The Islamic finance industry retains its vibrancy as another source of liquidity for issuers and borrowers, despite a drop in sukuk issuance volume in 2015.

Several landmark transactions were brought into the market from both sovereigns and corporates across the region, contributing further to the development of the Islamic capital markets.

This year’s The Asset Triple A Islamic Finance Awards is significant as we celebrate the achievements of a leader who has been the pillar behind the growth and expansion of the Islamic finance industry. After 16 years, Dr Zeti Akhtar Aziz is stepping down at the end of April as governor of Bank Negara Malaysia.

Over the course of her tenure, she has tirelessly built a solid foundation for the Islamic finance industry, helping establish the Islamic Financial Services Board (IFSB), the Malaysia Islamic Financial Centre (MIFC) and the International Centre for Education in Islamic Finance (INCEIF). For these achievements, The Asset is proud to confer her The Asset Eminent Leadership Award in Islamic Finance.

Amid slower issuance activity, 2015 saw several outstanding leaders that further pushed the Islamic agenda forward. The Islamic banker of the year award goes to Amr Al Menhali, head of ADCB Islamic Banking. Under his leadership, ADCB expanded the banking franchise, achieving impressive top line growth that validated ADCB’s role as a major provider of comprehensive Islamic banking and financial services in the United Arab Emirates.

The Government of Malaysia is the Sovereign issuer of the year following the success of its US$1.5 billion 10-year and 30-year wakala and murabaha sukuk, while Garuda Indonesia is this year’s Corporate issuer winner for its debut US$500 million wakala sukuk that represented the first non-sovereign sukuk out of Indonesia and the first unrated US dollar sukuk from an Asia-Pacific issuer.

Maybank Islamic again is the undisputed Best bank in Asia-Pacific. The bank, which achieved an impressive 17% increase in total income last year, is also this year’s Best bank for Malaysia and Singapore. Maybank’s financing surged 21% to 131.1 billion ringgit and its deposits and funding jumped 24% to 123.4 billion ringgit in the period.

Apart from being chosen as the Best bank in Pakistan, Meezan Bank is also being recognized for its digital innovation. Meezan launched UPaisa, Pakistan’s first ever online Islamic bank. Launched in collaboration with mobile operator Ufone, the initiative reaches out to Pakistan’s unbanked Islamic population.

CIMB Investment Bank (CIMB Islamic Bank) is a repeat winner of the Best investment bank award in Asia-Pacific. CIMB arranged several defining transactions in 2015, including sovereign deals for the Republic of Indonesia (RoI), Hong Kong and Malaysia as well as corporate sukuks for Petronas, Axiata (both in US dollar and rupiah), and Country Garden Real Estate. The bank also arranged a Khazanah Nasional sukuk, Malaysia’s first sustainable and socially responsible Islamic bond.

Stanchard Chartered is conferred the Best sukuk house award – the biggest award in this category – after having demonstrated the depth of its franchise across Asia-Pacific and the Middle East. In addition to sovereign deals for Hong Kong, Malaysia and the Sultanate of Oman, Standard Chartered led landmark issuances for Garuda Indonesia and the ECA-backed Emirates as well as the supranationals, International Finance Corporation and Arab Petroleum Investments Corporation. Arab Petroleum’s US$500 million sukuk, priced in October 2015, represented its debut offering in the international capital markets.

The winner of Best sukuk house in Asia-Pacific is CIMB Investment Bank (CIMB Islamic Bank).  The bank wins in the same category for Indonesia and Malaysia. HSBC gets the nod in the Middle East and Saudi Arabia. The other country winners are Meezan Bank in Pakistan, QInvest in Qatar and National Bank of Abu Dhabi in the UAE.

The International Islamic Liquidity Management Corporation is bestowed the Best cross-border sukuk liquidity provider award. The group played an important role in facilitating cross-border liquidity management among the institutions offering Islamic financial services by making available a variety of Shariah-compliant instruments.

AmInvest retains the Best asset management house honours for Malaysia, while Asian Islamic Investment Management gets the Rising star award.