International finance magazine Global Finance has ranked Al Hilal Bank the ‘Safest Islamic Bank in the UAE’ and the second in the entire GCC in its first-ever list of the Safest Islamic Banks in the GCC after conducting a rigorous evaluation process to assess the stability of the region’s banks. A total of 25 Islamic banks currently operate in the Gulf, representing about a third of all active commercial banks in the region. The magazine assessed banks in the region offering only Islamic products and which have been rated by at least two reputable international agencies. Al Hilal Bank scored high for its credit standing, which was rated A1 by Moody’s and A+ by Fitch, in late 2013. Overall, UAE banks accounted for four of the Global Finance list’s top 9 entries to reflect the robustness and strong confidence enjoyed by the country’s financial institutions. Saudi Arabia and Qatar had two entries each and Kuwait had one in the regional list, which was topped by the KSA’s Al Rajhi Bank. The Safest Islamic Banks in the GCC in descending order are: 1-Al Rajhi Bank (KSA); 2-Al Hilal Bank (UAE); 3-Kuwait Finance House (Kuwait); 4-Abu Dhabi Islamic Bank (UAE); 5-Qatar Islamic Bank (Qatar); 6-Qatar International Islamic Bank; 7-Dubai Islamic Bank (UAE); 8-Bank Aljazira (KSA); and 9-Sharjah Islamic Bank (UAE).
