Islamic Banks’ Reputation Surges Amidts Pandemic

A report by CARMA has identified the top five Islamic banks in the Asia and MENA regions in terms of overall media coverage and positive sentiment.

Bank Rakyat received the most favourable coverage among its peers in Asia, with Bank Islam Malaysia and Maybank Islamic making the top three. Overall, Islamic Banks in the region are placing more substantial efforts in digital transformation and CSR

Ranking of top Islamic banks in Asia & MENA:

1Bank RakyatKuwait Financial House
2Bank Islam MalaysiaAbu Dhabi Islamic Bank
3Maybank IslamicAl Rajhi Bank
4RHB IslamicAlinma Bank
5Ambank IslamicBank Al Jazira

A deep dive analysis into the trends revealed that media gravitated towards the digital services offered by the banks. The strong focus on digitalisation across products and services, accelerated by pandemic relief strategies and joint ventures, has helped overall boost reputation and firmly positioned Islamic banks in traditional media. However, the same topics received mixed sentiments on social media platforms due to negative comments arising from technical issues on software and apps.

The report also highlighted an increased importance in CSR within the financial sector in 2021. The Islamic banks stepped up their CSR and community efforts post-pandemic.

Quoting the study, “The most favourable article in Asia discussed Bank Rakyat’s fund allocation to the “YBR” foundation to help students and ease households’ burdens caused by the pandemic. The report suggests that this investment and belief in social responsibility will be fundamental for firms.”

The comprehensive data-led study into media exposure and perception of Islamic banks identified pertinent themes and considered how this content was consumed. Additionally, it looked at how the subject matter was perceived and how visual the banks in question were across traditional and social media.

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