There’re several indices, rankings, awards, prizes as well as accolades in business, politics, academia and also society to recognize superiority as well as leadership roles played by persons and institutions. These are used as efficiency signals in various areas.
From country chance rankings (as issued by famous brands Standard & Poor’s and Moody’s) to poverty score cards (as utilized by famous brands Benazir Income Support Programme), they summarise more information regarding composite statistical numbers, offering easy-to-understand signals to decision-makers on a quantity of commercial, social and political problems.
Client price indices are another essential sign replicating the state of matters of an economy, specifically inflation.
Bank Alfalah Head of Islamic Banking Rizwan Ata mentioned in an interview after his bank was adjudged the Best Islamic Window of a Traditional Banking Group in Pakistan at the lately determined Global Islamic Finance Awards (GIFA) in Bahrain, “Industry prizes are an indicator of efficiency and relative position of a specific business.”
Several industry recognitions have contributed to the good perspective on Bank Alfalah’s Islamic procedures. Its successful of GIFA awards during the last 2 yrs is quick paving the way for the bank to spin off its Islamic banking unit into a fully-fledged Islamic bank in Pakistan.
GIFA (Global Islamic Finance Awards) also respected Finance Minister Ishaq Dar using a particular award in acknowledgement of the Ministry of Finance’s loyality part in advertising Islamic banking and finance in the country.
When the current PML-N government took control of in 2013, the proportion of Islamic banking in the country was approximately 9%, which is fast approaching 12%, simply because of the positive strategy of the Ministry of Finance and the State Bank of Pakistan.
Meezan Bank, the person receiving the Shariah Authenticity Award at this year’s GIFA, has just become a major leading Islamic bank competing with even bigger traditional banks in Pakistan. The items organized by Meezan Bank are highly regarded not only in Pakistan there is additionally worldwide acknowledgement of its services and products.
There have been 3 Pakistani banks that got the awards. Albaraka Bank Pakistan Limited was the 3rd, which obtained the Best Sukuk Amount of the entire year Award for its Tier-II Capital Mudaraba Sukuk. Formerly, Bank Islami Pakistan Limited also got a GIFA award in 2012.
Due to this year’s superb efficiency of Islamic banks, Pakistan appears at number 3 (together with the UK and Saudi Arabia) after Malaysia and the UAE.
Building on the achievement
Among a standard image of doom and gloom, Pakistani Islamic banks successes at the worldwide forum should be pointed out and recognized. The government of Pakistan should continue to keep develop the achievements the Islamic banking sector to enhance the country as a middle of superiority for Islamic banking and finance.
In fact a few developed countries, particularly the uk, are placing them selves as pleasant areas for Islamic banking and finance.
Right after the 9th World Islamic Economic Forum (WIEF) located in London in 2013, the UK released a £200 million sovereign Sukuk in an effort to placement itself being an energetic participant in Islamic banking and finance.
If Pm Nawaz Sharif requires individual interest in marketing Islamic banking and finance, it’s likely which he will get the worldwide Leadership in Islamic Finance Award in future. This particular year’s Global Leadership in Islamic Finance Award was gained by Muhammadu Sanusi II, Emir of Kano, Nigeria.
This past year, this particular award was given to Nursultan Nazarbayev, President of Kazakhstan, for his energetic participation in advertising Islamic banking in his country.