News DeskDubai, UAE – Emirates Islamic, a leading Islamic financial institution in the UAE, has been awarded the title of ‘Most Innovative Islamic Bank in the UAE’ at the prestigious Euromoney Islamic Finance Awards 2024. This recognition highlights the bank’s unwavering commitment to innovation within the Islamic banking sector.
Emirates Islamic has introduced several groundbreaking initiatives, including the issuance of the first dirham sukuk by a UAE bank, valued at AED 1 billion. Additionally, the bank launched Fractional Sukuk, a pioneering product in the region, enabling investors to access international Sukuk markets with a minimum investment of just USD 25,000.
In alignment with its vision to be a leading Shariah-compliant bank, Emirates Islamic issued its first Sustainability Sukuk, priced at USD 750 million. This initiative marks a significant milestone in the Islamic finance industry, promoting the transition towards a sustainable economy.
The bank continues to lead digital innovation in the Islamic banking sector, being the first in the UAE to offer all three major wallets – Apple Pay, Google Pay, and Samsung Wallet. Furthermore, Emirates Islamic made history by becoming the first Islamic bank globally to introduce WhatsApp Banking. Recently, it launched a Shariah-compliant digital wealth and equity trading platform on its EI + mobile banking app, allowing customers to manage their investments in Shariah-compliant equities both locally and internationally. This platform provides a comprehensive view of the customers’ overall investment portfolio held with the bank.
Emirates Islamic has also developed innovative and tailored home finance products, maintaining its leadership in the home finance and housing sector market in the region.
Mohamed Al Hadi, Acting Head of Retail Banking and Wealth Management at Emirates Islamic, expressed gratitude for the recognition, stating: “We are honoured to receive this recognition at this year’s Euromoney Awards for Excellence. It is 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 a renowned annual awards programme in the global banking industry. For over 30 years, Euromoney has recognized banks and bankers who demonstrate differentiation and pioneering efforts, setting a benchmark for excellence in the industry globally.
