Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has been honoured with two prestigious awards at the Islamic Finance News Awards 2024, acknowledging the bank’s market-leading offerings and innovative banking solutions.
The Islamic Finance News Awards honour the best in the global Islamic financial industry and are among the most prestigious awards recognised by Islamic banks worldwide.
Emirates Islamic was awarded the title of ‘Best Overall Islamic Bank’ for the bank’s outstanding performance across banking segments and for driving growth in the uptake of Islamic banking solutions throughout the UAE. Celebrating its 20-year anniversary, the bank has made significant strides over the past two decades, across areas such as Emiratisation, diversity and inclusion, and sustainability, among others. The bank has also been a pioneer in offering innovative products and services, such as the flagship Kunooz Savings Account, which incentivises customers for their prudent savings practices. Emirates Islamic is also a significant player in the UAE credit card market, with a diverse range of products including its Etihad Guest Credit Cards and Skywards Credit Cards.
Earlier this year, the bank announced the successful conclusion of its debut USD 500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution. Further, Emirates Islamic signed a landmark ESG agreement with the Middle East’s sustainability pioneer, BEEAH Group, for an ESG linked financing facility. This demonstrates its long-term commitment to sustainability and reflects its commitment to continue offering customers alternative financing through innovative and carefully crafted Shariah-compliant financing solutions.
The bank was also awarded the title of ‘Most Innovative Islamic Bank’ in acknowledgment of its dedication to providing digital, customer-centric banking solutions across various segments. As a digital forerunner in the Islamic banking sector, Emirates Islamic continues its long-term commitment to bringing banking innovation to UAE customers. Following on from being the first Islamic bank in the UAE to offer all three major wallets – Apple Pay, Google Pay and Samsung Wallet – Emirates Islamic became the first Islamic bank in the world to introduce WhatsApp Banking for its customers. In line with its digital-first approach, Emirates Islamic recently launched a Shariah-compliant digital wealth and equity trading platform on its EI + mobile banking App, becoming the first Islamic bank in the UAE to offer this feature to customers.
Commenting on the recognition, Fuad Mohamed, Chief Operating Officer at Emirates Islamic, said: “Emirates Islamic has consistently led innovation in the Islamic financial services sector, and these awards are a testament to the success of our customer-centric digital transformation efforts. As we celebrate a significant milestone this year, marking 20 years of progress, we remain dedicated to providing products and services that meet our customers’ needs and contribute to Dubai’s vision of becoming the global capital of the Islamic Economy.”
About Emirates Islamic:
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.
Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 40 branches and 219 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.
Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. In 2023, Emirates Islamic was awarded the ‘Most Innovative Sukuk’ award at The Banker Islamic Banking Awards for its AED 1 billion dirham-denominated sukuk, the first such dirham sukuk issuance by a UAE bank.
The bank also won ‘Best Islamic Real Estate Deal’ at the prestigious Euromoney Islamic Finance Awards 2023 for facilitating a real estate financing deal for a leading Dubai-based conglomerate.
As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.