Global Islamic Finance Awards
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Global Islamic Finance Awards (GIFA) are one of the most prestigious awards in Islamic banking and finance.[citation needed] Other prestigious awards are Islamic Development Bank Prize in Islamic Banking and Finance (also known as "IsDB Prize"), and The Royal Award For Islamic Finance, founded by the government of Malaysia. GIFA was founded by the consulting firm Edbiz (and currently managed by Cambridge IFA) as part of its advocacy for Islamic banking and finance. Since its inception in 2011, GIFA has emerged as the Number One Islamic finance awards programme in the world.[citation needed]
GIFA Laureates[edit]
Every year, the Awards Committee of GIFA elects a head of state or government (or a leading personality equivalent in stature and significance) as winner of its top award, called Global Islamic Finance Leadership Award. The winner is also known as GIFA Laureate. GIFA has emerged as the second awarding body after the Nobel Peace Prize, in terms of number of presentation of awards to heads of state or governments.
Since the inception of GIFA in 2011, it has announced 12 GIFA Laureates, including:
- HE Tun Abdullah Badawi, Former Prime Minister of Malaysia - 2011
- HRH Sultan Nazrin Shah of the Malaysian State of Perak - 2012
- HE Shaukat Aziz, Former Prime Minister of Pakistan - 2013
- HE Nursultan Nazarbayev, President of the Republic of Kazakhstan - 2014
- HRH Muhammadu Sanusi II, Emir of Kano, Nigeria - 2015
- HE Joko Widodo, President of the Republic of Indonesia - 2016
- HE Ismail Omar Guilleh, President of the Republic of Djibouti - 2017
- HE Bakir Izetbegović, Chairman of the Presidency of Bosnia and Herzegovina (President of Bosnia-Herzegovina) - 2018
- HE Cyril Ramaphosa, President of South Africa - 2019
- HE Arif Alvi, President of Pakistan - 2020
- HE Ma'ruf Amin, Vice President of Indonesia
- HE Abiy Ahmed Ali, Prime Minister of Ethiopia
GIFA Categories[edit]
There are numerous categories of GIFA.
Top Awards[edit]
Top Awards include: [1] Global Islamic Finance Leadership Award (Individual Category); [2] Global Islamic Finance Leadership Award (Country Category); and [3] Global Islamic Finance Leadership Award (Institutional Category). While the first leadership award in this category is awarded annually (see above), the other two categories are discretionary and are decided on the basis of a number of factors, including the choice of venue for the Awards Ceremony. So far, three countries have been honoured with the Country Awards, namely Malaysia (2014), Dubai (2017) and Djibouti (2022). The Institutional Award has so far been bestowed upon Islamic Development Bank (2015), KNEKS (2021) and DDCAP (2022).
Celebratory Awards[edit]
A number of celebratory awards are decided by the Awards Committee every year to recognise efforts and advocacy of institutions and individuals from outside the global Islamic financial services industry, mainly (but not necessarily) from the public sector. These include:
GIFA Championship Awards[edit]
In 2017, GIFA Championship Awards were introduced to acknowledge services of some leading personalities and entities, which have played the role of a catalyst in their respective jurisdictions. The following three Championship Awards were announced in 2017:
- GIFA Championship Award for the Republic of Tatarstan for its championship role to promote Islamic banking and finance in the Federation of Russia
- GIFA Championship Award for public sector support was presented to Mr. Bakhyt Sultanov, Minister of Finance, Republic of Kazakhstan
- GIFA Championship Award for regulatory support was presented to Ms. Elvira Nabuillina, Governor of Central Bank of Russia
GIFA Special Awards[edit]
GIFA Special Awards (Leadership Role) have so far been given to three individuals:
- Mr. Yasin Anwar, Governor of State Bank of Pakistan (2011)
- Mr. Sanusi Lamido Sanusi, Governor of Central Bank of Nigeria (2013)
- Mr. Yerlan A. Baidaulet, Advisor on Islamic Finance, Government of Kazakhstan (2015)
GIFA Special Awards (Advocacy Role) have been presented to:
- Dr. Zambry Abdul Kadir, Chief Minister of Perak, Malaysia (2014)
- Mr. Muhammad Ishaq Dar, Finance Minister of Pakistan (2015)
- Mr. Saeed Ahmed, Deputy Governor of State Bank of Pakistan (2016).
