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The winners of two prestigious Islamic investment awards were recognised at an impressive dinner ceremony of the 4th Annual World Islamic Funds & Capital Markets Conference (WIFCMC 2008) held at the Gulf International Convention Centre.
The WIFCMC Funds Excellence Award 2008 was awarded to Unicorn Investment Bank, recognising outstanding achievement and contribution by a financial institution in the development of the Sharia-compliant investments industry either through creating sophisticated products, or delivering exceptional growth and returns.
Majid Al Sayed Bader Al Refai, managing director and chief executive officer, Unicorn Investment Bank said: "Product excellence and innovation are an integral part of Unicorn's mission, and we are honoured to receive this award which recognises our commitment and our continuous efforts to provide the market with innovative and competitive Sharia-compliant investment products and services. Unicorn is determined to be at the forefront of the rapid development of the Islamic financial services industry and is committed to being a market leader in Sharia-compliant investment banking."
The second award recognised a market leading institution that has excelled in the pioneering role of developing new and innovative Sharia-compliant mortgage finance solutions. Eskan Bank received this award in recognition of the bank's groundbreaking and innovative activities such as the milestone launch of the first residential mortgage backed securitisation (RMBS) in August 2007 within Bahrain. This very successful product launch which was 1.74 times oversubscribed and had an issuance value of BD30 million worth of RMBS, backed by a pool of Bahraini mortgage loans originated by the bank.
This launch has made it possible for Eskan Bank to meet the needs of Bahraini citizens more effectively, by providing access to a new form of liquid funding and as well as creating a sustainable programme for Bahrain. It had the effect of reducing the waiting time for people who want an affordable way of purchasing their homes and it increased the supply of funds into the sector, ensuring that more people can benefit from Ministry of Housing support.
Tariq Al Jalahma, head of banking operations, Eskan Bank said: "I would like to thank the Central Bank of Bahrain and Ernst & Young for this prestigious award. It reflects our ongoing commitment to innovation. We aim to consistently provide Bahraini citizens with the best mortgage related products an example being the RMBS which is the first of its kind in Bahrain and the region."
