Dubai, UAE, 26December2024:Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced that it has won ‘Best Islamic Bank for SMEs’ and ‘Best Bond Issue of the Year’ at the MEA Finance Awards 2024.
The bank was recognised as ‘Best Islamic Bank for SMEs’for its strong proposition for small and medium enterprises (SMEs)and its reputation as a top bank for business owners looking for Shari’ah-compliant goods and services.The bank actively servesmore than40,000 SMEs and the business banking segment has recorded unprecedented growth in 2024 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 over 45 services available on businessONLINE,and 90% of new accounts onboarded through 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, including a joint credit guarantee scheme with Emirates Development Bank supporting the financial inclusion of SMEs in the UAE.
The bank was also awarded the ‘Best Bond Issue of the Year’ for its USD 750 million senior unsecured Sukuk, issued in May earlier this year. A milestone issuance for the Islamic finance industry in the UAE and the region as it garnered substantial interest from global investors, closing with an oversubscribed orderbook of USD2.1 billion, 2.8 times the initial offering. The Sukuk facility was priced at a profit rate of 5.431% per annum, tightened to a spread of 100 basis points over five-year US Treasuries. The issuance also aligns with Emirates NBD Group’s broader sustainability goals, including its pledge as a signatory of the UAE BanksFederation to mobilise more than AED1 trillion (USD 270 billion) in sustainable finance by 2030.
Mohammad Kamran Wajid, Deputy Chief Executive Officer, Emirates Islamic, said: “Receiving recognition at the MEA Finance Awards 2024 is deeply gratifying and a testament to the strides made by Emirates Islamic in furthering Islamic banking among customers in the UAE, through product innovation and customer service excellence. As a bank that strives to work closely with customers to understand their needs and requirements, we will continue to launch innovative products and services exceeding customer expectations.”
Mohamed Al Hadi, Head of Retail Banking and Wealth Management, Emirates Islamic, said: “We are pleased to be named ‘Best Islamic Bank for SMEs’ at the MEA Finance Awards.The SME ecosystem represents one of UAE’s key economic pillars and as a leading Islamic bank in the region, we remain committed to supporting the business needs of the SME community. We continue to introduce innovative products and services toensure that Emirates Islamic remains the SME bank of choice in the region.”
Ebrahim Khalil Qayed, Head of Treasury and Markets at Emirates Islamic, said: “We are proud to be recognised for our first ever 5-Year USD 750 million Sustainability Sukuk, reaffirming our commitment to sustainable Islamic financing. The award is a testament to our dedication to advancing sustainable Islamic finance by guiding our clients in making responsible financial decisions.By bringing to market a wide range of financial products to our customers, we are helping to foster a future built on sustainable growth in accordance with Islamic values.”
The MEA Finance Industry Awards 2024 recognise financial institutions, technology solutions providers,FinTechs, service providers and individuals for their exceptional achievements, groundbreaking services and inspirational leadership in delivering innovative products and services of the highest value to their clients and customers across all walks of society.
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About Emirates Islamic:
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is a leading Islamic financial institution 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 Shari’ah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 40 branches and 226 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. Emirates Islamic was recognized as ‘Best Overall Islamic Bank’ and ‘Most Innovative Islamic Bank’ at the Islamic Finance News Awards 2024. The Bank was also named the ‘Most Innovative Islamic Bank’ at the prestigious Euromoney Islamic Finance Awards 2024.
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.