(From left) Islamic Finance News managing director and publisher Andrew Morgan, AEON Bank chief strategy officer Ajith Jayaram, chief technology officer Glen Cha, chief risk officer Kirenjeet Kaur and chief executive officer Raja Datin Paduka Teh Maimunah Raja Abdul Aziz,, together with deputy chief executive officer and chief corporate management officer Tsutomu Kamagata and chief financial officer Poorani Ramachandran, celebrating their win at the recent Islamic Finance News (IFN) Awards in Kuala Lumpur.
KUALA LUMPUR: AEON Bank, Malaysia’s first Islamic digital bank was honoured as the winner of two prestigious awards at the recent Islamic Finance News (IFN) Awards.
The bank brings home the awards for ‘Best Islamic Digital Bank (Global)’ and ‘Best Islamic Digital Offering by a Bank (Malaysia)’, as part of the IFN Best Banks Poll.
The IFN Awards are widely regarded as the gold standard in the Islamic finance industry, as the winners are determined through a rigorous voting process conducted worldwide by IFN, across various countries in the Middle East, Europe, Africa and Asia, including Malaysia.
This year, it garnered over 17,500 votes for 13 global and four domestic awards categories, including Best Banks Awards, Non-Banking Financial Institutions Awards, Law Awards, Service Providers Awards and Deals of the Year Awards.
A total of 101 winners were honoured at two awards ceremonies this month - one hosted in Dubai on Feb 17 and another in Kuala Lumpur on Feb 20.
The awards saw an interesting mix of nominees, with the Middle East leading the pack. Meanwhile, industry players across the Asean countries showcased groundbreaking milestones and top-notch achievements.
This year, the IFN Best Banks Poll was the largest ever in its 20th year history, in terms of the number of categories. Industry leaders, dignitaries and luminaries from the Islamic finance sector, attended the awards ceremony here.
In his keynote address, Securities Commission executive chairman Datuk Mohammad Faiz Azmi highlighted that Islamic finance is not just an industry, but also a financial system built on ethical values and Maqasid al-Shariah is at the heart of this system, anchored by the principles of justice, sustainability and inclusivity.
He added that people are not just looking for alternative finance, but better finance and there is a wealth of potential, considering that Malaysia’s Islamic capital market stands at US$583.11bil (RM2.6 trillion) as of November 2024, while the global Islamic finance assets are currently close to US$5 trillion and expected to rise to US$7.5 trillion by 20281, which translates to an annual growth of 8.9%2.
Faiz further engaged the audience by posing three thought-provoking questions at the end of his speech:
"Are we truly fulfilling Maqasid al-Shariah if we overlook aging populations, pension gaps, and retirement security?
"How can we leverage Islamic finance to mitigate climate risks and extreme weather?
"How fast can we accelerate the adoption of AI and technology by Islamic financial intermediaries to improve efficiency and access?"
These questions complemented the overarching inquiry of whether Islamic finance is being truly positioned to address the world’s most pressing challenges.
AEON Bank made history in May 2024 with its launch as Malaysia’s first Islamic digital bank. Currently, AEON Bank offers personal banking digital products and services, such as deposit Savings Account-i, AEON Bank Visa Debit Card-i and Savings Pots with optimisation features.
Alongside that are a range of digital payment services with strategic partners and merchants, including PayNet’s DuitNow, utility bill payments, AI-powered budgeting insights, and Neko Missions — Malaysia’s first interactive reward programme — together with the AEON Points loyalty programme, which is integrated within AEON’s retail ecosystem.
In the near future, AEON Bank will introduce more personal banking products and will soon unveil its business banking services to serve local entrepreneurs and micro, small and medium enterprises (MSMEs) in Malaysia, enabling them to grow and thrive in an increasingly competitive omnichannel business landscape.
Optimising on its cloud native agility and Shariah finance DNA, AEON Bank also prioritises customers data protection and mobile banking security via the Mobile Security Platform (MSP) shielding technology. It will continue to develop new products to meet the banking needs of the wider population, while maximising on a digital-forward user experience and online customers touchpoints.
As part of the AEON Group, which has served Malaysian communities for over 40 years, AEON Bank is committed in its effort to foster a more inclusive financial future and economic independence for all, as well as contribute towards fintech-driven Islamic banking in the region and the nation’s digital economy.
For more details about Malaysia’s first Islamic Digital Bank, visit AEON Bank’s website and download the AEON Bank app.
References
1) Islamic Finance Development Indicator (IFDI) Report 2024 by London Stock Exchange Group (LSEG) and the Islamic Corporation for the Development of Private Sector (ICD) of the Islamic Development Bank Group. Global Islamic Finance assets valued at US$4.9 trillion in 2023 and projected to grow to US$7.9 trillion in 2028.
2) Estimated based on projected figures from IFDI Report 2024 by LSEG and ICD.
