Islamic banks’ reputation surges amid Covid-19 pandemic: Carma Asia report

Bank Rakyat has received the most favourable coverage among Islamic banking institutions in Asia, with Bank Islam Malaysia and Maybank Islamic making up the rest of the top three, according to a report by Singapore-headquartered media intelligence provider Carma Asia. The report identified the top five Islamic banks in the Asia and the Middle East & North Africa (Mena) regions in terms of overall media coverage and positive sentiment. Overall, Islamic banks in the region are placing more substantial efforts in digital transformation and corporate social responsibility (CSR). An analysis of the trends revealed that media gravitated towards the digital services offered by the banks. The crucial focus on digitalization across products and services accelerated by pandemic relief strategies and joint ventures is helping 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.