total value of E£87.9 billion, extending E£87.9 billion to borrowers.
Among the headline deals the bank was involved in were the E£2 billion facility for a phase of CityGate New Cairo, a residential project expected to create 2,500 jobs in construction. It also participated in an E£8 billion debt restructuring for fertilizer producer Evergrow, and a syndicated E£6.76 billion loan to partially finance the Four Seasons Hotel at the city of Madinaty.
Best bank for digital solutions: Israel Discount Bank
Israel Discount Bank (IDB) has been named the best bank for digital solutions in Israel this year after its adoption of new technology and launch of innovative products and services for retail customers. These include a digital mortgage process, personalised investment services, and a lending platform for small and medium-sized enterprises.
The fully digital mortgage product was introduced in 2022 for all phases of the approval process – from application to origination. By the second half of 2023, more than 50% of initial mortgage requests were being made through the new digital platform.
IDB has also launched a new trading app. Benefits include regular updates from investment advisers and the ability to execute trades within the app. Around 25% of qualifying customers had joined the service three months after it launched.
IDB has demonstrated a commitment to social initiatives through its digital channels, including its app homepage to promote social causes and a reporting feature for customers facing financial abuse. More than 80,000 of the bank’s digital users engaged in initiatives as a result of these updates.
Another highlight was the launch of Greenlend in conjunction with UK fintech Ezbob. The bank owns 70% of the new business, which will compete in the consumer credit space by offering digital loans.
Best bank for CSR: Bank al Etihad
Bank al Etihad undertook a high volume of philanthropic contributions and initiatives across financial inclusion and economic empowerment, community wellbeing, arts and culture and sustainability in the review period. It is Jordan’s best bank for corporate social responsibility this year.
Etihad’s overall community contributions in the review period totalled JD1.63 million ($2.3 million), and were complemented by JD18,349 in non-monetary donations.
Through its strategic partnership with the King Hussein Cancer Foundation, the bank also sponsored the Save a Life and Piggy Bank programmes. A total of 33 private schools and 12,000 students took part in the Save a Life race, with donations amounting to JD120,000. The Piggy Bank initiative saw 46 local directorates and public schools participate in collecting JD132,445.
Etihad initiated several community engagement campaigns in 2022. The bank launched its Shabbek Wa Ibtaker programme to support job seekers. This allowed it to support eight business ideas through collaboration with local incubators and to provide training to 29 young job seekers on how to launch their own projects.
The bank has also expanded its environmental initiative Plastiqua, which saw more than 5,000 art pieces and accessories made from upcycled plastic cards sold at HotSpot in Swefieh Village.
Furthermore, the bank expanded its volunteering work, registering 763 volunteering hours through 27 activities and engaging 211 employees.
Best bank for digital solutions: Bank al Etihad
Bank al Etihad made several improvements to its digital offering in 2022 and has been named the best bank for digital solutions in Jordan.
It launched an online solution for pre-approved loans to automate the decision-making process based on predefined criteria. It also shortened credit-card issuance time from five days to one and launched an automated credit-scoring system that leverages customer information obtained from loan applications.
The bank has expedited the opening of accounts, with 59% of new customer accounts being onboarded through its mobile app and achieving a 60% digital engagement rate by users.
The bank achieved the highest domestic app rating on iOS and Android app stores, with a score of 4.8 and 4.6 respectively.
Best bank for SMEs: Arab Bank
Arab Bank is Jordan’s best bank for small and medium-sized enterprises after delivering new financial solutions targeted at this customer segment.
The bank has made good use of technology to deliver solutions that have enhanced efficiency for SMEs. Arabi Next– the bank’s newly launched transaction-banking app for SMEs – allows clients to handle service requests and other online banking activities remotely.
The bank has also introduced a digital platform for supply-chain finance that helps businesses enhance their cash flow. Not only does the platform enable businesses to extend payment terms to suppliers, it also offers SME suppliers the choice of early payments.
The bank has invested in various digital tools and platforms to optimise key processes in its SME banking business, such as Arabi eMart, an e-commerce platform that serves as a middleman by allowing merchants to upload and sell their products to customers. At present, it hosts over 200 merchants in Jordan.
