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BNP Paribas wins Islamic Finance House of the Year 2008 Award

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Points of Essence:

  • BNP Paribas via its Islamic window Najmah, recently won the Islamic Finance House of the Year 2008 for making contribution to Islamic finance by leading financially innovative ideas. Najmah has been pioneering Islamic structured products among others, a cross-border equity linked product and a Sharia-compliant exchange traded fund based on global index.

BNP Paribas – a European leader in banking and financial services and one of the largest international banking networks – won the 2008 award of the most innovative Islamic Finance House of the Year 2008 at the recently concluded Banker Investment Banking Awards in London.

BNP Paribas’ Islamic Banking Unit, Najmah, since then, was established in Bahrain in 2003, and since then, the team has demonstrated financially innovative ideas and has been first to market with a cross-border equity linked product, an Islamic structured product in South East Asia and a Sharia-compliant exchange traded fund based on global index.

BNP Paribas offers a full complement of Shariah compliant services to corporate and institutional clients covering sukuk, equity derivatives, credit derivatives, interest rate & currency hedging, asset management, asset securitization, real estate, murabaha financing, structured finance, project finance and export credit facilities.

To ensure that BNP Paribas’ products and services comply with Islamic guidelines, the bank works in close consultation with a dedicated Sharia Board comprising eminent highly commended scholars including Sheikh Nizam Yaquby (Bahrain), Dr. Abdul Sattar Abu Ghuddah (Saudi Arabia) and Dr. Mohammed daud Bakar (Malaysia).

Receiving the award on behalf of BNP Paribas, Regional Head of Corporate and Islamic Banking, Jacques Tripon remarked: “It gives me great pleasure to accept this award on behalf of the team, as a true recognition of there excellent work. BNP Paribas has made Islamic products more accessible and this underlines our commitment to fostering the growth of regional economies by playing a leading role in the Islamic finance industry;”

Banker Investment Banking Awards are the most coveted and prestigious awards in the financial industry, and are awarded to institutions that demonstrate unswerving excellence in terms of service to clients, returns to shareholders and pushing the boundaries of what is possible in finance. They are also a appreciation of institutions that display leadership, innovation, and momentum in the markets in which they excel.

BNP Paribas has been operating in the Gulf for over 35 years with a presence in five Gulf countries (Bahrain, United Arab Emirates, Qatar, Kuwait and Saudi Arabia). The teams also cover Oman and Yemen. BNP Paribas in the region accounts for approximately 550 employees. The Regional Management is based in Bahrain which is the regional hub for BNP Paribas in the Gulf.

About BNP Paribas

BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 4 strongest banks in the world according to Standard & Poor’s. The group is present in over 85 countries, with almost 168,000 employees, including 129, 500 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.

Source: http://www.lessors.com

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Written by Suapi Shaffaii

October 23, 2008 at 9:19 pm

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