Emirates Islamic wins title of ‘Best Islamic Bank for SMEs’

Photo : Dubai Government Media Office

Dubai, UAE, 26 December 2024: Emirates Islamic, a top Islamic bank in the UAE, has won two major awards at the MEA Finance Awards 2024. The bank was honored with the titles of ‘Best Islamic Bank for SMEs’ and ‘Best Bond Issue of the Year.’ These awards show how strong the bank is in offering excellent services and products to its customers.

The award for ‘Best Islamic Bank for SMEs’ highlights Emirates Islamic’s efforts to support small and medium enterprises (SMEs). SMEs are businesses that play a big role in growing the UAE’s economy. Emirates Islamic provides these businesses with Shari’ah-compliant banking services, which follow Islamic rules. The bank serves over 40,000 SMEs across the country and has become a trusted choice for many business owners. In 2024, its business banking section grew rapidly, with one in every 15 UAE SMEs choosing Emirates Islamic as their bank.

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To support SMEs, the bank has launched several special services. For example, it created the ‘Businesswomen Account,’ which helps women entrepreneurs with banking services that suit their needs. Another account, called the ‘Emarati Absher Account,’ is specially designed for Emirati start-ups, giving them premium banking solutions. The bank has also worked hard to improve its online services. It offers more than 45 different services on its business online platform, and 90% of new SME accounts are now opened through its Assisted Digital journey.

The bank has also started using advanced technology to understand the needs of SMEs better. This allows it to provide personalized products for these businesses. Additionally, Emirates Islamic has partnered with Emirates Development Bank to create a joint credit guarantee scheme. This helps small businesses get the financial support they need, making it easier for them to grow and succeed.

The second award, ‘Best Bond Issue of the Year,’ was given for the bank’s USD 750 million Sukuk (Islamic bond) issued in May 2024. This Sukuk was a big achievement for Islamic finance in the UAE and the region. It attracted huge interest from investors around the world, with an order book of USD 2.1 billion—2.8 times more than the amount offered. The Sukuk was priced at a profit rate of 5.431% per year and was based on five-year US Treasury bonds.

The Sukuk was also part of Emirates NBD Group’s larger goal of supporting sustainable finance. The group has pledged to mobilize more than AED 1 trillion (USD 270 billion) in sustainable financing by 2030. This Sukuk shows the bank’s commitment to supporting environmentally friendly and socially responsible investments.

Talking about the awards, Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, said: “Winning these awards is a proud moment for us. It shows how far we have come in providing innovative Islamic banking products and great customer service. We always focus on understanding what our customers need and delivering solutions that exceed their expectations.”

Mohamed Al Hadi, Head of Retail Banking and Wealth Management, said: “The SME sector is a key part of the UAE’s economy, and we are happy to be named the ‘Best Islamic Bank for SMEs.’ We are committed to helping SMEs grow by offering products and services that meet their needs. Our goal is to continue being the first choice for business owners in the region.”

Ebrahim Khalil Qayed, Head of Treasury and Markets at Emirates Islamic, shared his thoughts about the Sukuk recognition: “We are honored to win this award for our first USD 750 million Sustainability Sukuk. This recognition shows our dedication to promoting sustainable Islamic finance. By offering a variety of financial products, we help our customers make responsible choices while building a future that is sustainable and follows Islamic values.”

The MEA Finance Awards are highly respected in the region. They recognize banks, financial technology companies, and service providers for their achievements and contributions to society. These awards celebrate efforts to deliver high-quality, innovative products and services to customers.

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