Al Rajhi Bank has won the 'Best Islamic Structured Product Award' for Wakala bi al-lstithmar investment account and
'Best Islamic Finance Award' for being one of the lead managers at The Asset Triple A Islamic Finance Awards 2012.

In a statement today, Al Rajhi Bank said the award honoured the best in the Islamic financial industry and has just entered the second decade of recognising Islamic finance excellence.

"Wakala bi al-lstithmar investment account, which was developed by the Malaysia team, is an innovative structure that offers an investment account under the contract of Wakala bi al-lstithmar to facilitate the investment needs of all types of customers, especially the retail segment.

"With a minimum investment of RM500, this product complies with both the Malaysian syariah standards and at the international level, the standards of Accounting and Auditing Organisation of Islamic Financial Institutions.

Al Rajhi Bank Malaysia's chief executive officer, Azrulnizam Abd Aziz, said the 'Best Islamic Structured Product Award' further verified the bank's penchant for rolling out innovative and pioneering products and solutions for Islamic finance.

"This recognition is reflective of the commitment and dedication that Al Rajhi has for its valued customers in providing innovative and fitting financial solutions which are in line with Islamic values," he said.

The bank said it has also won the 'Best Islamic Finance Award' for being one of the mandated lead arrangers for Saudi Arabian Mining Co and Alcoa's US$213.2 million Islamic procurement facility and Saudi riyal 2.6 billion Islamic procurement and wakala facilities. -- Bernama