Latest news with #ShariaFinance
Zawya
01-07-2025
- Business
- Zawya
New Milestone for Al Baraka Bank Egypt: Four prestigious awards from EMEA Finance Cement its leadership in Islamic Finance
Cairo – In a new achievement that reinforces Al Baraka Bank Egypt's leadership in offering innovative Sharia-compliant financial solutions and reflects the growth of the syndicated finance and investment sector, the bank has received four prestigious awards from EMEA Finance magazine. The awards were received by Mr. Moustafa Alaroussi, Deputy CEO for Investment and Corporate Banking, during the EMEA Finance Awards ceremony held in London. The diversity of awards highlights the bank's excellence in structured and syndicated finance and Asset Based Securitisation, as well as its contributions to strategic sectors. The bank was named winner of the 'Best Structured Finance Deal in Africa' for its role as Mandated Lead Arranger with a contribution of EGP 750 million in the EGP 10.3 billion financing of Badya, a flagship urban development by Palm Urban Developments. It also received the 'Best Syndicated Loan in North Africa' award for its EGP 700 million contribution to the syndicated financing deal worth EGP 9 billion for Madinet Masr, where the bank served as Mandated Lead Arranger as well. As part of its commitment to maximizing the social impact of its financing portfolio, the bank was recognized with the award for 'Best Social Securitisation Deal in EMEA', for its role as a Senior Underwriter in three successive issuances for Bedaya Mortgage Finance's EGP 3 billion Securitisation Programme. Additionally, the bank won the 'Best Maritime Deal in Africa' for its participation as Lead Arranger with a contribution of EGP 500 million in the financing of South Red Sea Shipyard's Tugboat Manufacturing Project for the Suez Canal Authority. Commenting on this recognition, Mr. Moustafa Alaroussi, Deputy CEO for Investment and Corporate Banking, stated: 'This recognition reflects the continued international appreciation for Al Baraka Bank Egypt's pivotal role in supporting and financing major development-driven projects through specialized, Sharia-compliant banking solutions that address market needs. We truly value the efforts of our syndicated finance, structured finance, and investment teams for this achievement, which is a testament to their high level of professionalism and ability to execute complex transactions with efficiency and agility. We remain committed to driving economic development through ethical and innovative banking solutions that align with our vision of building a more sustainable future.' It is worth noting that Al Baraka Bank Egypt previously received two awards in 2023 and three awards in 2024 from EMEA Finance, reaffirming the bank's consistent performance and solid position as a leader in the Islamic finance landscape. About Al Baraka Bank Egypt: Al Baraka Bank Egypt is a subsidiary of Al Baraka Group, a leading Bahrain-based Islamic banking conglomerate. With a robust global presence spanning 13 countries across 3 continents, the group offers comprehensive financial services through its network of over 600 branches. Al Baraka Bank Egypt has been operating in Egypt for over 40 years, establishing a strong position with 37 branches strategically located in Cairo, Alexandria, the Delta region, and Upper Egypt. The bank is committed to expanding its reach, aiming to increase its branch network to cover most Egyptian governorates by the end of 2025. Al Baraka Bank Egypt adheres to Sharia principles in delivering a wide range of banking products and services tailored to individuals, businesses, treasury, and investment needs. All bank operations and transactions are meticulously reviewed by an independent Sharia Supervisory Board. The bank provides direct financing solutions to creditworthy individuals, corporations, and institutions, while also actively participating in syndicated financing for large-scale projects with significant economic viability and employment creation potential. Al Baraka Bank Egypt has won over 15 international awards in 2024, including the " Best Sharia Investment Banking Services Egypt 2024" from Global Business and Finance magazine, the " Best Islamic Bank in Egypt 2024" from the Union of Arab Bankers, and the "Best Banking Experience in Egypt 2024" and "Best Bank for Corporate Social Responsibility in the Middle East 2024" from International Business Magazine. The bank also won the 'Best Local Currency Finance' and 'Best Restructuring in Africa award' from EMEA Finance Magazine. Moreover, the bank has won 'The Fastest Growing Digital Transformation Bank in Egypt' and 'The Fastest Growing Islamic Bank' awards from International Finance awards in 2024. In addition, the bank received several prestigious international awards in 2024, 2023, and 2022, and was listed in Forbes' Top 50 Companies in Egypt for 2022, 2023, and 2024 consecutively.
