Kuala Lumpur - The Kuala Lumpur Islamic Financial Forum (KLIFF) has announced Al Rajhi Bank as the recipient of the “The Most Outstanding Islamic Finance Product” for Al Rajhi Collateralised Commodity Murabahah-i (CCM-i) as part of the KLIFF Islamic Finance Awards 2012 which was unveiled last week.
KLIFF Islamic Finance Awards ceremony was held in conjunction with the 9th Kuala Lumpur Islamic Finance Forum (KLIFF 2012). The awards were established with the objectives to recognize, reward and encourage activities that lead to the promoting of significant efforts and outstanding works and performance in the fields of Islamic banking and finance by the key players in this industry.
The KLIFF Islamic Finance awards have been awarded since the first KLIFF in 2004.
CCM-i, based on a Commodity Murabahah transaction and backed by a pledge mechanism, was introduced as an alternative solution in addressing the urgent demand of Islamic banks in managing their liquidity. It is a low credit-risk financial instrument for the Islamic interbank money market players under the Bank Negara Malaysia’s Standing Facility guideline; enabling Islamic banks to tap on liquidity by utilizing their holdings of tradable sukuks and other acceptable Islamic securities as pledge for their liquidity requirements.
This year, Al Rajhi Bank was selected to win an award for the third straight year. Its excellent results achieved showed outstanding growth rates in almost all its financial results.
Mr. Abdullah Suleiman Al Rajhi, the Chief Executive Officer (CEO) & Managing Director (MD) of Al Rajhi Bank announced that the Bank made a net profit of SR 5,974 million in the 9 months of the current year, 9% more than the same period last year, which amounted to SR 5,479 million. This profit is due to the development and diversity of the Bank’s financial and investment products.
Al Rajhi Bank Malaysia’s CEO, En. Azrulnizam Abd Aziz said, “This recognition is reflective of the commitment and dedication that Al Rajhi has for its valued customers in providing innovative and fitting financial solutions which are in line with Islamic values.” Al Rajhi Bank Malaysia opened its 24th branch in Sg Petani in late August 2012.