This award was one of many for the Group in 2008. That year, BNP Paribas also won The Banker s award for Most Innovative investment Bank in Islamic Finance. In addition, Islamic Finance News recognised the Bank s achievements with awards for Ijara Deal of the Year, Best Country Deal in UK, Syndicated Deal of the Year, and Corporate Finance Deal of the Year.
Early the following year, BNP Paribas Investment Partners extended its range of Islamic products by launching its first private placement fund investing in Sukuk and Murabaha36.
Rami Falah, Head of Najmah Middle East BNP Paribas Najmah since 2006, is confident about the future. We can see that more and more countries are becoming interested in Islamic Finance, he said. Recently, for instance, South Africa amended its laws to take account of Islamic products including Sukuk. We also note growing interest from countries ranging from Tunisia, Morocco and Egypt to Singapore, Japan, Hong Kong and Australia. For these countries, Islamic Banking is a way to raise liquidity, broaden the investor base and attract direct foreign investment.
BNP Paribas is well positioned in the Islamic finance industry with an especially sound track record in the development of the market in Sukuk, Structured Products, Islamic hedging and tailor-made investment solutions. In addition, our clients are aware of our innovative structuring capabilities, which allow us to offer them the tailor-made products that meet all their investment criteria, while respecting Sharia guidelines.
The Corporate Bank was created in 2013, bringing together diverse services provided by BNP Paribas over its four decades in the Gulf States, including Transaction Banking (trade finance, cash and liquidity management), all short, medium and long-term financings, Portfolio Management and Loan Syndication.
Transaction banking services gradually developed as the Bank opened branches across the Gulf, and were particularly successful in countries which were under-served by international banks, such as the Kingdom of Saudi Arabia. At the same time, the Bank s global presence allowed it to develop an offering for corporate and financial institution clients in the Gulf, especially in trade finance, cash management and liquidity investments.
Jacques Levet, Head of Corporate Bank for the Middle East and Africa, explains how the Bank s evolving range of offerings has developed in line with the region s economic transformation:
36. Murabaha is a particular kind of sale, that is Shariah-compliant, where the seller expressly mentions the cost he has incurred on the commodities for sale and sells it to another person by adding some profit or mark-up thereon which is known to the buyer.
BNP PARIBAS NAJMAH ISLAMIC BANKING BROCHURE
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