There is also Arabi Shopix, a platform where merchants can transition their business into the online sphere with a payment gateway. Merchants can generate a domain, choose a website theme and upload their inventory quickly.
The bank has also implemented a digital workflow system that accelerates the loan-approval process for SME clients, as well as an auto loan product for electric-car financing.
Best corporate bank: Arab Bank
Arab Bank is Jordan’s best corporate bank in recognition of the impactful services it offers to corporate clients and its strength in the green finance space.
The bank performed well over the review period. Corporate lending stood at $14.8 billion, while corporate customer deposits reached $10.3 billion.
The bank was busy in sustainable finance. It extended soft term loans for renewable energy solutions and provided approximately $300 million in loans and facilities for green infrastructure projects. The bank’s active engagement in the financing of solar-energy projects in Jordan saw the overall capacity of projects financed exceed 200 megawatts.
The bank has also made investments in its transaction-services offering. Trade-finance platform ArabiConnect was introduced to enable companies to manage their trade-finance business centrally; it provides services from import/export letters of credit to transactions management and reporting.
The bank also launched its Visa Corporate Signature card, which allows corporate customers to make digital payments and settlements using credit instead of a current account. It is the first of its kind in Jordan.
Best bank for CSR: NBK
The National Bank of Kuwait (NBK) wins the best bank for corporate social responsibility award in Kuwait this year in recognition of its range of impactful initiatives and philanthropic investments.
The bank increased its CSR investments and charitable donations by 45% to a total of KD23 million ($74.5 million) in the last financial year.
One initiative is the Kuwaiti youth programme, Tamakan, through which 104 university graduates have been trained since its launch in 2020. In 2022, the programme attracted 34 graduates, with seven eventually securing employment by NBK.
The bank has also been working with the state to promote financial literacy, launching a school programme in conjunction with the ministry of finance in November 2022. A first of its kind in the country, the programme, called Bankee, was used by nearly 5,000 students and 507 teachers across 11 middle schools in the academic year 2022/23.
In support of healthcare for children, NBK donated KD13 million to expand NBK Children’s Hospital. The funds provided comprehensive medical and rehabilitation services for children with haematological and oncological diseases. Its impact has been evident in the thousands of outpatient visits, day-care visits and admissions in 2022, along with successful stem-cell operations.
For employees, the bank has introduced programmes focused on mental and physical wellbeing for families and communities. A total of 1,184 employees have engaged in these initiatives, with 76% of participants reporting their wellbeing had subsequently improved.
Best bank for digital solutions: Boubyan Bank
Boubyan Bank wins the best bank for digital solutions in Kuwait in 2023 following its launch of new products and innovative cyber-security software.
Its market first small and medium-sized enterprise banking app was launched in 2021 and has helped to grow its client base in the SME segment by 63% in the last financial year.
Three new features were introduced over the awards period. ePay Analytics allows corporate customers to monitor transactions, providing them with infographics and data-analysis tools.
ePay Boubyan to Boubyan simplifies payments between its retail and SME customers, bypassing traditional payment processors and reducing delays.
ePay Vouchers generates purchase receipts to enhance transparency.
The bank also introduced the Dazzah Visa prepaid card, which is designed to collect dowry donations. It offers discounted rates for marriage-related services to account holders.
Boubyan also took a proactive approach to security by introducing a unique fraud-prevention service. Developed inhouse, it automatically denies access to the app whenever a user’s phone screen is mirrored or shared.
Best bank for SMEs: Boubyan Bank
Boubyan Bank is the best bank for small and medium-sized enterprises in Kuwait this year having demonstrated its commitment to this market segment by identifying and addressing areas where these firms’ needs were not being met.
The bank has introduced five pioneering transaction-services products specifically designed for SME clients. eRent, a real estate-management tool, was a market first when launched in Kuwait. This system allows for automated rent collection through integration with the bank’s online platform. This beyond-banking integration has simplified property management and saved customers time and effort.
ePay is the first and only link payment service for businesses in Kuwait. It has performed well since its release, registering a 30% increase in users, 12% in transactions and 42% in the total value processed. ePay has simplified payment collection by sending invoices via SMS, enabling customers to settle payments online using debit and credit cards.
