International Shariah-compliant institutions were honoured at the 2011 Mediterranean Awards for Global Excellence in Islamic finance held in Malta last week.

The awards, part of the programme of the two-day Mediterranean Islamic Finance Conference, aim to encourage organisations which offer genuine Islamic finance, particularly those which make a significant contribution in the region.

The gala event at the Verdala Palace was held under the patronage of President George Abela.

Al Baraka Banking Group won awards for Best Shariah Compliant Private and Venture Capital and for Major Contribution to Islamic Finance.

Funds@work was recognised for its commitment to principle innovation and quality in Islamic banking; Dal Al Sharia Legal and Financial Consultancy LLC for Leading Islamic Advisory; Tamweel for its commitment to principal innovation and quality in Islamic mortgage finance; Qatar Islamic Bank for Most Developed Zakat Programme, Deutsche Gulf Finance for Best Islamic Finance Website; HSBC Amanah for Best Contribution to Islamic Finance by Conventional Institution; and Sharakah from Special SME Finance.

Reuben Buttigieg, president of the Malta Institute of Management, which organises the conference and the awards, said that in the current circumstances Islamic finance professionals should practise what they preach. Islamic finance institutions should be at the forefront to assist North Africa to build its future.

He especially thanked Al Baraka Banking Group for its continuous support in the region and suggested it consider Malta in its efforts to disseminate Islamic finance further in the region.

Al Baraka’s Tariq Kazim said that North Africa was certainly important for his organisation, as were other Mediterranean jurisdictions like France. He thanked the MIM for taking a central role in the promotion of Islamic finance in the Mediterranean.