In 2017, the following three GIFA Special Awards were announced:
- GIFA Special Award (for Leadership in Takaful) to Wael Al Sharif, CEO of Takaful Emarat
- GIFA Special Award (for Leadership in Islamic Retail Banking) to Kashif Mohammed Naeem, EVP and Head of Retail, SME and Microfinance at Bank of Khartoum
- GIFA Special Award (for Advocacy of Islamic Financial Criminology) to Professor Dr. Normah Omar, Director of Accounting Research Institute at Universiti Teknologi MARA
Islamic Finance Advocacy Awards[edit]
Islamic Finance Advocacy Awards are presented to the individuals and organisations from within the global Islamic financial services industry (as opposed to the above-mentioned GIFA Special Awards (Advocacy Role) that are presented to the individuals and institutions from outside the industry. Previous winners of Islamic Finance Advocacy Awards include:
- Linar Yakupov, CEO of Tatarstan Investment Development Agency, the Russian Federation (and a leading advocate of Islamic banking and finance in the CIS countries)(2015)
- Khazanah Nasional Berhad (2016)
GIFA Lifetime Achievement Award[edit]
Inaugurated in 2016, GIFA Lifetime Achievement Award is presented to an exceptional leader for their lifetime contributions to Islamic banking and finance. The winners include:
- KH. Dr. Ma’ruf Amin of Indonesia (2016)
- Dr. Yahia Abdul-Rahman, Founder of LARIBA Islamic Finance in the USA (2017)
- Mufti Taqi Usmani, Renowned Shari'a scholar (2020)
Prestige Awards[edit]
Only a selected number of individuals are elected to receive the Prestige Awards, which recognise excellence in profession, leadership within an organisation and advocacy of Islamic banking and finance. Following are the main categories in the Prestige Awards:
- Islamic Finance Personality of the Year
- Islamic Banker of the Year
- GIFA CEO of the Year (started in 2016)
- Takaful CEO of the Year (started in 2017)
| Category | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|---|---|
| Islamic Finance Personality of the Year | Not Awarded | Sohail Jaffer, Deputy CEO of FWU Group | Hasan Al Jabri, CEO of SEDCO Capital | Dr. Jamil Jaroudi, CEO of Bank Nizwa | Khaled Al-Aboodi, CEO of ICD | Raja Teh Maimunah, CEO of Hong Leong Islamic Bank | Adnan Ahmed Yousif, Group CEO, Albaraka Banking Group |
| Islamic Banker of the Year | Badlisyah Abdul Ghani, CEO of CIMB Islamic | Yuslam Fauzi, CEO of Bank Syariah Mandiri | Datuk Sri Zukri Samat, CEO of Bank Islam Malaysia Berhad | Dr. Adnan Chilwan, CEO of Dubai Islamic Bank | Datuk Mustafha Hj Abd Razak, CEO of Bank Rakyat | Fadi Al Faqih, CEO of Bank of Khartoum | Amr Saad Al Menhali, Head of Islamic Banking, Abu Dhabi Commercial Bank |
| Category | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Islamic Finance Personality of the Year | Musa Abdelaziz Mohammad Shihadeh | Sheikh Dr. Khalid Bin Thani Bin Abdullah Al Thani | M Shahidul Islam | Adam Ismail Ebrahim | Mohd Moazzam Mohamed |
| Islamic Banker of the Year | Khalid Jamal Al Kayed | Eqhwan Mokhzanee | Junaid Ahmed | Irfan Siddiqui | Syed Amir Ali |
| GIFA CEO of the Year | Abdulmohsen Bin Abdulaziz Al-Fares | Mohammed Ibraheem Khan | Khalid Jamal Al Kayed | Eqhwan Mokhzanee | Eqhwan Mokhzanee |
| Takaful CEO of the Year | Wan Saifulrizal Wan Ismail |
Dato' Wan Mohd Fadzmi Wan Othman (CEO of Agrobank, Malaysia) became the first GIFA CEO of the Year in 2016, followed by Jamal Saeed Bin Ghalaita (CEO of Emirate Islamic Bank) in 2017.
Datuk Abd Latiff Abu Bakar (CEO of Takaful Ikhlas) became the inaugural Takaful CEO of the Year in 2017.
