Global Finance, a pioneering magazine for international finance, has ranked Al Hilal Bank the ‘Safest Islamic Bank in the UAE’ and the second in the entire GCC in its first-ever list of the Safest Islamic Banks in the GCC after conducting a rigorous evaluation process to assess the stability of the region’s banks. A total of 25 Islamic banks currently operate in the Gulf, representing about a third of all active commercial banks in the region.
Global Finance assessed banks in the region offering only Islamic products and which have been rated by at least two reputable international agencies. Al Hilal Bank scored high for its credit standing, which was rated A1 by Moody’s and A+ by Fitch, in late 2013. Overall, UAE banks accounted for four of the Global Finance list’s top 9 entries to reflect the robustness and strong confidence enjoyed by the country’s financial institutions. Saudi Arabia and Qatar had two entries each and Kuwait had one in the regional list, which was topped by the KSA’s Al Rajhi Bank.
“Our ranking as one of the safest banks in the region by a recognized and trusted body such as Global Finance is the result of our unwavering attention to innovation and excellence. We aim to set more benchmarks to drive the global prominence and adoption of Islamic banking. This recognition reflects Al Hilal Bank’s commitment to redefining the standards of Islamic Banking and serves as an excellent motivation for us to dream bigger and achieve better this 2014,” said Mohamed Jamil Berro, the Group CEO of Al Hilal Bank.
“Al Hilal Bank has placed as the safest Islamic bank in the UAE in our first-ever ranking of the Safest Islamic Banks in the GCC. Global Finance’s Safest Banks lists are the industry standard for evaluating the safety and security of global financial institutions. We use independent, quantitative criteria to assess banks, and with this ranking Al Hilal has demonstrated its strength and leadership among Islamic banks in the region,” added Joseph Giarraputo, Publisher, Global Finance magazine.
The complete list of Safest Islamic Banks in the GCC in descending order is as follows: 1-Al Rajhi Bank (KSA); 2-Al Hilal Bank (UAE); 3-Kuwait Finance House (Kuwait); 4-Abu Dhabi Islamic Bank (UAE); 5-Qatar Islamic Bank (Qatar); 6-Qatar International Islamic Bank; 7-Dubai Islamic Bank (UAE); 8-Bank Aljazira (KSA); and 9-Sharjah Islamic Bank (UAE).
The ‘Safest Islamic Banks in the GCC’ list was published in the February 2014 issue of Global Finance, an industry-leading magazine that provides a valuable source of financial industry data to 192 countries. Each year the magazine releases its ‘Safest Banks’ ratings covering the global and emerging markets.
Al Hilal Bank is one of the fastest-growing banks in the UAE. It operates 22 branches and over 120 ATMs across the UAE as well as 3 overseas branches in Kazakhstan. The award-winning Islamic bank provides Islamic Personal, Corporate, Treasury, Investment, and Wholesale banking services.