MEA Finance Awards 2024 Recognize Emirates Islamic as a Top Performer

Emirates Islamic, a trailblazer in the UAE’s banking sector, has achieved a landmark moment at the MEA Finance Awards 2024, earning two prestigious titles: ‘Best Islamic Bank for SMEs’ and ‘Best Bond Issue of the Year.’ These accolades underscore the bank’s ongoing commitment to innovation, sustainability, and economic empowerment in the UAE and beyond.

Let’s explore the key achievements that earned Emirates Islamic this recognition and how the bank continues to set benchmarks in Islamic finance.

Best Islamic Bank for SMEs

Small and medium enterprises (SMEs) form the backbone of the UAE’s economy, accounting for over 60% of the GDP and employing nearly 86% of the private sector workforce. Recognizing the pivotal role SMEs play, Emirates Islamic has positioned itself as a leading enabler for entrepreneurs by offering tailored, Shari’ah-compliant financial solutions.

The title of ‘Best Islamic Bank for SMEs’ reflects the bank’s unwavering focus on empowering SMEs through a range of innovative services and initiatives:

1. Tailored Financial Products

   • Emirates Islamic provides customized solutions that address the unique financial needs of SMEs, including working capital financing, trade finance, and asset acquisition loans. These offerings adhere to Islamic principles, ensuring that businesses can access ethical funding options.

2. Specialized Accounts

   • The ‘Businesswomen Account’ is tailored specifically for female entrepreneurs, offering perks such as free banking services, reduced fees, and access to expert financial advice.

   • The ‘Emarati Absher Account’ focuses on empowering Emirati-owned startups by providing exclusive privileges, such as enhanced credit options and partnerships with government programs.

3. Digital Transformation

   • Emirates Islamic has launched over 45 digital banking services, streamlining processes for SMEs. From account opening to loan applications, the bank ensures a seamless experience.

   • Over 90% of SMEs are now onboard digitally, saving time and reducing paperwork.

4. Strategic Partnerships

   • The bank has partnered with organizations such as the Emirates Development Bank to offer credit guarantee schemes, ensuring SMEs have access to essential funding while mitigating risks.

These initiatives have enabled Emirates Islamic to support over 40,000 SMEs, driving growth and sustainability across diverse sectors. By addressing the unique challenges faced by small businesses, the bank has solidified its reputation as a cornerstone of SME success in the UAE.

Best Bond Issue of the Year

In May 2024, Emirates Islamic issued a $750 million senior unsecured Sukuk, which earned the prestigious title of ‘Best Bond Issue of the Year’ at the MEA Finance Awards 2024. This Sukuk stands out as a landmark achievement in Islamic finance and sustainable banking.

1. Oversubscription

   • The Sukuk issuance received an overwhelming response, with subscriptions totaling $2.1 billion, nearly three times the initial offering. This level of demand highlights the confidence global investors have in Emirates Islamic’s financial stability and strategic direction.

2. Sustainability Alignment

   • The Sukuk aligns with the sustainability objectives of Emirates NBD Group, Emirates Islamic’s parent company. The group has committed to mobilizing AED 1 trillion in sustainable finance by 2030, and this Sukuk represents a significant step toward achieving that goal.

3. Market Leadership

   • Emirates Islamic’s Sukuk serves as a benchmark for future Islamic financial instruments, attracting investors worldwide and showcasing the potential of Shari’ah-compliant bonds in global markets.

The proceeds from the Sukuk will be allocated to projects that support sustainability, including renewable energy, infrastructure development, and community-focused initiatives. This underscores the bank’s commitment to environmentally and socially responsible finance.

Commitment to Innovation

Emirates Islamic’s achievements at the MEA Finance Awards 2024 are a testament to its strategic focus on innovation, customer-centricity, and sustainability. These elements align with the UAE’s vision of becoming a global hub for Islamic finance and a leader in sustainable development.

