Government

Emirates Islamic, a leading Islamic financial institution in the UAE, has clinched two prestigious awards at the MEA Finance Awards 2024, namely ‘Best Islamic Bank for SMEs’ and ‘Best Bond Issue of the Year’.

The accolade for ‘Best Islamic Bank for SMEs’ underscores Emirates Islamic's comprehensive suite of Shari’ah-compliant offerings tailored to small and medium enterprises (SMEs). With a portfolio serving over 40,000 SMEs, the bank achieved remarkable growth in 2024, with one in every 15 UAE SMEs choosing its services. Key initiatives supporting this milestone include specialized accounts like the ‘Businesswomen Account’ for women entrepreneurs and the ‘Emarati Absher Account’ catering to Emirati start-ups. Furthermore, the bank has prioritized digitization, with 90% of new accounts onboarded through digital channels and over 45 services accessible via its businessONLINE platform.

Emirates Islamic has also adopted advanced analytics to hyper-personalize product offerings for SMEs and established strategic collaborations, such as a joint credit guarantee scheme with Emirates Development Bank, to enhance financial inclusion.

The ‘Best Bond Issue of the Year’ award celebrates the bank’s USD 750 million senior unsecured Sukuk issued in May 2024. This landmark issuance, which attracted global interest with an oversubscribed order book of USD 2.1 billion, was priced at a profit rate of 5.431% per annum. The Sukuk aligns with Emirates NBD Group’s sustainability agenda, contributing to its goal of mobilizing over AED 1 trillion in sustainable finance by 2030.

Speaking on the accolades, Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, said: “This recognition affirms our commitment to pioneering Islamic banking through innovative products and customer-centric services.”

Mohamed Al Hadi, Head of Retail Banking and Wealth Management, emphasized the bank’s dedication to supporting SMEs, stating, “The SME ecosystem is a cornerstone of the UAE economy, and we remain focused on meeting the unique needs of this segment.”

Ebrahim Khalil Qayed, Head of Treasury and Markets, highlighted the bank’s sustainability efforts, remarking, “Our first 5-Year Sustainability Sukuk reflects our resolve to advance Islamic financing while promoting sustainable growth in line with Islamic values.”

The MEA Finance Awards spotlight excellence within the financial industry, recognizing institutions and leaders for their innovative contributions and impact across the region.

• Tags
• #Business
• #Magazine
• #Lifestyle