4 July 2024
The Bank solidifies its position as a leading Islamic financial institution
Kuala Lumpur: CIMB Islamic Bank Berhad (“CIMB Islamic” or “the Bank”) strengthens its position as a leading Islamic financial institution in the Malaysia through the prestigious recognitions as Global Islamic Bank of the Year and Most Innovative Islamic Savings Product Award at The Banker’s Islamic Banking Awards 2024. Meanwhile, the Bank also clinched Best Islamic Bank in Malaysia for the eighth consecutive year at the IFN Best Bank Polls 2023.
These significant recognitions solidify CIMB Islamic’s leading position in the market, acknowledging the Bank’s strong track record in pioneering innovative Shariah-compliant propositions across both retail and investment banking, as well as its notable contributions to the growth of the Islamic capital markets.
Ahmad Shahriman Mohd Shariff, Chief Executive Officer of CIMB Islamic said, “We are honoured to be recognised with these awards which reaffirm our expertise and strengths in delivering innovative Shariah-compliant to our clients and customers. We will continue to be guided by the principles of value-based intermediation (“VBI”) and committed to creating value for our clients and customers, in addition to generating positive impacts to the economy, the communities we operate in and the environment. Our sincere appreciation and thanks to all our clients for their support and trust over the years which have made these recognitions possible."
CIMB Islamic’s commitment towards sustainability gained significant recognition through the Bank’s broader efforts to embed sustainability-focused initiatives into its various propositions. Standout products and services recognised included CIMB Islamic’s Daily Unrestricted Investment Account-i (“DURIAN-i”) which won The Banker’s award for Most Innovative Islamic Savings Product. DURIAN-i is the Bank’s first sustainability linked Investment Account (“IA”) where the funds will be invested in the Bank’s retail assets.
Advancing its ambition towards sustainable mobility, the Bank unveiled its comprehensive suite of electric vehicle (“EV”) financial solutions last year, offering preferential fixed rates with a dedicated Green Lane Finance Approval process that expedites approvals within eight hours upon submission of the completed application, along with rebates for secure motor insurance and additional complimentary EV coverage. The Bank had also launched its CIMB Petronas Visa Platinum-i and Infinite-i credit cards (“the Cards”), which offer attractive cash rebates on EV charging spends at PETRONAS stations and cashless parking nationwide. By the end of 2023, the Cards registered 33,000 openings with a combined balance of RM80 million.
Among other achievements highlighted was CIMB Islamic’s takaful offering, Sun Legacy Shield, a regular contribution investment-linked takaful plan that helps customers expand their wealth and legacy during their lifetimes and safeguard the well-being of their loved ones.
The Bank’s commitment towards championing sustainable finance was exhibited by its successful execution of numerous high profile and landmark transactions both locally and internationally, most notably the milestone US$2 billion Global Sukuk Offering (Global Trust Certificate) issued by the Republic of Indonesia last year, which included a US$1 billion green tranche. This was the largest dollar sukuk issuance by an Asian sovereign in 2023 and accomplished the tightest five-year and 10-year spreads for an Asian sovereign in the past two years, which CIMB Islamic acted as sole principal adviser, arranger, dealer, lead manager and book runner.