GIFA Market Leadership Awards[edit]
In 2016, the Awards Committee decided to include a new category in the name of GIFA Market Leadership Awards to recognise the leadership role of institutions in particular sub-sectors of the industry. In the two years since their inception, the following institutions have been recognised for leadership in their respective sectors/sub-sectors:
2016[edit]
- GIFA Market Leadership Award to Dubai Islamic Bank for developing Islamic banking and finance globally
- GIFA Market Leadership Award to Bank Syariah Mandiri for playing a leadership role in developing Islamic banking market in Indonesia
- GIFA Market Leadership Award to AbleAce Raakin for developing a market for commodity facilitation and support in Asia
- GIFA Market Leadership Award to Islamic Business School, Universiti Utara Malaysia, for providing thought leadership, teaching and research in Islamic banking and finance
- GIFA Market Leadership Award for Islamic financial Technology to ITS
- GIFA Market Leadership Award for Islamic financial intelligence and ratings to Moody's
2017[edit]
- GIFA Market Leadership Award to DDCAP Group for commodity facilitation and support globally
- GIFA Market Leadership Award for Islamic asset management to SEDCO Capital
- GIFA Market Leadership Award for Islamic financial intelligence and ratings to Moody's
- GIFA Market Leadership Award for pawnbroking services to Bank Rakyat of Malaysia
Other Award Winners are given in the Table below:
| Award Categories | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|---|---|
| Best Islamic Bank | National Commercial Bank | CIMB Islamic | Dubai Islamic Bank | Bank Rakyat | Dubai Islamic Bank | Kuwait Finance House | Al Baraka Turk Participation Bank |
| Best Takaful Company | FWU Global Takaful Solutions | Etiqa Takaful | FWU Global Takaful Solutions | FWU Global Takaful Solutions | Takaful Ikhlas | Takaful Malaysia | Solidarity Saudi Takful Company |
| Best Islamic Fund | Not Awarded | CIMB Principal Islamic Asset Management (Ireland) plc | F & C Sharia Sustainable Opportunities Fund | NBAD Islamic MENA Growth Fund | Amana Growth Fund | Hilal Income Fund (by BNP Paribas Asset Management Najmah) | Aircraft Leasing Islamic Fund (ALIF) |
| Best Islamic Fund Manager | CIMB Principal Islamic Asset Management Sdn. Bhd. | SEDCO Capital | AmInvest | AmInvest | SEDCO Capital | Nomura Islamic Asset Management | Nomura Islamic Asset Management |
| Best Islamic Banking Window | Not Awarded | ADCB Islamic | ADCB Islamic | Bank Alfalah Islamic | Bank Alfalah Islamic | Bank Alfalah Islamic | FNB Islamic Banking |
| Best Islamic Structured Products Platform | Societe Generale | CIMB Islamic | Societe Generale | Not Awarded | Not Awarded | Not Awarded | Not Awarded |
| Best Islamic Finance Technology Provider | Path Solutions | International Turnkey Systems (ITS) | International Turnkey Systems (ITS) | Path Solutions | Path Solutions | Path Solutions | Path Solutions |
| Best Islamic Finance Technology Product | ETHIX by ITS | ETHIX by ITS | Not Awarded | Not Awarded | Not Awarded | ETHIX by ITS | ETHIX by ITS |
| Best Islamic Finance Law Firm | Agha & Shamsi/Agha & Co | Zaid Ibrahim & Co (ZICO) | ARSA Lawyers | Not Awarded | Not Awarded | Azmi & Associates | Not Awarded |
| Best Islamic Finance Consultancy | KPMG | KPMG | Not Awarded | Al Maali | Dar Al Sharia | Deloitte & Touche (Middle East) | Karim Conuslting Indonesia |
| Best Supporting Institution of the Year | DDCAP | DDCAP | Finance Accreditattion Agency (FAA) | DMCC Tradeflow | IIFM | Indonesia Stock Exchange | Indonesia Stock Exchange |
| Best Sukuk Deal of the Year | Not Awarded | AJIL Cayman Sukuk – Gulf International Bank | Axiata Group Berhad - CIMB Islamic | Al Bayan Sukuk, Hong Leong Islamic Bank | Al Baraka Bank Pakistan's Tier II Capital Mudaraba Sukuk | Perusahaan Penerbit SBSN Indonesia Sukuk (Republic of Indonesia) | Oman $2 Billion 7-Year Sukuk |
| Islamic Social Responsibility Award | Not Awarded | Islamic Relief Worldwide | SEDCO Capital Global Funds | SEDCO Capital | Not Awarded | Khazanah Nasional | Khazanah Nasional |
