Spring 2016 Issue
> BANK OF MALDIVES: MOST INNOVATIVE BANKING TEAM INDIAN OCEAN 2016
Boasting an exceptionally strong capital position well in excess of regulatory requirements, Bank of Maldives has established a solid reputation both at home and abroad. The bank has been in business since 1982 and is listed on the Maldives Stock Exchange (MSE:BML). Following the divestment of founder partner IFIC Bank of Bangladesh in 1992, the country’s government assumed a majority shareholding. Since its founding, the Bank of Maldives has driven the nation’s financial services industry with innovation and technology. The bank accumulated an impressive number of firsts such as the introduction of point of sale terminals, Internet and mobile banking, and cash and cheques deposit machines. Bank of Maldives maintains a state-of-the-art technology
platform that allows the institution to offer its around 250,000 clients both convenience and excellence in the delivery of financial services. Reaching into the far corners of the vast archipelago nation, Bank of Maldives operates a robust and fully interconnected network of branches, agents, and point of sales services that blankets the country. Bank of Maldives is the country’s largest employer in the financial sector and counts with over 850 professionals and support staff of whom one third are based outside the capital Mahé. A client-centric business, Bank of Maldives aims to – and consistently succeeds in – exceeding customers’ expectations. Since its corporate inception, Bank of Maldives has strived to reach out to clients via a multichannel
approach: account holders, and others conducting business with or at the bank, may do so in a number of convenient ways that complement, rather than detract from, their daily pursuits. The CFI.co judging panel commends Bank of Maldives on its accomplishment of a most challenging mission: to provide world class financial services in a country comprised of 1,192 coral islands in twin chains of 26 atolls dispersed over some 90,000km2 of ocean. Building a financial network that covers this unique geographic setting is a remarkable feat; doing so with aplomb and efficiency merits recognition. The judges are therefore pleased to offer Bank of Maldives the 2016 Most Innovative Banking team Indian Ocean Award.
> SALAAM AFRICAN BANK: BEST SHARIA-COMPLIANT COMMERCIAL BANK EAST AFRICA 2016
Though the country’s banking sector is well-developed and solid, Djibouti lacked a locallyowned commercial bank until 2008 when Salaam African Bank opened for business. Fully Shariacompliant and featuring a comprehensive suite of products and services, Salaam African Bank has decisively raised the benchmark by placing the needs of its clients at the centre of its corporate mission. Salaam African Bank has been ground-breaking in its approach to delivering world class financial services: the institution proactively seeks to bridge the gap between the bank and its customers. An open-door policy that emphasises inclusiveness and accessibility
has made Salaam African Bank a household name and earned it a formidable reputation for transparency and governance. The bank developed and maintains an impressive number of policies and processes that ensure adherence to the highest ethical standards. Uniquely in the region, Salaam African Bank engages closely with local entrepreneurs and diaspora communities in order to meet the strong demand for Shariacompliant financial services. Thanks to this outreach, Salaam African Bank is at the forefront of large-scale efforts to rebuild the economies of the Horn of Africa. Eying both opportunity and social responsibility, the bank CFI.co | Capital Finance International
aims to harness the considerable resources of the diaspora to make a difference in people’s lives. The CFI.co judging panel is pleased to note that Salaam African Bank not only displays an awareness of its corporate social responsibility but operates a full-featured technological platform that allows the institution the flexibility and the financial striking power to efficiently operate effectively and efficiently in one of the world’s most dynamic regions. The judges are therefore happy to confer the 2016 Best Sharia-Compliant Commercial Bank East Africa Award on Salaam African Bank.
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