Top 7 Largest Islamic Banks In The World

For the sake of fulfilling the shariah-compliant banking system for Muslims around the world, there have been many Islamic financial institutions showing up on a global scale, especially in the Middle East and Southeast Asia.

Suleiman Al Rajhi who happens to be the founder of Al-Rahji bank is one of the most generous donators out there who constantly give to those in need. Some people might be wondering what might be the biggest Islamic bank in the world that exists today?

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Here we would like to share with you the top 7 biggest banks in the world based on the value of their assets(in billions of USD) as of writing.

7. Abu Dhabi Islamic Bank (UAE) - $34,799

Abu Dhabi Islamic Bank was established on 20 May 1997 as a public-owned stock company according to Amiri Decree No. 9 in 1997. This bank started its commercial operation on 11 November 1998 and it was all officially done by Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation on 18 April 1999.

All contracts, operations, and business affairs are conducted based on the principles of shariah-compliant. The founder of Abu Dhabi Islamic Bank holds 29% of the company's equities while the remaining 71% is held by roughly 100,000 shareholders.

6. Alinma Bank (Saudi Arabia) - $41,817

Alinma Bank is a joint-stock company that was established in accordance with royal decree No. M/15 dated 28 March 2006 and the Minister Resolution dated 27 March 2007.

Alinma provides a comprehensive banking service, retail investments as well as shariah-compliant corporates. This bank serves its customers through its branch networks and ATMs across the country, 

On top of that, it also provides alternative services such as the Alinma Internet, Alinma Phone, Alinma Mobile, and Alinma App for smartphones.

5. Qatar Islamic Bank (Qatar) - $47,893

Qatar Islamic Bank was established in 1982 as the first Islamic financial institution in Qatar. Its products and operations are fully monitored by the Shariah board which ensures that the Bank fully complies with Islamic principles. It is also the biggest shariah-compliant lender in this nation.

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QIB has more than 170,000 retail customers and more than 3,000 corporate partners. It runs its domestic business through its 31 branches across the country on top of the special centers for its lady customers as well as a resting lounge specifically for the VIPs with more than 175 multifunctional ATMs.

4. Maybank Islamic (Malaysia) - $63,509

Maybank Islamic Berhad is one of the subsidiaries fully owned by the Maybank Group. On 1 January 2008, Maybank Islamic Berhad starts its operation as the first commercial bank to provide Islamic products and services through the window concept in 1993.

Maybank Islamic handles products and services which are placed together at more than 400 branches worldwide. The company also has private banking centers, financial auto centers, business centers, and financial trading centers across the country.

3. Kuwait Finance House (Kuwait) - $70,867

Kuwait Finance House(KFH) was established in Kuwait in 1977 as the first operational bank to be shariah compliant. It received 170 applications to open new accounts on the first day of its operation on 31 August 1978.

In 2002, KFH has opened its first branch in Bahrain, and later in 2005  KFH Malaysia was established making it the first Islamic bank to be given a license by the Malaysian authorities under the Islamic Banking Act 1983.

2. Dubai Islamic Bank (UAE) - $78,834

Dubai Islamic Bank(DIB) is an Islamic bank situated in Dubai and it was established in 1975 by Haj Saeed Bin Ahmed Al Lootah. It is the first Islamic bank in the world that has applied Islamic principles in all its practice and also happened to be the largest Islamic bank in the UAE.

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It is the biggest Islamic bank in the UAE based on assets owned and the publicly owned joint company that was listed on the Dubai Financial Market. This bank handles 90 branches across the UAE.

1. Al-Rajhi Bank (Saudi Arabia) - $124,970

Al Rajhi bank which was known before as Al Rajhi Banking and Investment Corporation is a Saudi Arabian bank and also the biggest Islamic bank in the world based on assets owned.

This bank happens to be the main investor in most businesses in Saudi Arabia and also one of the biggest joint companies in Saudi Arabia. Al-Rajhi bank has more than 600 branches and its headquarters is located in Riyadh with 6 other state offices. It also has branches in countries like Kuwait, Jordan, Malaysia, and Syria.

Source:

• Money Gate

• Majalah Labur

Also read: Top 10 Biggest Ponzi Schemes In History