How Islamic banks boosted their reputation during the pandemic

Bank Rakyat was the most favourably-covered bank in the past year.

Islamic banks in Asia saw heightened media coverage and boosted reputations during the pandemic, a study by analytics and intelligence company CARMA ASIA found.

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

Amongst Shariah-compliant banks in Asia, Bank Rakyat received the most favourable press coverage, followed by Bank Islam Malaysia and Maybank Islamic.

The report notes how the media has placed increased importance on CSR within the financial sector in 2021, which worked favourably for Islamic banks as many stepped up their CSR and community efforts post-pandemic. 

“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 report read.