| Most Innovative Product | Not Awarded | Qibla Card – Al Hilal Bank | Emirati Savings Millionaire Account - ADCB Islamic | Not Awarded | Arabesque Prime Fund | Not Awarded | Not Awarded |
| Best Islamic Rating Agency | Not Awarded | RAM Rating Services | Not Awarded | MARC | Moody’s | MARC | MARC |
| Best Islamic Microfinance Institution | Not Awarded | Not Awarded | Amanah Ikhtiar Malaysia | Amanah Ikhtiar Malaysia | Amanah Ikhtiar Malaysia | Amanah Ikhtiar Malaysia | Amanah Ikhtiar Malaysia |
| Best Shari’a Compliant Commodity Facilitation Platform | Not Awarded | Not Awarded | Not Awarded | DDCAP Group | DDCAP Group | DDCAP Group | AbleAceRaakin |
| Best Islamic Savings Product | Not Awarded | Not Awarded | National Bonds | National Bonds | National Bonds | Not Awarded | Not Awarded |
| Best Islamic Finance Qualification | Certified Islamic Finance Executive (CIEF) by ETHICA | Certified Qualification in Islamic Finance (CQIF) by IBFIM | Bachelor of Islamic Finance and Banking by UUM | Not Awarded | Diploma in Halal Management by UiTM | Shariah Registered Financial Planner by MFPC | Not Awarded |
| Best Islamic Finance Education Provider | INCEIF | Durham University | CIMA | Accounting Research Institute, UiTM | Malaysian Financial Planning Council | Not Awarded | Universiti Utara Malaysia |
| Best Islamic Finance Training Provider | Not Awarded | Not Awarded | Not Awarded | IBFIM | The University of Nottingham Malaysia Campus | The International Center for Development in Islamic Finance (ICDIF-LPPI) | Not Awarded |
| Best Research and Development in Islamic Finance | Not Awarded | Asian Institute of Finance | Meezan Bank | Islamic Research and Training Institute, IDB | Islamic Research and Training Institute, IDB | Accounting Research Institute, UiTM | Accounting Research Institute, UiTM[1] |
| Pioneer of Islamic Banking | Bank Muscat (Oman) | Not Awarded | Not Awarded | Bank Muamalat Indonesia | KFH-Bahrain | Bank Muamalat Malaysia | Bank Nizwa |
| Upcoming Shari’a Scholar | Mufti Talha Azami | Not Awarded | Not Awarded | Not Awarded | Not Awarded | Dr. Zulkifli Hasan | Not Awarded |
| Shari’a Authenticity Award | Not Awarded | Bank Islami Pakistan | Not Awarded | Not Awarded | Meezan Bank | Bank Alfalah Islamic | Meezan Bank |
| Best Islamic Finance Solutions Provider | Not Awarded | Not Awarded | Not Awarded | Not Awarded | SAB | Sliverlake Axis | Silverlake Axis |
| Upcoming Islamic Bank | Not Awarded | Not Awarded | Bank Nizwa | Not Awarded | Agrobank | HabibMetro Siraat | East Africa Bank |
| Best Islamic Finance Case | Not Awarded | Not Awarded | Not Awarded | Bank Islam and Asian Institute of Finance | Amanah Ikhtiar Malaysia | Agrobank | Emirates Airline Sukuk (by Dr. Mohd Daud Bakar) |
| Best Islamic Exchange | Not Awarded | Not Awarded | Not Awarded | Not Awarded | Bursa Souk Al-Sila, Bursa Malaysia | Bursa Suk Al-Sila, Bursa Malaysia | Bursa Malaysia -i |
| Best Sukuk House of the Year | Not Awarded | Not Awarded | Not Awarded | Not Awarded | NBAD | NBAD | AmInvestment Bank |
| Human Capital Development Initiative Award | Not Awarded | Not Awarded | Not Awarded | Not Awarded | ADCB Islamic Banking Academy | MIT Global Academy | MIRAS by ICD |
| Best Wholesale Islamic Bank | Not Awarded | Not Awarded | Not Awarded | Not Awarded | Venture Capital Bank | Bank Islam Malaysia Berhad | Mitsubishi UFG Financial Group |
| Best Shari'a Advisory Firm | Not Awarded | Not Awarded | Not Awarded | Not Awarded | Dar Al Sharia | Amanie Advisors | Amanie Advisors |
| Best Islamic Trust Formation Services | Not Awarded | Not Awarded | Not Awarded | Not Awarded | Not Awarded | VOLAW Group | VOLAW Group |
| Global Islamic Export Credit and Political Risk Insurance Award | Not Awarded |
[1] For Global Research Excellence in Islamic Financial Criminology
Upcoming Personalities Awards[edit]
Over the years, Upcoimng Personalities Awards have increased in number and significance, as the Table below demonstrates.
