The
WIBC Leaderboard and Performance awards will gauge leading banks in the
industry at the global, regional and national levels in anticipation of
the much-awaited Awards Ceremony this December
Manama, Kingdom of Bahrain, 19 August 2015:
In its efforts to enhance the performance and quality of the Islamic
banking industry, the World Islamic Banking Conference (WIBC) announced
today that it will be developing a comprehensive performance assessment
framework to help Islamic financial institutions assess their ranking
and performance vis-à-vis their competitors. Specifically,
the WIBC Performance Indicator will form the basis of the annually
anticipated WIBC Performance Awards that will be announced at the WIBC
Gala Dinner on 2nd December 2015.
The WIBC Leaderboard,
a truly innovative performance assessment, will provide rankings of the
top Islamic banks and financial institutions based on a variety of
robust financial and governance metrics such as asset growth, return on
equity, return on assets, disclosures, corporate social responsibility
and Shariah governance. The Leaderboard will provide industry
participants a visually engaging view of Islamic banks to compare
themselves with their peers at the global, regional and national levels
across several dimensions. In addition to the individual metrics, banks
will also be ranked on the basis of an aggregate score, which forms the
apex of the WIBC Leaderboard. This aggregate index holistically ranks
entities on the basis of the aforementioned financial and governance
measures. The Leaderboard will therefore act as a benchmark for Islamic
banks to gauge their performance against the top performing banks in the
industry.
The
WIBC Leaderboard aggregate scores will be the basis of the WIBC
Performance Awards to be awarded to the top global and regional banks at
the much-awaited WIBC 2015. In addition to the regional and global
awards, the top most performing banks in each country with a developed
Islamic banking sector will also be awarded.
The
data employed in creating the assessment framework has been sourced
from the ICD Thomson Reuters Islamic Finance Development Indicator
(IFDI). Acknowledging the efforts of
Thomson Reuters and ICD, Dr. Sayd Farook, Chief Executive Officer of ME
Global Advisors – the conveners of WIBC for 22 years – stated, “The
unique and much needed performance metric is the first such objective
and scientifically verifiable basis for the Islamic banks to rank their
respective banks’ performances with each other and will go a long way in
developing a competitive yet healthy Islamic banking sector globally. I
would like to take this opportunity to laud the efforts of Thomson
Reuters and ICD for collating reliable and accurate data which have
helped ME Global advisors in creating such an imperative performance
framework.”
Khalid
Al-Aboodi, Chief Executive Officer of ICD, speaks to the pivotal role
of the WIBC Leaderboard: “It is exciting to see such innovations taking
place in the Islamic banking industry. The changing regulatory and
technological landscape of the banking industry in general poses immense
challenges for both Islamic as well as conventional banks – and this
metric will help banks keep track of their performance, pushing them to
converge with the leading banks.”
The
first in the series of the WIBC Leaderboard chart shows the return on
average assets – ROAA (horizontal axis), return on average equity - ROAE
(Vertical axis) and total assets (bubble) of the top 20 global Islamic
banks based on assets.
The 22nd annual WIBC 2015 will take place on the 1st, 2nd and 3rd December in Bahrain, the most developed Islamic finance hub in the Middle East North Africa (MENA) region.
To find out more about WIBC, download the comprehensive brochure at www.wibc2015.cm
