Noorazman first recipient of Asian Banker award for Islamic finance

Kuala Lumpur (13th. March 2006) - Bank Islam Malaysia Bhd managing director Datuk Noorazman Abdul Aziz has been named winner of the first Asian Banker Achievement Award 2005 for Islamic Finance.

In a statement on March 13, Bank Islam said the award, whose votes are cast by peers within the banking industry across Asia, was given in recognition of outstanding achievement in the financial services industry.

The award ceremony will be held during The Asian Banker Summit in Bangkok on March 15.

It said Noorazman was credited for taking a ‘bite-the-bullet’ approach with Bank Islam’s non-performing loans and instilling strong risk management practices, which allowed the bank to start with a clean slate and pursue new capital raising opportunities.

"It is a great privilege to receive this award. Bank Islam is encouraged by this recognition made by our peers in the financial industry,” said Noorazman.

“With Bank Islam on the road to recovery, we are touched that some of the world’s best financial service executives sit up and pay attention to us.”

Bank Islam said since his appointment as the bank's MD/CEO last April, Noorazman had put in place key reforms, and also pushed through a painful, but much needed strong bad debt provision.

In its year ending June 2005, the bank announced a loss of RM480 million on the back of provisions of RM775 million.

Noorazman's other critical measures include implementing a robust risk management architecture, reorienting its corporate banking business strategy, forming strategic partnerships, developing fresh financial products and restructuring capital.

Source: The Edge Daily

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