The bank also introduced a prepaid petty cash card, another market-first in Kuwait. Sales of the card saw 42% growth in the last year.
Best bank for CSR: National Bank of Oman
National Bank of Oman (NBO) is Oman’s best bank for corporate social responsibility. It has consistently supported improving education and healthcare in the country, as well as the reduction of food poverty through initiatives and donations.
In 2022, the bank distributed donations to charitable organisations totalling OR239,000 ($621,000).
It has launched initiatives to help people in need over the last financial year. Examples include the Ramadan community outreach program Shahr il Atta, which distributed 1,800 food hampers to low-income families, and Strength in our Youth, which was launched in partnership with Omani foundation Outward Bound to train life skills to 900 young people nationwide.
In its long-term educational initiative, NBO Scholarships, the bank enabled 11 students from low-income families to complete their undergraduate degrees at top universities in the UK. All participating students have now graduated and are employed by the bank.
The bank also funded the refurbishment of children’s playrooms at the Oman Cancer Association and its Dar Al Hanan (Home from home) centre.
Best bank for digital solutions: BankDhofar
BankDhofar has been focused on improving customers’ digital experience. It is the best bank for digital solutions in Oman this year.
It has enhanced flexibility in accessing accounts and making payments. It has launched cardless ATM services, enabling customers to access their accounts using mobile devices. The system also enables merchants to accept payments through their NFC-enabled Android devices. It has also enabled contactless payments on cards.
Other digital initiatives include the ability to open accounts digitally, including though its app Intilaqa.
The bank has advanced its cloud strategy by signing a five-year contract with the Omani telecommunications provider Omantel. Dhofar has also recently achieved automation in more than 90% of its employee services and benefits.
Best bank for ESG: Bank Muscat
In a year marked by Oman’s commitment to net zero by 2050 and the country’s unveiling of an ambitious green hydrogen strategy, Bank Muscat stood out from its peers in the environmental, social and governance category, focussing on improving internal sustainability metrics and maintaining incentives to encourage clients to reduce their emissions.
The bank has long had a commitment to sustainability. It launched Green Finance, Oman’s first environmentally friendly finance product, in 2019 in association with the IFC. This product encourages clients to install solar panels on their rooftops and use solar energy for many household energy requirements. The programme currently offers loans up to OR25,000 to eligible individuals at competitive interest rates.
The bank is the first in the country to operate a branch fully powered by renewable energy, after it installed rooftop solar panels at its Al Khoudh branch. The branch can produce 50 kilowatts of electricity and has reduced carbon emissions by 52.56 tonnes a year.
Best bank for SMEs: Ahli Bank
Ahli Bank is named Oman’s best bank for small and medium-sized enterprise banking this year in acknowledgement of its focus on improving funding options and increasing efficiency for clients in this segment.
The bank launched a market-first product in the awards period, the Tamkeen Crowd Funding initiative. The platform allows SMEs access to financial packages ranging between OR20,000 ($52,000) and OR80,000 without the need to provide security or collateral.
The bank has also partnered with Visa to launch a business debit card for its corporate and SME clients. The product allows for simplified accounting and higher spending directly through a company account.
Best corporate bank: Bank Muscat
Oman’s biggest lender, Bank Muscat, posted a net profit of OR200 million ($519 million) for 2022, a 5.9% increase year on year. It serviced 7,200 corporate clients and its corporate loan portfolio reached $14.65 billion. It is the country’s best corporate bank this year.
The bank launched several new digital products to support its corporate client base. The DigiTrade portal enables users to trade online securely and its Visa Virtual Corporate Credit Card is the first digital card for this client segment in Oman.
The bank also invested in improving efficiency and saw an increase of OR8 billion in transaction volumes through its digital platform in 2022.
The bank worked on a number of notable deals during the awards period. These include a OR190 million fundraising for the acquisition of infra-assets within the telecom sector, a supply-chain financing for the government of Oman amounting to about OR595 million, and acting as financial adviser to a leading government-related entity in the utility sector.
