Emirates Islamic, a prominent player in the UAE’s Islamic finance sector, has garnered top honors at the Islamic Finance News Awards 2024. Recognized as the “Best Overall Islamic Bank” and the “Most Innovative Islamic Bank,” the institution’s achievements underscore its commitment to market-leading offerings and cutting-edge banking solutions.
The Islamic Finance News Awards celebrate excellence in the global Islamic financial industry, acknowledging institutions that set benchmarks for others to follow. Emirates Islamic’s recognition as the “Best Overall Islamic Bank” is a testament to its exceptional performance across various banking segments and its significant role in promoting Islamic banking solutions throughout the UAE. As the bank marks its 20th anniversary, it reflects on two decades of growth, focusing on Emiratisation, diversity and inclusion, and sustainability.
Emirates Islamic has consistently been at the forefront of innovation in Islamic banking. Its flagship product, the Kunooz Savings Account, encourages customers to save by offering enticing incentives. The bank’s diverse credit card portfolio, including Etihad Guest Credit Cards and Skywards Credit Cards, positions it as a leader in the UAE’s credit card market.
In a landmark move earlier this year, Emirates Islamic successfully concluded its debut USD 500 million syndicated financing facility. This three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution, highlighting the bank’s innovative approach to financing.
Moreover, Emirates Islamic’s commitment to sustainability was underscored by a groundbreaking ESG agreement with BEEAH Group, a leader in sustainability in the Middle East. This ESG-linked financing facility aligns with the bank’s long-term vision of providing sustainable and Shariah-compliant financing solutions.
The “Most Innovative Islamic Bank” award highlights Emirates Islamic’s dedication to digital innovation and customer-centric banking solutions. The bank’s digital-first approach is evident in its introduction of WhatsApp Banking, making it the first Islamic bank globally to offer this service. Emirates Islamic also leads in digital wallet offerings, being the first Islamic bank in the UAE to support Apple Pay, Google Pay, and Samsung Wallet.
Continuing its digital innovation streak, the bank recently launched a Shariah-compliant digital wealth and equity trading platform via its EI+ mobile banking app. This makes Emirates Islamic the first Islamic bank in the UAE to offer such a feature, providing customers with modern and convenient investment options.
Fuad Mohamed, Chief Operating Officer at Emirates Islamic, commented on the accolades: “These awards are a testament to our continuous innovation and commitment to our customers. As we celebrate 20 years of progress, we remain focused on delivering products and services that meet the evolving needs of our customers and contribute to Dubai’s vision of becoming the global capital of the Islamic economy.”
Emirates Islamic’s dual recognition as the “Best Overall Islamic Bank” and “Most Innovative Islamic Bank” at the Islamic Finance News Awards 2024 reflects its unwavering dedication to excellence, innovation, and sustainability. The bank’s forward-thinking strategies and customer-centric approach ensure it remains a leader in the Islamic banking sector, setting new standards for others to follow.
In an industry where tradition meets modernity, Emirates Islamic continues to push the boundaries, offering innovative, Sharia-compliant solutions that cater to the diverse needs of its customers. As it looks to the future, the bank is poised to play a pivotal role in shaping the landscape of Islamic finance, both in the UAE and globally.
Emirates Islamic’s journey over the past two decades is a story of growth, innovation, and commitment to excellence. As it celebrates these prestigious awards, the bank reaffirms its mission to provide top-tier Islamic banking solutions, driving the industry forward and contributing to the broader vision of economic growth and sustainability in the UAE.
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