Kuala Lumpur, 5th October 2021: 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:

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, “Proactive assistance of communities through flood disasters and COVID-19 pushed favourable CSR initiatives, financing, and SME funding, resulting in an overall positive media positioning. 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.

“Islamic banks have gained a lot of media and public attention during this pandemic. From the report findings, it is clear that CSR and digitalisation are two huge topics that have impacted the banks’ reputation.” CARMA ASIA’s Managing Director, Andrew Nicholls, commented.

“An in-depth media analysis provides invaluable insights. By understanding nuances across media platforms and how the media has positioned their organisations, banks can have a strategic advantage over their competitors.” 

The Islamic Banking Report used CARMA’s media measurement and analysis methodology, including the CARMA FAVORABILITY Rating System, which is based on a set of predetermined criteria that are intended to reduce subjectivity. It evaluates the headline, length, and placement of the narrative, accompanying pictures, number and quality of sources, positive and negative messages, and overall tone of the piece when determining its favourability.

Download the report here.

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