Emirates Islamic Wins Top Honors at MEA Finance Awards 2024

Emirates Islamic, a leading Islamic bank in the UAE, has achieved significant recognition at the MEA Finance Awards 2024 by winning two prestigious titles: ‘Best Islamic Bank for SMEs’ and ‘Best Bond Issue of the Year.’ These accolades underscore the bank’s unwavering commitment to innovation, sustainability, and supporting the UAE’s economic growth.

Best Islamic Bank for SMEs

The title of ‘Best Islamic Bank for SMEs’ reflects Emirates Islamic’s dedication to empowering small and medium enterprises (SMEs) through its tailored Shari’ah-compliant products and services. Recognizing the crucial role SMEs play in the UAE’s economic landscape, the bank has implemented several innovative initiatives:

Tailored Financial Products: Emirates Islamic offers customized financial solutions that cater to the unique needs of SMEs, ensuring that businesses receive Shari’ah-compliant funding options. Notable offerings include financing options for working capital, asset acquisition, and trade services.

Specialized Accounts: The introduction of the ‘Businesswomen Account’ has provided targeted support to female entrepreneurs, while the ‘Emarati Absher Account’ focuses on empowering Emirati startups.

Digital Transformation: With a strong emphasis on digital innovation, the bank has launched over 45 digital services aimed at streamlining banking processes for SMEs. These services have enabled 90% of SMEs to onboard via seamless digital journeys.

Strategic Partnerships: Collaborations such as the joint credit guarantee scheme with Emirates Development Bank have further strengthened the bank’s support for SMEs. These partnerships ensure SMEs have access to necessary credit facilities while mitigating risk.

Through these initiatives, Emirates Islamic has successfully supported over 40,000 SMEs, contributing significantly to their growth and sustainability in a competitive market.

Best Bond Issue of the Year

Emirates Islamic’s USD 750 million senior unsecured Sukuk, issued in May 2024, earned the bank the accolade of ‘Best Bond Issue of the Year.’ The Sukuk was a milestone achievement in several aspects:

Oversubscription: The Sukuk issuance was met with overwhelming demand, receiving subscriptions totaling USD 2.1 billion—nearly three times the initial offering.

Sustainability Alignment: This issuance aligns with the sustainability objectives of Emirates NBD Group, Emirates Islamic’s parent company. The group has committed to mobilizing AED 1 trillion in sustainable finance by 2030, and the Sukuk plays a vital role in achieving this goal.

Market Confidence: The successful Sukuk issuance demonstrates global investors’ confidence in Emirates Islamic’s financial stability and strategic direction.

The Sukuk’s proceeds will be allocated to support sustainable projects and initiatives, reinforcing the bank’s commitment to environmentally and socially responsible finance.

Commitment to Innovation and Sustainability

Executives at Emirates Islamic highlighted the bank’s steadfast commitment to advancing Islamic finance, enhancing customer experience, and fostering innovation. The bank’s efforts are in line with the UAE’s vision of becoming a global hub for Islamic finance and a leader in sustainability.

Salah Amin, CEO of Emirates Islamic, commented on the recognition:

These awards reflect our dedication to delivering exceptional value to our customers and stakeholders. Our focus on innovation, sustainability, and customer-centricity continues to drive our success.

Ahmed Al Qassim, Group Head of Corporate and Institutional Banking at Emirates NBD, added:

Emirates Islamic’s achievements exemplify our group’s vision of supporting the UAE’s economic diversification and promoting sustainable growth.

The MEA Finance Awards

The MEA Finance Awards celebrate excellence in the financial sector, recognizing institutions and individuals who demonstrate innovation, impact, and leadership. Emirates Islamic’s dual recognition underscores its influential role in the industry and its ability to set benchmarks for others to follow.

Looking Ahead

Emirates Islamic’s success at the MEA Finance Awards 2024 serves as a testament to its strategic initiatives, robust financial performance, and commitment to societal and environmental well-being. The bank continues to prioritize:

Supporting SMEs: Expanding tailored services and enhancing access to finance.

Sustainability: Investing in green projects and fostering responsible banking practices.

Innovation: Leveraging technology to create seamless and efficient banking experiences.

As the UAE’s financial landscape evolves, Emirates Islamic remains a pioneering force, driving growth and setting new standards in Islamic finance.

FAQs

What is Emirates Islamic’s approach to supporting SMEs?
Emirates Islamic provides tailored Shari’ah-compliant financial products, specialized accounts for entrepreneurs, and digitized services to streamline banking processes for SMEs. It has also partnered with Emirates Development Bank to offer credit guarantees.

What makes the Sukuk issuance by Emirates Islamic significant?
The USD 750 million Sukuk was oversubscribed at USD 2.1 billion and aligns with Emirates NBD Group’s sustainability goals. Its proceeds support sustainable finance initiatives.

How does Emirates Islamic promote sustainability?
The bank focuses on mobilizing funds for green and sustainable projects, aligning with the UAE’s broader sustainability goals, including a commitment to mobilize AED 1 trillion in sustainable finance by 2030.

What initiatives has Emirates Islamic launched for female entrepreneurs?
The bank introduced the ‘Businesswomen Account,’ designed to provide female entrepreneurs with tailored financial solutions and support for their ventures.

What are the MEA Finance Awards?
The MEA Finance Awards recognize exceptional achievements in the financial industry, celebrating institutions and individuals who demonstrate innovation, impact, and leadership.