Best bank for CSR: Commercial Bank of Qatar
Commercial Bank of Qatar (CBQ) has been recognised as the best bank for corporate social responsibility in the state, having demonstrated its commitment to making a positive impact through a range of initiatives and through committing capital to programmes.
During Ramadan in 2022, the bank donated QR30,000 ($8,200) to Qatar Charity, facilitating the purchase and distribution of charity boxes. Volunteers distributed 1,500 Garangao festival gifts to children in shopping malls, hospitals and schools.
More importantly, the bank provided food to those in need during Ramadan by distributing 1,000 food parcels to underprivileged families identified by Qatar Charity. Another 1,000 Iftar boxes were distributed to the public at prominent locations such as the Corniche, Souq Waqif and Al Wakrah Souq.
CBQ has a partnership with the Qatar Society for Rehabilitation of Special Needs. In the review period, the bank donated QR50,000 for the purchase of medical devices to improve mobility and help with visual and hearing impairments.
The bank also placed an emphasis on development for its staff by launching two financial education programme series, CBsafe and CBTips.
Best bank for D&I: Lesha Bank
Lesha Bank wins the best bank for diversity and inclusion in Qatar this year, a reflection of the effort it has made to foster a positive internal culture.
The investment bank has a relatively diverse workforce. In 2022, its employees included 21 different nationalities, while 30% were women. Three women are department heads.
The bank launched or adopted several initiatives in 2022 that were aimed at improving company culture. One was its use of the Whale Done! Approach. This peer-to-peer recognition programme focuses on accentuating the positives to improve performance.
Management has also promoted an inclusive company culture by completing the Admired Leadership programme, a training initiative that uses one-to-one coaching sessions focused on inclusion and employee wellbeing.
This approach to improving company culture saw it achieve a 94% approval rating in an anonymous employee survey.
Best bank for ESG: Qatar Islamic Bank
Qatar Islamic Bank is named the best bank for environmental, social and governance this year.
On the governance side, it has invested in developing an ESG policy framework and established a sustainability management committee with the key objective of creating an assessment for new clients to ensure they meet sustainability criteria.
Board members and relationship managers have been trained to conduct assessments, while employees collectively participated in close to 40,000 training hours in 2022.
On the financing side, QIB allocated around QR5 billion ($1.38 billion) to ESG-related funding during the awards period. This includes QR500 million for social financing. It has also made investments in renewable energy projects and green buildings.
On the product side, the bank launched a low-profit rate offer for green car finance in early 2023, building on successful pilot projects in 2021 and 2022. In this space, it also partnered with Qatari-based startup Loop in 2022, donating branded e-scooters at strategic commuter-friendly locations to encourage environmentally friendly commuting.
QIB has also sought to address its own emissions. It invested QR241,000 to reduce its environmental impact, recycled 15,300kg of paper and implemented a dedicated portal to monitor fuel during the year.
Best bank for digital solutions: Qatar National Bank
Qatar National Bank (QNB) is committed to providing a state-of-the-art digital services and user experience. It takes the best bank for digital solutions award this year as a result.
The bank recorded impressive numbers relating to its digital offering – the adoption rate for digital services has reached 93%. The volume of digital users increased by 17% year on year, and logins increased by 27%. Customers now log in an average of 10% more times a month than in the same period in the previous year.
ATM authentication using QR codes has also steadily grown, seeing a month-to-month increase of 10%.
The Visa Virtual Prepaid Card was launched during the awards period, which uses an entirely digital application process through an app. After scanning their passport or ID using their mobile device and taking a selfie, users receive immediate approval to begin spending.
In early 2023, the bank also upgraded its internet and mobile-banking platform, which includes a new dashboard and is omni-channel.
Best corporate bank: Arab Bank
Digital enhancement has been key to Arab Bank’s progress in corporate and institutional banking across the Middle East this year.
It has established its online primary cash-management and trade-finance corporate platform Arabi Connect and ArabiSync host-to-host solution across the region, as well as introducing new solutions and digital platforms.
