BY COBHAM NSA – Nigeria’s foremost non-interest financial institution, Jaiz Bank Plc, has bagged the Global Islamic Finance Awards (GIFAs) as the ‘Most Improved Islamic Bank 2020’ in the world
GIFAs rank among the most prestigious awards in Islamic banking and finance globally. Others 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.
A congratulatory letter sent to the Managing Director and Chief Executive of Jaiz Bank, Hassan Usman, said the Award Committee selected it as the best of three organisations considered for the top honiurs.
The letter, signed by the Chairman of GIFAs, Professor Humayon Dar, said the decision was taken “after long deliberations decided in favour of Jaiz Bank based on a number of factors included in the GIFAs’ Methodology.
“Please accept our heartiest congratulations on this huge achievement and accolade.”
The GIFAs 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.
Interestingly, there are basically three factors considered in the selection of a winner. These include; Social Responsibility: An organisation is considered socially responsible if it makes continuing 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;
Shari’a Authenticity: 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; and
Commitment to Islamic Banking and Finance: The selection criteria allocates a maximum points to full-fledged stand-alone Islamic banks and financial institutions
According to the Awards Committee, Jaiz Bank met all the above requirements and conditions, hence the basis for its selection and emergence as the prize winner for the year.
Responding on behalf of Jaiz Bank, its Managing Director and Chief Executive, Hassan Usman thanked GIFAs for choosing them as the ‘Most Improved Islamic Bank’ in the world.
He said: “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