Al Rajhi Bank wins Islamic finance award

KUALA LUMPUR: The Kuala Lumpur Islamic Financial Forum has named Al Rajhi Bank as the recipient of the ‘The Most Outstanding Islamic Finance Product’ for Al Rajhi Collateralised Commodity Murabahah-i (CCM-i).

The award is part of the KLIFF Islamic Finance Awards 2012 held in conjunction with the ninth Kuala Lumpur Islamic Finance Forum (KLIFF 2012).

A statement from Al Rajhi Bank said the awards were established with the objective to recognise, reward and encourage activities that lead to the promotion of significant efforts and outstanding works and performance in the fields of Islamic banking and finance by key players in the industry.

CCM-i, based on a Commodity Murabahah transaction and backed by a pledge mechanism, was introduced as an alternative solution in addressing the urgent demand of Islamic banks in managing their liquidity.

Al Rajhi Bank chief executive officer Azrulnizam Abd Aziz said, “This recognition is reflective of the commitment and dedication that Al Rajhi has for its valued customers in providing innovative and fitting financial solutions which are in line with Islamic values.

“This year, Al Rajhi Bank was selected to win an award for the third straight year.

“Its excellent results achieved showed outstanding growth rates in almost all its financial results,” he added. — Bernama

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