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Absa Islamic banking named top in the region
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In the publication’s 2009 World’s Best Islamic Financial Institution Awards, announced in New York, Absa Islamic Banking came up tops in the category for the non-Gulf Cooperation Council Middle East/Africa region. Global Finance said the winners were those banks that had contributed to the growth of Islamic financing and had successfully met their customers’ needs for Shariah-compliant products, while creating the foundation for continued rapid growth in the future. The selections were made by the magazine’s editors, following extensive consultations with bankers, corporate finance executives and analysts throughout the world. A number of criteria were used to evaluate the various Islamic banking services, such as growth in profitability, strategic relationships, new business development and innovation in products. Analysis of a mix of factors yielded the institutions that were the best in a particular country or region ' the banks with which corporations around the world would prefer to do business. “Shariah-compliant finance is growing rapidly despite the global financial crisis, with more than 300 financial institutions that are either fully Islamic or selling Islamic finance products, in addition to several hundred more Islamic investment banks and insurance companies,” said Global Finance’s publisher, Joseph D Giarraputo. “The winning banks were all noteworthy in their dedication to satisfying their customers’ needs in accordance with the rules of Islamic finance.” Absa Islamic Bank Managing Director Amman Muhammad says that success of Absa Islamic is supported by the Absa infrastructure, including the largest branch and ATM network in the country, in addition to internet and cell phone banking. “This enables our clients to transact on their Islamic Banking accounts anywhere in the work and at any time of the day or night. Our short term focus will be on increasing our product range and extending our footprint beyond the borders of South Africa. The growth of Absa Islamic Banking mirrors the growth trend of Islamic banks internationally. Our success validates the vision of the Absa Board in its brave decision to start an Islamic division in 2006.' Louis von Zeuner, CEO: Retail Bank at Absa, hailed the institution’s Islamic Banking Service for scooping this international accolade: “Congratulations are due to Managing Director Amman Muhammad and the Islamic banking team, who continue to attract attention for their exceptional achievements and contribution to positioning Absa as an innovative bank. Well done!” About Absa Islamic Bank: Absa Islamic Banking is a division of The Absa Group. Islamic Banking was established in 2006 as part of Absa’s commitment to delivering financial products and services that are suitable for all South Africans. Islamic Banking is also an important element of Absa innovation as it ensures that a range of Shariah compliant products are available to its customers via electronic channels wherever and whenever they require access. Islamic Banking is also available from the entire Absa branch and ATM footprint. Absa Islamic Banking was voted Best Islamic Bank in Africa for both 2007 and 2008 by global industry leaders in annual the Islamic Finance news industry poll. In 2009 opinion leaders approached by Global Finance magazine voted Absa Islamic Banking Best Islamic Bank in Africa and the Middle East. ENDS Issued by: Marcus Brewster Publicity JNB 011 022 9711 On behalf of: Absa Islamic Banking. Pat Roberts Tel: +27 11 551 4514 Mobile: +27 82 441 4623 Fax: +27 11 551 4521 User comments, Ratings and Reviews
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