Most Innovative Islamic Bank in the UAE Most Innovative Islamic Bank in the UAE

Emirates Islamic recognised as the ‘Most Innovative Islamic Bank in the UAE’ at Euromoney Islamic Finance Awards 2024

Dubai, 09 July 2024: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has been recognised by the prestigious Euromoney Islamic Finance Awards 2024, and was awarded ‘Most Innovative Islamic Bank in the UAE’ for its commitment to driving innovation in Islamic Banking.

Emirates Islamic has launched various innovations in the Islamic finance sector including the first dirham sukuk issued by a UAE bank, valued at AED 1 billion and Fractional Sukuk, another first by an Islamic bank in the region, allowing investors to access international Sukuk markets with a minimum investment as low as USD 25,000.

Further, in line with its vision to be the pioneering Shariah-compliant bank for customers, people, and communities, Emirates Islamic issued its first Sustainability Sukuk priced at USD 750 million, marking a milestone in the Islamic finance industry and driving the shift towards a sustainable economy.

Emirates Islamic also remains at the forefront of driving digital innovation in the Islamic banking sector, in line with its long-term commitment to bringing banking innovation to UAE customers. Following on from being the first Islamic bank in the UAE to offer all three major wallets – Apple Pay, Google Pay and Samsung Wallet – Emirates Islamic became the first Islamic bank in the world to introduce WhatsApp Banking for its customers. Continuing with its digital-first approach, Emirates Islamic recently launched a Shariah-compliant digital wealth and equity trading platform on its EI + mobile banking App, becoming the first Islamic bank in the UAE to allow customers to easily manage their investments by trading in Shariah-compliant equities in both local and international markets, while providing a complete and holistic view of the overall investment portfolio held with the bank.

Emirates Islamic has also introduced innovative and tailored home finance products which has helped the bank remain at the forefront of the home finance and housing sector market in the region.

Mohamed Al Hadi, Acting Head of Retail Banking and Wealth Management, Emirates Islamic, said: “We are honoured to receive this recognition at this year’s Euromoney Awards for Excellence, a significant acknowledgment of our customer-centric efforts and initiatives. We always seek to bring innovative Shariah-compliant financial products to our customers, as well as providing them with the very best in Islamic banking in the region. It is gratifying to receive this recognition which reflects the hard work and dedication of the entire team across the bank. As Emirates Islamic marks its 20th anniversary, we are committed to providing products and services that meet our customers' needs and further cement our position as an award-winning market leader.”

The Euromoney Awards for Excellence are an annual awards programme across the global banking industry. For more than 30 years, Euromoney has recognised the banks and bankers that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally.