12 May, 2008

The prestigious Global Finance magazine has selected Arab International Islamic Bank (IIAB)as the best Islamic bank in the Middle East and North Africa region (MENA) non – GCC for 2008.

The selection of IIAB made by the banking magazine was based on an overall evaluation, applying criteria of growth and excellence in the banking services in conformity with sharia, and Islamic law. A specialized team and a panel of consultants and juries handled the evaluation process.

This is the first award Global Finance sets for the Islamic banking industry.

Commenting on the win, Board Member/General Manager Ghassan Bundakji voiced pride over the award, saying the achievement reflects the success of the bank in executing its carefully drawn up strategies and plans.

He added that winning this award in its specific field of operation shows its high ranking which needs relentless work and insistence on achieving more excellence and positive results.

Bundakji said the Global Finance Award underlines AIIB's supremacy in the Islamic banking services and products it offers with high professionalism as it pursues to upgrade these services and products to international levels.

The bank's manager emphasized that the award also underscores IIAB's deep understanding of the fast-paced developments witnessed by the Islamic banking sector and the comprehensive approach through which the bank deals with these developments.

Subsequently, he added, the bank now assumes the leading position at the local and regional level in terms of achievements, financial capability and high competitiveness. The award, as the bank deems it, serves an a motive to support customers' confidence in its high-level performance, distinguished services and a team dedicated to reach the status they aspire to.

Which was established in 1997 as a limited liability company was aware of the rising demand of Islamic banking services and products in the local, Arab and Islamic world markets.

The bank offers account and depositing services and finances projects on the principles of mudarabah (profit sharing), murabahah (cost plus), musharakah (joint venture), Istisnaa (manufacturing) and other instruments, along with safe boxes and e-banking in addition a successful deployment of the new banking system recently implemented.