The Nigeria’s premier non-interest Jaiz Bank Plc, has been nominated as the most improved Islamic Bank in the world by the Global Islamic Finance Awards (GIFA).
Chairman, Global Islamic Finance Awards (GIFA), Prof. Humayon Dar, said the awards committee picked Jaiz Bank as the best out of three organisations considered.
According to him, Jaiz Bank was chosen after long deliberations based on some factors which included GIFA Methodology.
The GIFA methodology – on which the awards are based and winners selected – is the most detailed approach to screen only the best of the best in their respective award categories. Basically, there are three factors considered in the selection of a winner. These include social responsibility, Shari’a authenticity and commitment to Islamic banking and finance.
An organisation is considered socially responsible if it makes efforts to behave ethically and contribute to economic development while improving the quality of life of its employees and the local community and society at large.
An organisation is considered Shari’a authentic if it commits itself to the Shari’a standards issued by an independent body like the Accounting and Auditing Organisation for Islamic Finance Institutions (AAOIFI) or a national body set up to issue Shari’a guidelines.
Also, the selection criteria allocate a maximum point to full-fledged, stand-alone Islamic banks and financial institutions.
According to the awards committee, Jaiz Bank was able to meet all the three primary factors, hence it was selected as the winner.
Managing Director, Jaiz Bank Plc, Hassan Usman said the award was an acknowledgement of the contributions of the bank to the development of Islamic finance.
“We are pleased that the world watches and appreciates our modest contributions to the development of Islamic Finance. This award is dedicated to our creator, in whose Grace all things are perfected. We are deeply appreciative of the contributions of our loyal customers, dedicated staff and committed shareholders,’’ Usman said.
The Global Islamic Finance Awards (GIFA) is one of the most prestigious awards in Islamic banking and finance. Other prestigious awards are Islamic Development Bank Prize in Islamic Banking and Finance, also known as ‘IDB Prize’ and the Royal Award for Islamic Finance, founded by the government of Malaysia.
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