Al Baraka Islamic Bank has been named the best Islamic bank in Bahrain for last year by The Islamic Finance News.

Based in Kuala Lumpur, Malaysia, The Islamic Finance News is an international institution specialised in providing news for the Islamic financial sector.

The bank has won the award for the second time in a row.

The award follows an annual comprehensive referendum conducted by the Foundation of Islamic Finance News.

Islamic financial companies, investors and companies from outside the banking sector and government institutions from around the world participated in the referendum.

The awards are considered the most transparent and competitive international awards and are subject to strict standards.

Companies and banks are not allowed to vote for themselves and are subject to the judgement of others.

Last year, the organisers received 264 nominations, over 100 more than 2012.

"We are honoured to get the award, supported by the nominations of institutions working in the Islamic finance industry around the world," Al Baraka Islamic Bank board member and chief executive Mohammed Isa Al Mutaweh said.

"Our winning of this award coincides with the 30th anniversary of the founding of the bank.

"During the past years, the bank has achieved many excellent initiatives both in terms of expanding its market share in local banking industry or at the level of arrangement of several financing deals locally and regionally, as well as improving the quality and quantity of its Islamic services and products for all segments of society," he added.

Al Baraka Islamic Bank will receive the key award at a ceremony to be held in Dubai on February 24.-TradeArabia News Service