During the awards period, the Jordan-based bank implemented a real-time tax-payment service over its online banking platform Arabi Connect for its corporate clients in Qatar.
Tax payments are one of the key regulatory payments that corporates make to the General Tax Authority (GTA) in Qatar in what can be a manual and time-consuming process. By directly connecting the platform to the Dhareeba portal of the government tax system, this initiative has smoothed out the process.
Arab Bank corporate customers can now login from Arabi Connect and settle their taxes, which immediately accounted on the government’s tax portal. With this integration, the GTA department has been able to achieve complete digitalization of the tax filing and payment process.
Although it has a far smaller market share than domestic lenders, Arab Bank was also an active participant in financing for the Fifa World Cup, which took place in Qatar during 2022. It was involved in financing for the development of West Bay Public Beach and projects connected with Lusail Stadium and the upgrade of Khalifa Stadium.
Arab Bank was also involved in financing catering, ticketing services and security systems, as well as residential projects associated with the tournament.
Best bank for CSR: Alrajhi Bank
Alrajhi Bank is Saudi Arabia’s best bank for corporate social responsibility based on its commitment to the community and its track record of implementing CSR initiatives.
In the last financial year, the bank financed more than 20 CSR projects, to a value of over SR400 million ($107 million). It helped to launch a five-year programme for the education and care of orphans in September 2022, contributing close to SR15 million to help nearly 100 orphans with academic preparation.
In health initiatives, it supported the fertility programme at King Faisal Specialist Hospital, opened a diabetes centre in Qassim in October 2022, and purchased two mobile blood-donation units in January 2023 among other projects, investing more than SR200 million.
The bank also pledged to purchase an additional 20 homes for families in need, while bank employees donated SR100 million to the Jood Housing platform.
Best bank for digital solutions: Saudi Awwal Bank
Saudi Awwal Bank (SAB) is Saudi Arabia’s best bank for digital solutions, having launched a series of new products and features that have helped boost its market share.
Total digital customers rose by 9% in the last year, to more than 700,000. Mobile penetration also climbed, by 4% compared with the same period in 2022, reaching 78%. Its mobile app, SABMobile, saw downloads reach 1.9 million by February 2023.
The bank debuted several new digital products in 2022. Its personal-finance management tool provides scheduled expense reports, enables auto-filing of transactions and supports personalised budgeting.
In June 2022, the bank allowed existing customers to apply for digital accounts online. Applications surpassed 7,000, resulting in a 30% migration from physical to digital accounts.
SAB was able to expediate transfers between SAB and HSBC accounts by allowing customers to link them through its Global View Global Transfer service, launched in 2022.
The bank also introduced a digital assistant, SABBot, to respond to customer queries.
Best bank for ESG: Saudi Awwal Bank
Saudi Awwal Bank (SAB) has demonstrated a continued commitment to sustainability and is named the best bank for environmental, social and governance in the Kingdom this year.
The bank’s green deposit portfolio saw outstanding growth during the second half of 2022 (up 350%), outpacing conventional deposits. This product now makes up 10.3% of total Islamic term deposits held by retail clients.
Its partnership with the Marooj Foundation also marked a commitment to environmental conservation. The bank was the first private company in the Kingdom to pledge to plant a million trees across Saudi Arabia by 2030.
Its focus on sustainability is also evident in its new headquarters, which have received LEED Gold certification. The 30-story tower incorporates green building technologies, resulting in substantial reductions in energy and water consumption, improved indoor air quality, and waste reduction.
SAB demonstrates a proactive approach to climate risk assessment through its transition engagement questionnaire, demonstrating its dedication to understanding and addressing climate-related risks and financing opportunities for its clients.
Best bank for SMEs: Saudi Awwal Bank
Saudi Awwal Bank (SAB) is named the Kingdom’s best bank for small and medium-sized enterprises for its innovative efforts to support this market segment.
Last year, loans to SMEs represented 5.75% of its total lending portfolio. In 2022, the bank unveiled a programme of lending products and financial solutions exclusively designed for SMEs. These include point-of-sale financing, capital expenditure financing with a 24-hour turnaround time, payroll financing, and working-capital financing. These all give clients faster approvals and more accessible funding options.
