Emirates Islamic wins four prestigious awards at the World Finance Islamic Finance Awards 2024 - Middle East Business News and Information
Emirates Islamic was named 'Best Islamic Bank in UAE 2024' for the bank's stellar performance across banking segments and for driving growth in the uptake of Islamic banking solutions across the UAE. The bank has consistently delivered Shariah-compliant banking solutions that cater to the needs of individuals and businesses, with a focus on customer service, product innovation and digital advancement, reinforcing its role as a leader in the sector.
Further, the bank was awarded 'Best SME Bank in the UAE 2024' for its commitment to support small and medium enterprises (SMEs) in the region. With its innovative SME banking products, digital platforms and expert team, the bank actively serves more than 40,000 SMEs, with one in 15 UAE SMEs banking with Emirates Islamic, highlighting the strength of the bank's value proposition. Emirates Islamic has introduced several initiatives to support and further the growth of the UAE SME sector. The bank has introduced specialised bank accounts, including the 'Businesswomen Account', a specially curated account package designed for women entrepreneurs in the UAE and the 'Emarati Absher Account', designed exclusively to provide a comprehensive suite of premium banking solutions for Emarati start-ups in the UAE. Further, Emirates Islamic continues to invest in digitisation to bring in operational efficiencies, with more than 45 services available on businessONLINE, and 90% of new accounts onboarded through the Assisted Digital journey. The bank also embarked onto the journey of Advanced Analytics to hyper-personalise the product needs of the SMEs and engaged in strategic collaborations to support SMEs in the region.
Recognising the bank's integration of Environmental, Social, and Governance (ESG) principles within Islamic banking and promotion of ethical and sustainable financial practices that align with Shariah principles and modern ESG standards, Emirates Islamic was awarded 'Best Islamic Bank for ESG 2024'. Reaffirming its commitment to sustainable Islamic financing, the bank issued its first ever five-year USD 750 million Sustainability Sukuk in May 2024. A milestone issuance for the Islamic finance industry in the UAE and the region, it garnered substantial interest from global investors, reinforcing the bank's dedication in addressing climate change by offering customers sustainable Islamic solutions.
Lastly, the bank was lauded for its user-friendly and secure mobile banking platform and awarded the 'Best Innovation in Mobile Banking 2024'. Over the years, the bank's innovative approach has enhanced customer experience and set a new benchmark for mobile banking in the UAE.
Farid AlMulla, Chief Executive Officer of Emirates Islamic, said: 'As a home-grown Islamic bank, we are honoured to be awarded these prestigious international accolades. A key component of our success has been providing a comprehensive Islamic banking proposition to all our customers, backed by seamless, customer-centric banking experiences that are both rewarding and memorable. We look forward to continuing our endeavor to provide customers with the best in Islamic banking in the region through innovative Shariah-compliant financial products and services.'
Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, said: 'We are proud and sincerely humbled to win major recognition at the World Finance Islamic Finance Awards 2024. Emirates Islamic has contributed significantly to raising the profile of Islamic banking in the UAE and a key component of our success over the last few years has been our pursuit of innovation. Over the years, we have played a key role in setting new benchmarks for the Islamic banking sector in the UAE, whether through the introduction of new products and services, digital initiatives or sustainability offerings.'
The World Finance Islamic Finance Awards bring together key players in the Islamic finance industry and recognises the most successful operators from around the globe.
The awards are held annually by World Finance, a leading financial magazine published by World News Media in the United Kingdom. The judging panel comprises senior financial and business journalists, supported by a research team as well as reader insight and experience to provide nominations to the judging panel.
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