• The bank’s investment in digital transformation has revolutionized the customer experience, with features such as mobile-first banking, AI-driven financial management tools, and automated services that simplify complex processes.

• Over the past year, Emirates Islamic has introduced several cutting-edge products, including AI-powered budgeting tools and blockchain-enabled trade finance solutions.

Leading in Sustainability

1. As part of its parent group’s sustainability goals, Emirates Islamic actively contributes to the UAE’s Net Zero 2050 strategy by financing renewable energy projects and promoting eco-friendly practices.

2. The bank’s focus on green finance includes partnerships with organizations dedicated to environmental conservation and clean energy.

Emirates Islamic has also launched community initiatives aimed at improving financial literacy, particularly among underserved populations. These programs focus on teaching the fundamentals of Shari’ah-compliant finance and encouraging responsible money management practices.

Voices of Leadership

Salah Amin, CEO of Emirates Islamic, emphasized the importance of these recognitions:

“Winning these awards reaffirms our dedication to delivering exceptional value to our customers and stakeholders. Innovation, sustainability, and customer-centricity remain at the core of our success.”

Ahmed Al Qassim, Group Head of Corporate and Institutional Banking at Emirates NBD, added:

“Emirates Islamic’s achievements exemplify our commitment to supporting the UAE’s economic diversification and promoting sustainable growth.”

The MEA Finance Awards

The MEA Finance Awards are a prestigious platform that recognizes outstanding achievements in the financial sector. From innovation to impact and leadership, these awards celebrate institutions and individuals who set benchmarks for excellence.

By securing two of the most coveted titles at the MEA Finance Awards 2024, Emirates Islamic has solidified its reputation as a transformative force in Islamic banking. These accolades highlight the bank’s ability to address market demands while staying true to its core values of ethics and innovation.

Emirates Islamic’s Future Vision

The MEA Finance Awards 2024 success marks a significant milestone, but Emirates Islamic’s journey is far from over. The bank remains focused on key priorities:

1. Empowering SMEs

   • Expanding its portfolio of tailored products and ensuring greater access to finance for entrepreneurs.

   • Collaborating with government entities to create programs that support SME growth.

2. Advancing Sustainability

   • Increasing investments in green finance and sustainable projects, aligning with the UAE’s environmental goals.

   • Promoting awareness about sustainable banking practices within the community.

3. Innovating Financial Solutions

   • Leveraging emerging technologies such as blockchain, AI, and big data to offer seamless and personalized banking experiences.

4. Fostering Financial Inclusion

   • Introducing initiatives to bring unbanked and underbanked communities into the formal financial system through Shari’ah-compliant solutions.

5. Expanding Regional and Global Influence

   • Emirates Islamic aims to strengthen its position as a leading Islamic financial institution in the GCC while exploring opportunities to expand its presence in global markets.

FAQs: What You Need to Know

What is Emirates Islamic’s approach to supporting SMEs?

Emirates Islamic offers tailored Shari’ah-compliant financial products, specialized accounts, and digitized services to streamline banking processes for SMEs. The bank has also partnered with Emirates Development Bank to provide credit guarantees.

Why is the Sukuk issuance by Emirates Islamic significant?

The USD 750 million Sukuk was oversubscribed at USD 2.1 billion, demonstrating strong investor confidence. Its alignment with Emirates NBD Group’s sustainability goals and proceeds directed toward green initiatives further amplify its impact.

How does Emirates Islamic promote sustainability?

The bank prioritizes funding for renewable energy, eco-friendly projects, and community development. It also contributes to the UAE’s Net Zero 2050 strategy and has committed to mobilizing AED 1 trillion in sustainable finance by 2030.

What initiatives has Emirates Islamic launched for female entrepreneurs?

The ‘Businesswomen Account’ provides tailored solutions for female entrepreneurs, including free banking services and expert financial advice.

What are the MEA Finance Awards?

The MEA Finance Awards celebrate excellence in the financial industry, recognizing institutions and individuals who demonstrate innovation, impact, and leadership.