NCB wins accolade of outstanding contribution to the development of global Islamic finance

The announcement was made during the London Sukuk Summit 2009 which was held on the 2nd and 3rd of July 2009 at the Radisson SAS Portman Hotel in London.

The award was presented by the Islamic Development Bank (IDB), the Islamic Financial Services Board (IFSB) and the Islamic Research and Training Institute, with the United Kingdom Trade and Industry (UKTI) as host, during the Gala dinner ceremony in the second day of the international summit.

With the theme 'Innovating for the Future', the Summit came this year under the title "The Next Generation of Post Credit Crunch Sukuk Structures / Preparing for the Next Wave of ICM Offerings". The Islamic Finance Industry awards attracted the attendance of leading industry experts and key financial institutions and policy makers from both the Islamic and the conventional banking arenas in the world.

The selection of NCB as winner in the category of Outstanding Contribution to the Development of Global Islamic Finance followed a strong nomination for the bank by a committee of industry experts and leaders of Islamic finance from around the globe.

The nomination was a result of the distinguished role the bank carries out in developing and introducing innovative financing solutions that flexibly meet the changing needs of customers and are in line with the provisions of Sharia law.

Abdulkareem Abu Alnasr, the Chief Executive Officer of the National Commercial Bank, commented on the news by saying

"The award is a high profile recognition of NCB's prominent position and contribution in the development of Islamic finance and it highlights the bank's achievements in providing distinctive solutions and programs that are compliant with the values of Sharia and match the rising needs in a constantly changing business environment."

He added that winning such honor for the third consecutive year emphasizes the bank's advanced position, not only the region but in the world as well.

Abu Alnasr indicated that Islamic finance has played a pivotal role in stimulating the growth of demand for funding, particularly lately, through introducing flexible and innovative tools that have succeeded in creating investment opportunities and highly liquid funds while remaining compatible with the principles of Islamic Sharia.

"The Islamic finance products that NCB succeeded in creating contributed significantly to the development of the modern Islamic banking industry. The tools and products that the bank introduced became widely applied today by many banks and financial institutions, regionally and internationally. NCB has maintained its place at to the forefront in terms of innovation and diversity of Islamic banking products." He concluded.

Abdulrazak Elkhraijy, Head of Islamic Banking Development Group in the National Commercial Bank, said that winning this recognition from a specialized and credible organization and through the decision of leaders in the banking field from around the world reflects the magnitude of NCB's presence in the banking scene and the place it occupies in the international banking industry.

The award was received by Abduldaim Al Ahmadi, the representative of the National Commercial Bank in London.

It is noteworthy that this is the third time that the National Commercial Bank receives a Best Bank Award in Islamic finance in different categories for the third consecutive year.