(MENAFN - Arab News) The National Commercial Bank has achieved a new prestigious title that reconfirmed its leadership position in the Islamic banking arena. NCB received the best Islamic bank of the year award at a recent event in Oman.
It was presented at a special Global Islamic Finance Award (GIFA) ceremony on the sidelines of Oman's Islamic economics forum in Muscat.
A large number of industry leaders and officials including the former Malaysian Prime Minister Tun Abdullah bin Haji Ahmad Badawi were present.
Abdulkareem Abu AlNasr, CEO of the National Commercial Bank, considered the new recognition as a renewed emphasis on the bank's capabilities and its commitment to driving development efforts in Islamic banking by delivering of innovative products and solutions that comply with the provisions of Shariah.
Commenting on the evaluation process, Edbiz Consulting said the National Commercial Bank was selected based on precise criteria.
The NCB faced intense competition from four other nominated banks: Malaysia Islamic Bank (CIMB), Abu Dhabi Islamic Bank, Kuwait Finance House and Qatar Islamic Bank.
The recognition was a result of NCB meeting a number of criteria. The bank was honored for its success in converting its whole branch network to Islamic banking and its achievements in conforming to the provisions of Shariah laws in all of its operations.
Adnan bin Hamad, senior vice president, head of Islamic finance Group at NCB, received the award.
Abdulrazak El-Khraijy, senior executive vice president, and NCB's head of Islamic banking development group, said that the award objectively reflects the prominent place that NCB occupies in the Saudi banking industry.
Professor Humayon Dar, CEO of Edbiz Consulting and chairman of the forum, indicated that the new honor for the NCB recognizes its innovative approach and its ability to offer a wide range of Islamic banking services.