Emirates Islamic Named ‘Most Innovative Islamic Bank in the UAE’ at Euromoney Islamic Finance Awards 2024
Emirates Islamic, a leading Islamic financial institution in the UAE, has been honoured with the ‘Most Innovative Islamic Bank in the UAE’ award at the Euromoney Islamic Finance Awards 2024. This prestigious recognition highlights the bank's pioneering role in driving innovation within the Islamic banking sector.
Emirates Islamic has introduced several groundbreaking initiatives in Islamic finance, including the first dirham sukuk issued by a UAE bank, valued at AED 1 billion, and the Fractional Sukuk, allowing investors to enter the international Sukuk market with a minimum investment of USD 25,000. Additionally, the bank's issuance of its first Sustainability Sukuk, priced at USD 750 million, marks a significant milestone in promoting a sustainable economy.
Demonstrating a commitment to digital innovation, Emirates Islamic has achieved several firsts in the industry. It became the first Islamic bank in the UAE to offer Apple Pay, Google Pay, and Samsung Wallet, and the first in the world to introduce WhatsApp Banking for its customers. Recently, the bank launched a Shariah-compliant digital wealth and equity trading platform on its EI + mobile banking app, enabling customers to manage their investments in Shariah-compliant equities across local and international markets.
Furthermore, Emirates Islamic has developed innovative home finance products, maintaining its leadership in the regional home finance market. Mohamed Al Hadi, Acting Head of Retail Banking and Wealth Management at Emirates Islamic, expressed pride in the award, saying, “We are honoured to receive this recognition at this year’s Euromoney Awards for Excellence. It acknowledges our customer-centric efforts and initiatives, and reflects the hard work and dedication of our entire team.”
The Euromoney Awards for Excellence, an annual awards program, has been recognizing outstanding banks and bankers for over 30 years. These awards serve as a benchmark for excellence within the global banking industry.
