FGB’s Islamic banking window, Siraj, has been named "Islamic Bank of the Year - Shariah Compliant Window" for 2015 by the Banker. FGB received the only award in a global category, as the rest of the titles are chosen on a country or regional level.
Islamic Finance has proven to be an incredibly important sector in the industry. Worth USD 3.7 trillion today, Islamic banking assets have grown rapidly to exceed USD 2.5 trillion by end of 2014.
Commenting on the title, Shamzani Hussain, Global Head of Islamic Banking, Wholesale Banking Group in FGB, said: “FGB Siraj is making considerable inroads into the rapidly growing Islamic Banking market. Our ultimate aim is to establish FGB Siraj as an industry leader in Islamic banking and a world-class business in terms of infrastructure, products, expertise and branding.”
Since it was launched, FGB Siraj has achieved a growth in its Assets and Revenues, and has become a solid name in the Islamic Finance industry, executing complex Shariah-compliant financing and lead debt market transactions globally. This is evident in FGB’s climb from tenth position in 2013, to number one in 2014, as the top mandated lead arranger/loan arranger in the UAE, as announced earlier this year.
FGB has also established a Global Islamic Banking Centre of Excellence to facilitate the execution of Shariah-compliant transactions globally.
“While the UAE will continue to be our main market, we will be actively offering our Shariah-compliant propositions through our seven international offices and branches, further enhancing our presence in international markets will support us to capitalise on this growth, particularly in non-traditional Islamic markets.” Hussain concluded.
In addition to being recognised by The Banker for its growing Islamic Banking operations, FGB has also won an award for “"Best Islamic Trade Finance Bank (EMEA)”as part of the Trade Finance Awards for Excellence 2015.