Arabian Business
30-06-2025
- Business
- Arabian Business
UAE savings: National Bonds app relaunch drives 67% rise in savers
National Bonds, the UAE's leading Sharia-compliant savings and investment company, has seen a sharp rise in digital engagement just three months after relaunching its mobile application. The relaunch has become a key driver in reshaping how UAE residents save and invest, supporting the country's broader digital transformation agenda. The newly enhanced app offers users a seamless, intelligent platform to track their portfolios, manage fixed-term plans, view profit projections, and connect with relationship managers—all within a more intuitive interface. UAE National Bonds The company reported the following increases compared to the previous three-month period: 67 per cent rise in regular savers 149 per cent surge in fixed-term savings plans 31 per cent increase in new customer onboarding 40 per cent growth in overall sales 31 per cent uptick in transaction volume These figures highlight rising demand for user-friendly, smart financial tools that help individuals build sustainable saving habits. Rehab Lootah, Deputy Group CEO of National Bonds, said: 'This growth in digital adoption is more than just a trend, it's a powerful validation of our customer first strategy. We've always placed the customer at the heart of every innovation, and the enhanced app is a direct reflection of that ethos. 'By blending simplicity, intelligence, and accessibility, we're helping individuals take greater control of their financial futures. 'As we continue to invest in AI-enabled, user-focused solutions, we remain committed to delivering intuitive, secure, and inclusive financial tools, fully aligned with the UAE's broader digital transformation and responsible AI vision.'
Arabian Business
27-05-2025
- Business
- Arabian Business
Binghatti, ADIB sign massive deal for Sharia-compliant home financing in Dubai
Dubai developer Binghatti Holding Ltd has signed a Memorandum of Understanding with Abu Dhabi Islamic Bank (ADIB) to provide customers with Sharia-compliant home financing solutions for off-plan property purchases. The agreement will enable homeowners to secure financing once construction reaches 35 per cent completion across Binghatti's development projects. 'This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market. We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing,' Engr. Katranalda BinGhatti, Chief Executive Officer, Binghatti said. ADIB and Binghatti partnership Binghatti currently has 18,600 units under development across 23 projects in residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. The developer launched its 1,600-unit project, Binghatti Aquarise, in early May at an event at the Coca-Cola Arena with nearly 12,000 people in attendance. Binghatti operates an in-house business model comprising design, build and materials sourcing. 'ADIB continues to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners. This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion,' Mohamed Abdelbary, Group Chief Executive Officer at ADIB added. In 2024, the company recorded sales of AED 11.6 billion, representing a 161 per cent year-on-year increase, driven by 16 project launches and the delivery of 3,700 units.
Zawya
27-05-2025
- Business
- Zawya
Dubai Islamic Bank loans $150mln to Turkcell to build Turkey's key digital infrastructure
Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has signed a $150 million Sharia-compliant financing agreement with the Istanbul-headquartered telco Turkcell to drive critical infrastructure development in Turkey. The five-year Murabaha facility will support Turkcell's investments in data centers, cloud technologies, and renewable energy, the Dubai-listed lender said. Turkcell CEO Ali Taha Koç said the transaction will accelerate the company's infrastructure investments and support long-term growth, opening doors to new Gulf-based investors. (Editing by Bindu Rai,
Zawya
26-05-2025
- Business
- Zawya
Muzn Islamic Banking strengthens support for Oman's housing vision through developer partnerships
Muscat: NBO Muzn Islamic Banking has announced the signing of two Memoranda of Understanding (MOUs) with Sohar Real Estate Development LLC to support the Hai Majd Project and Zain Property Development LLC to support Husn Al Zain Project. The agreements enable Muzn Islamic Banking to provide Shari'a-compliant home financing solutions to eligible customers purchasing properties developed under the Sorouh Initiative for Integrated Residential Neighbourhoods. Formalised by officials from the Ministry of Housing and Urban Planning, the National Bank of Oman (NBO), and the respective developers; the agreements were signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Mahmood Al Mandhari, CEO of Sohar Real Estate Development LLC, and Mish'al Al Raisi, Managing Director of Zain Property Development LLC. Commenting on the agreements, Salima Obaid Issa Al-Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, stated, 'These partnerships mark a significant milestone in our efforts to deliver accessible, Shari'a-compliant housing solutions. Muzn Islamic Banking is committed to empower individuals and families across Oman with ethical financing options that align with their values. Through our collaboration with trusted developers and MOHUP, we are proud to support the government's vision of sustainable urban communities.' The Sorouh Initiative, spearheaded by the Ministry of Housing and Urban Planning, aims to provide integrated residential communities across Oman through partnerships with the private sector. Muzn Islamic Banking's role in this initiative underscores its ongoing support for national development priorities and its focus on delivering innovative Islamic financial products and services. For more information on Muzn Islamic Banking home financing solutions, customers can contact Muzn Islamic Banking customer service at 24770001 or visit
