Majid Al Sayed Bader Al-Refai, the founder, managing director and chief executive officer of Unicorn Investment Bank, has been recognised for his “Outstanding Contribution to the Industry” as part of the 2007 Islamic Business and Finance Awards.

The awards are based on peer recommendations and are designed to recognise and reward excellence throughout the global Islamic finance community, a statement said.

Al-Refai is considered to be one of the pioneers of Islamic finance and has been an active proponent of the industry for over 20 years. He has a wealth of experience in Islamic product development and has established several Islamic finance institutions throughout his career, including Commerce MGI Sdn Bhd in Malaysia and First Islamic Investment Bank (now renamed Arcapita) in Bahrain. In 2004, he established Unicorn Investment Bank, headquartered in Bahrain, with the backing of prominent investors from across the Gulf region.

Al-Refai has previously been recognized for his “Life and Continuing Contribution to Islamic Finance”.

Commenting on the award, Nigel Rodrigues, chief operating officer and director of Business Development at CPI Financial, the organisers of the Islamic Business and Finance Awards, said: “Mr Al-Refai is well-known throughout the Islamic finance industry as a pioneer, a leader and an innovator. He has dedicated his career to promoting Islamic finance, which is clearly his passion and a deeply held belief - and not simply another way of doing business. It is a most deserved award.” – TradeArabia News Service