National Australia Bank (NAB), guided by Dr. Imran Lum, has been honoured with the Islamic Bank of the Year award at The Asset Triple A Islamic Finance Awards 2023. Though not primarily an Islamic bank, this recognition serves as an unequivocal endorsement of the strides NAB Islamic Finance has made in the sector, both within Australia and on the global stage.
Dr. Imran Lum is not merely the Head of Islamic Finance at NAB; he is the force behind the bank's pioneering and multi-award-winning Islamic business banking offerings in Australia. An author of the book 'A Comparative Study of Islamic Finance in Australia and the UK' (Routledge, 2022), Dr. Lum has contributed extensively to scholarly discourse in the field. Additionally, he hosts the podcasts Muslim Money and Arabic with Imran Lum, which have garnered more than 300,000 downloads. His multifaceted involvement in Islamic finance is a testament to the depth of expertise that he brings to NAB Islamic Finance.
NAB Islamic Finance has set itself apart through the rollout of innovative Islamic financial products, such as Ijarah Muntahia Bittamleek. These have been thoroughly vetted for Shariah compliance by the global Shariah board, Amanie Advisors, ensuring alignment with Islamic law and focusing on ethical, transparent financing.
The Asset Triple A Islamic Finance Awards are one of the industry's most distinguished honours. Facilitated by The Asset magazine, these awards recognise excellence in Islamic finance based on comprehensive qualitative and quantitative assessments. By winning this award, NAB Islamic Finance has firmly positioned itself as a pivotal player in the fast-evolving landscape of global Islamic finance.
NAB Islamic Finance facilitated an innovative loan structure for Unity Grammar School, which garnered accolades in the Best Social Sukuk category. This funding supported the construction of a new STEAM facility and marked a landmark in financial strategies for Islamic educational establishments.
Another noteworthy contribution of NAB Islamic Finance was its role in securing the Best Acquisition Financing for Khodary Bros Pty Ltd. This financing aided Khodary Bros in expanding its holding in Your Discount Chemist (YDC) Group, thereby enlarging its reach across rural New South Wales.
In reply to public questions about the Islamic authenticity of NAB's products, Dr. Imran Lum emphasised that all NAB Islamic Finance offerings undergo stringent Shariah compliance checks by Amanie Advisors, adding another layer of credibility to their services.
The Asset Triple A Islamic Finance Award stands as a monumental milestone for NAB Islamic Finance, confirming its commitment to ethical and Shariah-compliant offerings. With Dr. Imran Lum at the helm, the recognition not only validates the bank's efforts but also offers an inspiring glimpse into the future of Islamic finance in Australia and beyond. We extend our heartiest congratulations to NAB, Unity Grammar, Your Discount Chemist, and all other category winners.
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