Emirates Islamic named ‘Best Overall Islamic Bank’ and ‘Most Innovative Islamic Bank’ at Islamic Finance News Awards 2024

Dubai, 28 May 2024: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has been honoured with two prestigious awards at the Islamic Finance News Awards 2024, acknowledging the bank's market-leading offerings and innovative banking solutions.

The Islamic Finance News Awards honour the best in the global Islamic financial industry and are among the most prestigious awards recognised by Islamic banks worldwide.

Emirates Islamic was awarded the title of ‘Best Overall Islamic Bank’ for the bank's outstanding performance across banking segments and for driving growth in the uptake of Islamic banking solutions throughout the UAE. Celebrating its 20-year anniversary, the bank has made significant strides over the past two decades, across areas such as Emiratisation, diversity and inclusion, and sustainability, among others. The bank has also been a pioneer in offering innovative products and services, such as the flagship Kunooz Savings Account, which incentivises customers for their prudent savings practices. Emirates Islamic is also a significant player in the UAE credit card market, with a diverse range of products including its Etihad Guest Credit Cards and Skywards Credit Cards.

Earlier this year, the bank announced the successful conclusion of its debut USD 500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution. Further, Emirates Islamic signed a landmark ESG agreement with the Middle East’s sustainability pioneer, BEEAH Group, for an ESG linked financing facility. This demonstrates its long-term commitment to sustainability and reflects its commitment to continue offering customers alternative financing through innovative and carefully crafted Shariah-compliant financing solutions.

The bank was also awarded the title of ‘Most Innovative Islamic Bank’ in acknowledgment of its dedication to providing digital, customer-centric banking solutions across various segments. As a digital forerunner in the Islamic banking sector, Emirates Islamic continues 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. In line 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 offer this feature to customers.

Commenting on the recognition, Fuad Mohamed, Chief Operating Officer at Emirates Islamic, said: “Emirates Islamic has consistently led innovation in the Islamic financial services sector, and these awards are a testament to the success of our customer-centric digital transformation efforts. As we celebrate a significant milestone this year, marking 20 years of progress, we remain dedicated to providing products and services that meet our customers' needs and contribute to Dubai's vision of becoming the global capital of the Islamic Economy.”