Agrobank Receives Recognition As The Upcoming Islamic Bank 2015 By GIFA In Bahrain
BAHRAIN – Agrobank, a Malaysian-based bank focusing on the agricultural sector was awarded The Upcoming Islamic Bank 2015 by Global Islamic Finance Awards (GIFA) in a ceremony held in Manama, Kingdom of Bahrain.
This international recognition is a testament to Agrobank efforts in promoting Shariah-compliant banking, and supporting Malaysia efforts as a global Islamic Financial hub. Agrobank officially became a Full-Fledged Islamic Bank on 1st July 2015, having completely transformed all its operations, banking systems, processes, documentation and product development according to Shariah principles.
“Agrobank is proud to be associated with Global Islamic Finance Awards that recognise global leading players in the Islamic finance industry,” said Dato’ Wan Mohd Fadzmi Wan Othman, President/Chief Executive Officer of Agrobank.
Food is very synonymous with the agriculture, and halal factor is essential to Muslims. With its transition to a full- fledged Islamic institution, Agrobank is well placed to provide Islamic banking products and funding to complete the cycle of halal food production,” said Dato’ Wan Mohd Fadzmi.
“As of July 2015, Agrobank total market share in agrofood sector financing is quite promising with a total value of RM 2,674.42 million or 23.73% share of total outstanding loan worth RM11,270.52 million in the banking system. We believe that offering Shariah-compliant financing will give more confidence to entrepreneurs, its food producers and clients who are committed to conducting business in accordance with Shariah principles.
He also added that even though the journey towards being full-fledged Islamic Bank has been challenging at times, Agrobank takes pride of its efforts and hard work in contributing to strengthening the Islamic economy. We are deeply honoured to receive this prestigious award. This is recognition for all our employees who have worked tirelessly in seeing through the conversion of Agrobank to be a full-fledged Islamic financial institution”.
“We are also grateful for the strong support extended by Bank Negara Malaysia, Ministry of Finance, Ministry of Agriculture and Agro-based Industry our board members and stakeholders in realising our vision, Dato’ Wan Mohd Fadzmi further added. The award ceremony was also attended by the Malaysian Ambassador to Bahrain, HE Dato’ Ahmad Shahizan Abdul Samad.
GIFA, organised by London-based Edbiz Consulting since 2011, honours banks, financial institutions, consultancies, rating agencies, insurance brokers and technology companies for their contributions and positive influence to the global Islamic banking and finance industry.