Dubai, UAE: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it has won the ‘Best Islamic SME Bank’ and ‘Best Bond Issuer of the Year’ awards at the Middle East & Africa Finance Awards ( MEA Finance ) 2024.

The bank was awarded the ‘Best Islamic Bank for SMEs’ award for its unique offerings tailored specifically for SMEs and for being the leading financial institution for business owners seeking Shariah-compliant goods and services. The bank serves over 40,000 SMEs and its business banking sector recorded unprecedented growth in 2024, with one in 15 SMEs in the UAE dealing with Emirates Islamic, underlining the bank’s leading value proposition to customers.

Emirates Islamic has already launched several initiatives to support and promote the growth of the SME sector in the UAE, introducing specialized banking accounts, including the “Businesswomen Account”, a package of accounts designed specifically for female entrepreneurs in the country, and the Emirati “Absher” account, which is exclusively designed to provide a comprehensive range of distinguished banking solutions to Emirati start-ups in the UAE. In addition, Emirates Islamic continues to invest in digital transformation to achieve operational efficiency, with over 45 services available on the “ BusinessONLINE ” platform, and 90% of new accounts were added through the digital assistance journey. The bank has also embarked on an advanced analytics journey to further customize the product needs of SMEs, and has participated in strategic collaboration initiatives to support SMEs in the region, including a joint financing guarantee programme with Emirates Development Bank to support and enhance financial inclusion for SMEs in the country.

The bank also won the ‘Best Bond Issue of the Year’ award for its USD 750 million unsecured senior sustainable sukuk issued in May this year. The issuance was a major milestone for the Islamic finance sector in the UAE and the region, receiving significant interest from global investors and was 2.8 times oversubscribed. The strong order book of over USD 2.10 billion enabled the bank to narrow its yield to 5.431% per annum, a spread of 100 basis points over the five-year US Treasury note. The issuance is also in line with Emirates NBD Group’s broader sustainability objectives, as a signatory to the UAE Banks Federation’s pledge to mobilise over AED 1 trillion (USD 270 billion) in sustainable financing by 2030.

Commenting on the occasion, Mohammed Kamran Wajid, Deputy CEO, Emirates Islamic, said: “Being recognised at the MEA Finance Awards 2024 is a source of pride and a testament to the strides Emirates Islamic has made in promoting Islamic banking among customers in the UAE through product innovation and excellence in customer service. As a bank that works closely with our customers to understand their needs and requirements, we will continue to launch innovative products and services that exceed their expectations.”

Mohammed Al Hadi, Head of Consumer Banking and Wealth Management at Emirates Islamic, said: “We are delighted to be named ‘Best Islamic Bank for SMEs’ at the Middle East & Africa Finance Awards. The SME ecosystem is a key economic pillar in the UAE, and as a leading Islamic bank in the region, we are committed to supporting the business needs of the SME community. We will continue to deliver innovative products and services to ensure that Emirates Islamic remains the preferred bank for SMEs in the region.”

Ibrahim Khalil Qaed, Head of Treasury and Markets at Emirates Islamic, said: “We are proud to receive this recognition for our first-ever USD 750 million five-year Sustainability Sukuk, which underscores our commitment to sustainable Islamic finance. This award is also a testament to our commitment to promoting sustainable Islamic finance by guiding our customers in making responsible financial decisions. By launching a wide range of financial products for our customers, we are contributing to a future built on sustainable growth in accordance with Islamic values.”

The 2024 Middle East & Africa Finance Awards honour financial institutions, technology solution providers, fintech companies, service providers and individuals for their exceptional achievements, pioneering services and inspiring leadership in delivering innovative products and services of high value to their customers across all aspects of society.

About Emirates Islamic:

Emirates Islamic (DFM: EIB) , part of Emirates NBD Group, is one of the leading banks in the UAE. Established in 2004 as Emirates Islamic Bank, Emirates Islamic has established itself as a major player in the highly competitive financial services sector in the country .

Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across retail, business and corporate banking through a network of 40 branches and 226 ATMs/Cash Deposit Machines (CDMs) across the country. In the rapidly growing area of electronic and mobile banking, Emirates Islamic is an innovator, being the first Islamic bank to launch a mobile banking app and offer Apple Pay in the UAE, in addition to launching chat banking services for customers via WhatsApp.

Emirates Islamic has consistently received numerous local and international awards in recognition of its strong track record of performance and innovation in banking services. The bank was named ‘Best Islamic Bank Overall’ and ‘Most Innovative Islamic Bank’ at the Islamic Finance News Awards 2024. It was also named ‘Most Innovative Islamic Bank’ at the Euromoney Islamic Finance Awards 2024.

As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial assistance to those in need, with a focus on food, shelter, health, education and social contributions.

For more information, please visit: www.emiratesislamic.ae .

For more information, please contact :

Amina Al Zarouni

Public Relations Manager - Emirates Islamic

Phone: +971 4 4397430

Mobile: +971 56 6405080

Email: AminaAlZarooni@emiratesislamic.ae

Pearson

Dubai, United Arab Emirates

Phone: 971-4-4507600

Email: ei@bm.com

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