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|---|---|
| Award Name | Upcoming Personality in Islamic Finance | Upcoming Personality in Islamic Finance | Upcoming Personality in Islamic Finance | Upcoming Personality in Islamic Finance (Leadership Role) | Upcoming Personality in Islamic Finance (Leadership Role) | Upcoming Personality in Global Islamic Finance (Leadership Role) | Upcoming Personality in Global Islamic Finance (Leadership Role) |
| Winner | Dato' Dr. Asyraf Wajdi Dusuki | Dr. Sofiza Azmi | Moinuddin Malim | Amr Saad Al Menhali | Amman Mohammad | Hizamuddin Jamaluddin | Siraj Yasini |
| Award Name | * | * | * | Upcoming Personality in Islamic Finance (Pioneering Role) | Upcoming Personality in Islamic Finance (Product Development & Structuring Role) | Upcoming Personality in Global Islamic Finance (Leadership Role in Fund Management) | Upcoming Personality in Global Islamic Finance (Product Development & Solutions) |
| Winner | * | * | * | Sulaiman Al Harthi | Mohammed Shaheed Khan | Ramlie Kamsari | Othman Abdullah |
| Award Name | * | * | * | * | * | Upcoming Personality in Islamic Finance (Academic Role) | Upcoming Personality in Islamic Finance (Academic Role) |
| Winner | * | * | * | * | * | Dr. Nafis Alam | Dr. Hylmun Izhar |
| Award Name | * | * | * | * | * | * | Upcoming Personality in Global Islamic Finance (HR & Talent Development) |
| Winner | * | * | * | * | * | * | Farid Basir |
| Award Name | * | * | * | * | * | * | Upcoming Personality in Global Islamic Finance (Risk Management) |
| Winner | * | * | * | * | * | * | Tauhidur Rahman |
Occasional Categories[edit]
In addition to regular categories, every year the Awards Committee may decide to present awards to institutions that do not fall under any other category. The winners so far have been listed in the Table below.
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|---|---|
| Award Name | Most Improved Islamic Bank | * | * | * | Shari'a Lawyer of the Year | Most Improved Islamic Bank | Pioneer of Islamic Banking in Kazakhstan |
| Winner | ADCB Islamic Banking | * | * | * | Kamran Khalid Sherwani | BNI Syariah | Al Hilal Bank Kazakhstan |
| Award Name | * | * | * | * | Best Zakat Distribution Programme | Islamic Finance Book of the Year | Best Shari'a-compliant Global Equity Fund |
| Winner | * | * | * | * | UiTM | Shariah Minds in Islamic Finance | Oasis Crescent Global Equity Fund |
| Award Name | * | * | * | * | Best Islamic Finance Publishing House | Best Islamic Finance Publishing House | Best Islamic Bank for SME Banking |
| Winner | * | * | * | * | IBFIM | IBFIM | BTPN Syariah |
| Award Name | * | * | * | * | Best Research in Islamic Financial Criminology | GIFA Social Innovation Award | Best Islamic Financial Reporting Award |
| Winner | * | * | * | * | Accounting Research Institute, UiTM | BTPN Syariah | Islamic Reporting Initiative (IRI) |
| Award Name | * | * | * | * | Best Research & Publications Award | Best Social Media Campaign Award | GIFA Advocacy Award (Islamic Financial Ordination) |
| Winner | * | * | * | * | Hamdan Bin Mohammed Samrt University | Bank Syariah Bukopin | S&P Global |
| Award Name | * | * | * | * | * | GIFA Financial Inclusion Award | GIFA Special Award (Micropayments and Diginital Technology) |
| Winner | * | * | * | * | * | Bank Rakyat Indonesia (BRI) Syariah | AIM Solutions |
| Award Name | * | * | * | * | * | Best Islamic Bank for Treasury Management | Pioneer in Philanthropic Programmes in H. E. Institutions |
| Winner | * | * | * | * | * | Albaraka Islamic Bank Bahrain | ACIS, UiTM |
| Award Name | * | * | * | * | * | Pioneering Islamic Financial Education Initiative | Pioneer of Islamic Banking (Kazakhstan) |
| Winner | * | * | * | * | * | First Global Academy | Al Hilal Bank Kazakhstan |
| Award Name | * | * | * | * | * | Islamic Financial Literacy and Education Award | Most Innovative Islamic Bank |
| Winner | * | * | * | * | * | Pahang State Foundation | Bank of Khartoum |
| Award Name | * | * | * | * | * | Halal Industry Development Award | * |
| Winner | * | * | * | * | * | Halal Industry Development Corporation | * |
| Award Name | * | * | * | * | * | Best Islamic Crowdfunding Platform | * |
| Winner | * | * | * | * | * | ETHISCROWD.COM | * |
| Award Name | * | * | * | * | * | Best Retakaful Institution | * |
| Winner | * | * | * | * | * | Reasuransi Syariah Indonesia (ReINDO Syariah) | * |
| Award Name | * | * | * | * | * | Best Islamic Pawnbroking Services Award | * |
| Winner | * | * | * | * | * | Bank Rakyat Malaysia | * |