SANAA, Al-Amal Microfinance Bank (AMB) ranked the second in the annual award of Global Finance magazine (Innovators 2020) in its eighth session in the category of Islamic Finance.
The award encourages financial innovation in the world by selecting the most innovative financial technology institutions in several sectors including cash management, corporate finance, Islamic finance, payments, and trade finance, the Bank assistant director Ghamdan Aoun told Saba on Thursday.
He explained that Al-Amal Bank won the Islamic finance category’s award in addition to four other Islamic banks that provide Islamic banking services an Arab and regional scale.
According to the announcement, the winner’s selection process took into account the quantitative criteria for banks such as growth assets, profitability, geographical reach, strategic relationships and new innovative products in addition to the banks’ renown and the financial institution, and customers’ satisfaction and their opinions on them.
Likewise, the role of the candidates were also selected based on in harnessing digital technology to re-provide and accelerate financial services in an innovative, applicable manner and their impact on achieving financial inclusion, especially for groups deprived of financial services.
The AMB is the first Microfinance bank in Yemen and MENA region. It was established under the Yemeni Law (23) of 2002, and is regulated and supervised by the Central Bank of Yemen in the Capital Sanaa.
Source: Yemen News Agency