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World’s Best Islamic Financial Institutions 2018

Global Finance announced its list for the Safest and Most Stable Islamic banks in the GCC where Boubyan Bank ranked among the Top 10 banks in the GCC for the third year in terms of safety and stability; a new achievement to be added to the recent accomplishments of the bank.

Naming Boubyan Bank as one of the Top 10 Safest and Most Stable Banks in the GCC emphasizes the success achieved within a brief period, particularly since the implementation of Phase I of the 2010-2014 Strategy, then named “Restructuring”, followed by the 2015-2020 Phase II, named “Boubyan 2020”. This highlights Boubyan Bank’s being ahead of other banks that have bigger client base and which were long-established before Boubyan. This stresses the rapid growth of the Bank as per clear plans to deal with the Kuwaiti market in light of a well-studied strategy.

Furthermore, Global Finance announced previously that Islamic banks, particularly in the GCC, witnessed huge growth over the past two decades, allowing them to leave their mark on international financial and banking dealings.

** Awarding Criteria Set by the Panel of International Judges:

Global Finance stated that Boubyan Bank managed within a relatively short period to make great leaps in its financial indicators, especially its market shares in one of the most competitive markets in the region.

The bank’s market share in financing increased in general to about 8.4% in the meantime while Boubyan Bank’s share of the retail finance increased specifically to approximately 11.2%. Besides, the bank recorded outstanding growth rates in the corporate credit portfolio which stood at 12%. This was achieved by attracting a number of operational companies known for their financial and economic creditworthiness while continuing to maintain the highest standards of credit quality, studying and diversifying risks.

  • Strength of strategy set by the bank for attracting and servicing digital customers,
  • Success in getting clients to use digital offerings,
  • Growth of digital customers who use digital banking services throughout all channels whether online or via smart phones,
  • Innovation in providing banking and non-banking services via electronic channels.

Methodology of Choosing the Winner:

  • Representatives of Infosys, a world-leading company in the field of consultation, technology and provision of solutions, form a panel committee of judges to give the award. According to the panel’s assessment, Global Finance editors make the final choices.

Winners are selected based on the strength of their strategy in attracting and servicing digital customers and succeeding in encouraging customers to use digital services and growing the digital customers’ base while diversifying the offered services and providing a material evidence of the gains made through the private initiatives for internet services.