The full exclusive survey will be published in the November 2017 issue as part of the publication’s 26th annual ranking of the World’s Safest Banks.
Global Finance has named the top 10 safest banks in the Middle East and the top 10 safest Islamic financial institutions in the Gulf Cooperation Council (GCC) region in an exclusive survey to be published in the magazine’s November 2017 issue as part of the publication’s 26th annual ranking of the World’s Safest Banks.
Andrew Cunnigham, founder and director of UK based Darien Analytics and consultant to the International Finance Corporation (IFC) has been preparing the ranking for the magazine since 2011. He shares insights from the survey in this video.
For more information on the the world’s 50 safest banks, safest banks by country, safest banks by region (Africa, Asia, Australasia, Central & Eastern Europe, Latin America, Middle East, North America and Western Europe) click here. Here is the list for the top 10 winners for the safest banks in the Middle East and the safest Islamic Institutions in the GCC region.
Safest banks in the Middle East in 2017
At a time when the Middle East region continues to struggle with political uncertainty, sluggish economies and rising military tensions in a number of geographies, banks from the UAE dominated the list for the top 10 safest banks in the Middle East this year taking the top spot as well as five positions overall. Banks from Kuwait took three positions and banks from Qatar took two.
| RANK | BANK NAME | COUNTRY |
|---|---|---|
| 1 | First Abu Dhabi Bank | UAE |
| 2 | National Bank of Kuwait | Kuwait |
| 3 | Qatar National Bank | Qatar |
| 4 | Abu Dhabi Commercial Bank | UAE |
| 5 | Union National Bank | UAE |
| 6 | Al Hilal Bank | UAE |
| 7 | Kuwait Finance House | Kuwait |
| 8 | Qatar Islamic Bank | Qatar |
| 9 | Abu Dhabi Islamic Bank | UAE |
| 10 | Al Ahli Bank of Kuwait | Kuwait |
Safest Islamic banks in the GCC in 2017
Islamic or Shariah-compliant banking in the Gulf Cooperation Council (GCC) region has become an increasingly important factor in global finance, as scholars and economists have found ways to provide products and services that compare to Western offerings while maintaining their religious obligations. Banks from Kuwait, Qatar and the UAE took three spots each on the top 10 list.
| RANK | BANK NAME | COUNTRY |
|---|---|---|
| 1 | Al Hilal Bank | UAE |
| 2 | Kuwait Finance House | Kuwait |
| 3 | Qatar Islamic Bank | Qatar |
| 4 | Abu Dhabi Islamic Bank | Qatar |
| 5 | Barwa Bank | Qatar |
| 6 | Ahli United Bank (Kuwait) | Kuwait |
| 7 | Qatar International Islamic Bank | Qatar |
| 8 | Boubyan Bank | Kuwait |
| 9 | Al Rajhi Bank | Saudi Arabia |
| 10 | Dubai Islamic Bank | UAE |
