In a congratulatory letter to the Managing Director/Chief Executive of
Usman, in his response however, thanked GIFA for choosing the bank as the
He said: "We are pleased that the world watches and appreciates our modest contributions to the development of Islamic Finance. This award is dedicated to our creator, in whose Grace all things are perfected. We are deeply appreciative of the contributions of our loyal customers, dedicated staff and committed shareholders."
A statement from
The bank was assessed based on three factors including social responsibility where the organisation was considered socially responsible if it makes continuing efforts to behave ethically and contribute to economic development while improving the quality of life of its employees and the local community and society at large.
The second consideration was Sharia authenticity whereby an organisation is evaluated on the level of commitment to the Shari'a standards issued by an independent body like the
Emphasis was also on the commitment to Islamic banking and finance where the selection criteria allocates a maximum points to full-fledged stand-alone Islamic banks and financial institutions.
According to the awards committee,
GIFA is one of the most prestigious awards in Islamic banking and finance. Other prestigious awards are Islamic Development Bank Prize in Islamic Banking and Finance (also known as 'IDB Prize') and The Royal Award for Islamic Finance, founded by the government of
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