Deutsche Bank was named the “Biggest and the Most Active Custodian Bank” at the recent Islamic Finance Award and Cup 2009 by Karim Business Consulting, Indonesia’s largest independent Shari’a consulting firm. The accolade is a strong affirmation of Deutsche Bank's position as the leading player in custody and fund services in Indonesia and its ongoing contribution to the development of Islamic products and services.
This is the third consecutive year that Deutsche Bank has won the award, which replaces the earlier “Most Innovative Custodian Bank” award category that the Bank won in 2007. Held annually since 2004, the Islamic Finance Award and Cup is a platform for key industry players to meet and exchange ideas, which will be used to develop new Islamic finance products and promote Islamic finance industry locally, regionally and globally.
According to recent market estimates, the total asset value of Indonesia's syariah-compliant capital market products is worth approximately US$350 million. Deutsche Bank’s share of market is estimated to be over 40%, with assets under management of US$150 million as of July 2009.
Deutsche Bank is the first custodian bank in Indonesia to offer Shari'a fund administration services that are certified by the National Shari’a Board.
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