To further improve its SME offering, the bank has introduced SABCorp, a specialized digital banking platform that simplifies payment processing, collection and reconciliation.
The re-launch of the SABCorp Mobile app now allows SMEs to manage their finances digitally.
The bank also launched a digital onboarding service in 2022, which allows digital signatures and verification through the government’s Nafath ID system.
SAB’s partnership with HSBC means that it can offer SMEs a two-hour turnaround on cash-backed guarantees, seven-day-a-week processing for guarantee transactions and blockchain-based financing solutions.
Best bank for CSR: HSBC
HSBC is the best bank for corporate social responsibility in the UAE due to the impressive performance of its social programmes. Its initiatives to support youth and startups were particularly beneficial in achieving successful outcomes for key target groups.
Its flagship developmental programme, Tatawwar, brought together students aged 15 to 18, schools, parents and the business community to help young people to build their social and business skills, learn about sustainability, connect with businesses and hear advice from leaders in their respective areas.
In the last year alone, 5,300 students and 1,900 schools across eight countries participated in the programme.
The bank’s C3 Social Impact Accelerator was also highly successful, with 40 semi-finalists participating in a three-month virtual programme. Eight shortlisted finalists were offered training with impact investors and business leaders from the social enterprise world. The bank received 1,338 applications from nine countries, representing 28% growth over the previous year.
The bank also launched a mentorship programme alongside the non-profit TiE to match founders of eligible sustainability startups with mentors from HSBC’s senior management team in a structured 12-month programme.
The startups were invited to a pitch event, from which 10 businesses were selected to participate in the programme, benefitting from not only a direct mentorship by an HSBC employee, but also the opportunity to connect with other entrepreneurs, investors and industry experts.
Best bank for D&I: HSBC
HSBC’s focus on supporting diversity, both internally and across wider Emirati society, sees it win the diversity and inclusion award in the UAE.
It increased its female representation at senior management level, reaching 15%, and the bank is well on track to hit its 25% target by 2027. Three female directors were appointed, including the bank’s first board member.
To make its facilities more accessible to disabled people, the bank extended access to cover about 63% of its network, including all new branches and some existing ones. The bank’s programme to train its staff in Emirati Sign Language is another testament to its dedication to improving accessibility in its operations.
The bank also set up a low-income-workers programme that covers personal money management skills such as spending, budgeting, saving, investing and credit cards. It reached 583 low-income workers across the UAE.
The bank’s Money Masters financial literacy programme was also impactful, benefiting 280 students in grades 10 and 11 in four private and charity schools in the country.
Best bank for digital solutions: Mashreq
Dubai-headquartered Mashreq wins the best bank award for digital solutions in the UAE. The Emirati bank has prioritised digital innovation over the last few years, and continued on the same path during the research period.
The bank expanded its onboarding process to wholesale customers with a new digital-only account opening proposition. Leveraging automation such as electronic face recognition, the service registered a 99.5% adoption rate among its business clients. A NPS score of 80 was also achieved, making its onboarding among the best for customer service when compared with global benchmarks.
Another enhancement on the business banking side saw Mashreq develop the NeoBiz Connect app, a regional first innovation that allowed free-zone trade licence authorities and business consultancies to apply for a business banking account on its platform. Initial indications were positive – with an 80% faster account activation than average.
In retail, the bank introduced Neo NXT – a digital banking service for children of existing customers. This zero-fee account provides a current account and debit card, while allowing parents full control of digital spending activity. High engagement rates were recorded following the service’s introduction – 93% of customers used their accounts, 65% logged into the app at least once a month, and more than 60% used their debit card.
The bank also introduced Neo Groups, UAE’s first community banking deposit product, which enables customers to organise in groups of up to 50 and collectively earn higher interest rates on savings.
Best bank for ESG: Emirates NBD
Emirates NBD is the best bank for environmental, social and governance in the United Arab Emirates after making important steps on its path to sustainability. The bank registered strong growth in ESG metrics, coupled with the introduction of green products, changes to its internal ESG structure and landmark sustainable deals.
