Bahrain: a pioneer in Islamic finance

With the experts calling for making the Islamic finance relevant not only for Muslims but for a wider global community, the Kingdom of Bahrain once again gets recognition for its pioneering role in this rapidly growing segment of the global economy.
Fifth Global Islamic Finance Awards (GIFA) gala dinner and ceremony was held at Gulf Hotel’s Gulf Convention Centre, Manama, Bahrain on 28th September 2015, with dazzling flashback movie covering the previous four awards ceremonies. Like previous years, the awards ceremony was attended by a great number of Islamic banking and finance professionals from around the world. HRH Muhammadu Sanusi II, Emir of Kano, Nigeria, was the guest of honour, who was presented with the prestigious top award – Global Islamic Finance Leadership Awards – for his advocacy for Islamic banking in Nigeria and his leadership role in promoting ethics and social responsibility in Islamic banking and finance.
“We aim to engage the political leadership in the OIC countries to create awareness of Islamic banking and finance within the government sectors,” said Professor Humayon Dar, founder and chairman of GIFA.
“Our GIFA Laureates have championed the cause of Islamic banking and finance in their respective countries and globally, and we hope that this year’s GIFA Laureate Emir Sanusi will continue to lead the global Islamic financial services industry with enthusiasm and the commitment he has shown in the last decade.”
Emir Sanusi emphasised on the importance of social responsibility in making Islamic banking and finance relevant to not only for Muslims but also the wider global community. “By committing itself to a well-defined regime of social responsibility, Islamic banking and finance can develop an all-inclusive new model of financial intermediation,” he said while addressing an attentive audience of more than 250.
Ambassadors of the UK, Malaysia and Pakistan were among the high-profiled dignitaries. “It was pleasing to be part of this celebration of success of Islamic banking and finance,” commented HE Simon Martin, the UK ambassador in Bahrain. “I was already aware of the leadership role that Bahrain has been playing in Islamic finance and involvement of my own country in this niche market, and meeting the leadership of Islamic banking and finance from all over the world was indeed pleasing.”
Khaled Al-Aboodi, CEO of ICD, a member of the IDB Group was bestowed upon the prestigious Islamic Finance Personality of the Year award. Upon receiving the award, he stated, “I am extremely honoured and humbled to join the list of past recipients for this prestigious award. The GIFA is the perfect celebration for the commendable role that industry leaders and stakeholders play in order to drive Islamic finance growth in the global sphere. I am always fascinated by their determination, innovation and the contributions they make to the industry. The individuals and firms honoured today will no doubt play a crucial role in the furtherance of the Islamic finance industry. I can assure you that ICD remains dedicated in its pursuit for the adoption of Islamic Finance within the mainstream global financial system.”
“The industry and academia both respect GIFA for its all-inclusive approach; while many industry awards completely ignore academia GIFA has always promoted best research in Islamic banking and finance, and I am so happy that our pioneering research in Islamic financial criminology is recognised tonight,” said a jubilant Professor Normah Omar who received an award on behalf of Universiti Teknologi MARA Malaysia. “Malaysia bagged 12 awards tonight, and as Malaysian Ambassador in Bahrain I really felt proud of my country’s leadership role in Islamic banking and finance,” said HE Ambassador of Malaysia, Ahmad Shahizan Abd Samad.
Datuk Mustafha Abd Razak, CEO and managing director of Bank Rakyat Malaysia was announced as the Islamic Banker of the Year. Abdulhakeem Alkhayyat, CEO and Managing Director of KFH-Bahrain, received the Pioneering Islamic Bank award for Kuwait Finance House.
“Attending the GIFA ceremony was indeed an honour for me not only for receiving the Upcoming Shari’a Lawyer of the Year award but also to see that local Bahraini culture was presented in the form of traditional Bahraini music and dances,” said a buoyant Kamran Khalid Sherwani, head of Shari’a advisory, compliance and quality control at ADCB Islamic.
“We are so glad that the fifth GIFA ceremony proved to be a huge success,” said Rizwan Malik, convenor of the awards ceremony and head of business development and strategy at Edbiz Consulting. He also thanked the Bahraini government for extending all the necessary help for holding the event in Bahrain.