Amana Bank ranked 37th Strongest Islamic Bank in the World

Thursday, 8 February 2024 03:57 - - {{hitsCtrl.values.hits}}

Amana Bank Managing Director/CEO Mohamed Azmeer

Amana Bank has announced its significant rise in the latest Asian Banker rankings for the Strongest Islamic Banks in the World for the year 2023.

Amana Bank has climbed to the 37th position, marking a remarkable improvement from its 82nd position in 2022. In doing so Amana Bank has surpassed many other globally established Islamic banks including those from the Middle East and South East Asia.

Amana Bank’s strong performance is reflected in the detailed scoring provided by The Asian Banker, which evaluates the financial performance and balance sheets of non-interest based financial institutions across the world. The evaluation is conducted using a comprehensive and transparent scorecard, assessing in six areas of balance sheet financial performance, namely the ability to scale, balance sheet growth, risk profile, profitability, asset quality, and liquidity, encompassing 14 specific factors.

Based on its recent 2023 Q3 financials, Amana Bank recorded its best ever quarterly performance, with its nine months PBT and PAT growing significantly by 78% and 98% respectively. Further testifying the growing demand for its people friendly banking model, the bank’s total deposits grew by 14% to reach Rs. 128 billion while advances grew by 5%. The bank continued to have one of the lowest industry-wide Stage 3 Impaired financing ratio of 1.6%. Owing to the recently completed successful Rights Issue, Amana Bank’s Total Assets has surpassed the Rs. 150 billion milestone.

“We are delighted to see Amana Bank’s continuous rise in the Asian Banker rankings, a testament to our commitment to financial strength, resilience, and customer-centric values. It is encouraging to have Amana Bank ranked amongst globally established Islamic banks which give us a great sense of honour about our accomplishments,” commented the bank’s Managing Director/CEO Mohamed Azmeer. He further said, “Our team’s dedication and strategic initiatives have propelled us forward, even in the face of challenging economic conditions. We remain steadfast in our pursuit of excellence and look forward to continuing our upward trajectory in the future.”