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Friday, 9 November 2007

World’s first listing of top Islamic financial institutions

PETALING JAYA: Islamic finance is growing at almost twice the rate of Western financial services.
An analysis suggests that the level of Islamic finance is still largely under-reported on a global basis according to the world’s first comprehensive “Top 500 Islamic Financial Institutions” listing.
HSBC Amanah, the leading global provider of Islamic finance, and The Banker, the global finance magazine of the Financial Times Group, have joined forces to launch the world’s first “Top 500 Islamic Financial Institutions” listing.
HSBC Bank Malaysia Bhd said in a statement that the first listing covered institutions in 47 countries and incorporated all institutions that offered syariah-compliant products.
The unique listing would provide the core benchmark for Islamic finance across the globe and it was the first time detailed figures had been provided by institutions on the size of the market in Islamic financial services, it said.
“The global listing in The Banker’s November issue indicated that the global total of syariah-compliant assets, based on official figures of the top 500 Islamic financial institutions, grew by 29.7% in 2006 to US$500.5bil at end of 2006,” it said.
“Our current joint initiative with The Banker is indicative of our commitment to take the industry to new heights,” said HSBC Amanah global head of marketing Mohammed Hassan Ismaeel.
Stephen Timewell, editor-in-chief of The Banker, said: “The listing is a pioneering move that creates the first credible benchmark for the rapidly expanding Islamic finance industry.
“Just as our Top 1,000 World Banks listing in July has become an essential piece of prime data for the banking industry, we are confident that this new listing, to be published every November, will become the key benchmark for Islamic finance.”
The listing would provide individual institutional breakdown based on syariah-compliant assets and include country and regional breakdowns of the key players in the industry as well as growth, profitability and underwriter league tables. - (The Star, 9 Nov 07)

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