The bank reduced greenhouse gas emissions in its operations, registering a 3% decrease in GHG intensity per employee. Its green car loans doubled, and its bio cards’ issuance figures increased by 75%. The bank’s sustainable finance figures were also strong, with $12 billion provided in 2022, helping push its sustainable financing portfolio above $40 billion.
This increase in sustainable finance was largely driven by the bank’s work on landmark financings for corporate clients. A standout deal saw the bank sign a $500 million green financing agreement to fund the development of phase 4A of the Al Maktoum solar park in the largest green financing deal in the UAE to date.
In another key deal, the bank co-led the first green sukuk issuance in the UAE: $1 billion by utility Dewa.
Impactful sustainable products and initiatives introduced by the bank include its effort to equip its salesforce with tablets, resulting in 3.3 million sheets of paper saved, and launching a $1 billion sustainable investment fund.
The bank’s internal structure was also enhanced. It launched a designated ESG department, appointed its first sustainability officer and head of ESG and created a sustainable investment framework.
Best bank for SMEs: First Abu Dhabi Bank
First Abu Dhabi Bank is UAE’s best bank for small and medium-sized enterprises thanks to its broad improvements in targeting this sector. Trade and supply-chain finance were standout areas, with improvements also made across other verticals.
The bank achieved 200% growth in supply and receivable finance during the research period, largely driven by a Dh5 billion ($1.36 billion) programme by the UAE government to accelerate cash flows for SMEs.
Trade finance grew by both asset and revenue by 7%, helped by high digital adoption, which stood at 90%. Value added trade revenue from products contributed over 10% of trade revenues.
The bank also digitalized its lending process for SME customers, who can now apply directly through the bank’s platform. It also offered UAE’s first digital business-to-business-to consumer solution in the UAE for billers and payers.
The bank’s new SME rewards programme was one of its standout initiatives during the awards period. It offered SMEs a marketplace where they could access a range of lifestyle, environmental, dining and hospitality benefits, including up to 20% discount on food and breakfast shops.
The programme not only helped SMEs combat inflation by helping them save money on business expenses, but also offered access to workspace and community events that allowed them to network with businesses and professionals.
Best corporate bank: First Abu Dhabi Bank
First Abu Dhabi Bank’s wins the best corporate bank category in UAE this year. Its sustainable financing activity attracting particular attention in the year when emirate is due to host COP28 in November.
“We now share a responsibility to work together to unlock the nation’s full potential and to shape a more prosperous future for all,” said FAB chairman Sheikh Tahnoon Bin Zayed Al Nahyan last December. “FAB recognises this and has made a clear commitment to being a pacesetter for the regional energy transition.”
The bank lived up to that commitment in early 2023 when Adnoc Distribution, the UAE-based fuel retailer operating in Abu Dhabi and Sharjah, converted an existing $1.5 billion-equivalent syndicated loan into a sustainability-linked loan.
FAB was sustainability coordinator for the conversion, the original loan having been issued through Abu Dhabi Commercial Bank, Bank of China, FAB, Industrial and Commercial Bank of China and Standard Chartered. The key performance indicators attached to the financing included a promise that the borrower will reduce its carbon intensity by 25% by 2030 through a reduction in Scope 1 and 2 emissions.
In 2022, the FAB Group issued $1.5 billion-equivalent in a green format across both public and private transactions, which made up more than half of the wholesale funding it raised in 2022.
FAB has green bonds outstanding of over $2.25 billion equivalent across 13 issuances and five currencies, further cementing the bank’s position as a leader in the green bond market. Its sustainable loan and allowance portfolio registered 14.2% growth over the previous year, placing it at the top of the regional green and sustainable development goal (SDG)-lending market.
FAB’s loans, advances and Islamic financing outstanding also grew 12% to Dh460 billion ($125 billion) in 2022, outperforming the industry average of 5.5%.
It has launched an e-commerce financing programme in collaboration with a leading e-commerce platform to provide customised working-capital and term-loan lending solutions.
