First Leasing Bank named 'Best Islamic Leasing Provider'

The Islamic Finance News Awards 2007, which honour outstanding achievements in the Islamic financial industry, set the benchmark for excellence in the Islamic banking and finance industry.

"While some commercial banks in the region offer finance leases as secondary products, FLB is the only institution focusing on equipment leasing. It is gratifying that the value added by our specialist approach has been recognised by our industry peers and associates," said James Cracco, CEO, First Leasing Bank.

"Our award for 'Best Islamic Leasing Provider' reflects international recognition for the strong customer response and operational and technical skill of our team. Over the past year First Leasing Bank has funded equipment worth more than $54m, with more opportunities on the way as we continue to expand the market for equipment leasing,"

added Cracco.

FLB, which is an affiliate of the Ithmaar banking group, provides finance and operating leases to the industrial, manufacturing, medical, printing and publishing, construction, telecommunications, IT, transportation and marine industries. Operating leases, virtually unheard of in the Gulf prior to the establishment of FLB in 2004, allow companies to lease their equipment rather than purchase it out right. This allows them to free up cash to be used in developing their higher returning core businesses.

The Islamic Finance News Annual Poll, which determines the award winners, is widely considered to be one of the industry's most comprehensive surveys. Members of the global Islamic finance industry, including Islamic finance issuers, investors, non-banking financial intermediaries and government bodies, are invited by Islamic Finance News to vote in a total of 35 categories. A record 1,502 votes were cast during the December 2007 polling period, which represented a 22% increase over the previous year.