Emirates Islamic, a premier Islamic financial institution in the UAE, has secured ‘Best Islamic Bank for SMEs’ and ‘Best Bond Issue of the Year’ at the MEA Finance Awards 2024.
The bank was honored with ‘Best Islamic Bank for SMEs’ for offering top-notch Shari’ah-compliant services to small and medium enterprises. Emirates Islamic has also introduced specialized bank accounts, such as the ‘Businesswomen Account’ and ‘Emarati Absher Account.
With over 45 services available on businessONLINE, and 90 percent of new accounts onboarded through Assisted Digital journey, the bank remains committed to investing in digitization to bring operational efficiencies
The bank also embarked onto the journey of Advanced Analytics to hyper-personalize the product needs of the SMEs and forged 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.
Mohammad Kamran Wajid Deputy CEO – Emirates Islamic
“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.”
Emirates Islamic secured the ‘Best Bond Issue of the Year’ for its $750 million senior unsecured Sukuk, issued in May 2024. 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 $2.1 billion, 2.8 times the initial offering.
The Sukuk facility was priced at a profit rate of 5.431 percent per annum, tightened to a spread of 100 basis points over five-year US Treasuries. The issuance also falls in line with Emirates NBD Group’s sustainability goals, including its pledge as a signatory of the UAE Banks Federation to mobilize over AED 1 trillion ($270 billion) in sustainable finance by 2030.
Mohamed Al Hadi, Head of Retail Banking and Wealth Management, Emirates Islamic, stated that, “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 to ensure that Emirates Islamic remains the SME bank of choice in the region.”
Ebrahim Khalil Qayed, Head of Treasury and Markets at Emirates Islamic, added that, “We are proud to be recognized 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.”
