CIMB is Best Islamic Bank in Malaysia and Best Islamic Investment Bank globally

05 February 2021

IFN Best Banks Poll 2020 recognises CIMB as “top three bank” in four categories

Kuala Lumpur: CIMB Islamic Bank Berhad and CIMB Investment Bank Berhad (collectively “CIMB”) have been recognised recently as Best Islamic Bank in Malaysia (for the fifth consecutive year), and Best Islamic Investment Bank (globally) in the IFN Best Banks Poll 2020. CIMB also came in second for Best Islamic Bank for Treasury Management and third for Best Islamic Retail Bank.

Ahmad Shahriman Mohd Shariff, Chief Executive Officer, CIMB Islamic said, “CIMB Islamic is honoured to be named as Best Malaysian Islamic Bank for the fifth consecutive time. The awards are testament to the strong collaboration and synergy of the shared expertise across the Group in pursuit of the best solutions for our clients and customers. Notably, we have also extended efforts to realise various initiatives reflecting value-based intermediation (VBI), as a responsible Islamic financial institution that supports communities and sustainable development.”

Jefferi Hashim, Chief Executive Officer, CIMB Investment Bank Berhad said “CIMB’s franchise has extensive experience in advising, structuring and executing Islamic financing solutions. We are very honoured to be recognised for our capabilities in the investment banking segment. CIMB will continue to play a crucial role in championing the development of Islamic capital markets services and products, and maintain our track record of innovation by bringing to market bespoke award-winning Shariah solutions for our clients.”

The full list of accolades is as follows:

• Best Islamic Bank in Malaysia (country)
• Best Islamic Investment Bank (global)
• Best Islamic Bank for Treasury Management (No. 2, global)
• Best Islamic Retail Bank (No. 3, global)

In their assessment, IFN described CIMB Group as “a behemoth in the banking world, and its Islamic offering has gone from strength to strength.” It also mentioned that the bank has been instrumental in supporting the most needful elements of society, including retail and SME customers, and through payment moratoriums and relief packages.

IFN highlighted CIMB’s innovative Halal Biz Ready programme, an SME platform designed to connect businesses to global Halal trade and finance via assistance in preparation for halal certification, including readiness of premises, operations and supply chain with a total of RM100 million in financing opportunities. During the year, CIMB also supported entrepreneurs through upskilling programmes such as MicroBizReady, while providing access to partners and training in leveraging e-commerce business models to help SMEs be resilient during the pandemic. The CIMB Bazar Siberturahim during the Hari Raya Aidilfitri festive period connected consumers and small businesses in a unique festive bazaar through an online format, adapting to the new normal.

In 2020, CIMB was the no. 1 ASEAN-based bank for Global Sukuk (USD4.455 billion in volume, excluding self-led deals) and ranked no. 1 for Malaysia Sukuk (RM18.388 billion in volume, excluding self-led deals), according to Bloomberg. Notable transactions included Tenaga Nasional’s RM3.0 billion Sukuk issuance and a RM1.3 billion Perpetual Sukuk issuance by TG Excellence Berhad. CIMB also advised Hibiscus Petroleum Berhad in its fundraising of RM203.6 million through issuance of Islamic convertible redeemable preference shares.

In the Islamic treasury markets, CIMB pioneered the Collateralised Commodity Murabahah (CCM), a shariah-compliant product which facilitates liquidity goals for Islamic financial institutions in Malaysia, through mirroring the cause and effect of conventional repo and reverse repo transactions.