Emirates Islamic, one of the leading Islamic financial institutions in the UAE, secured two prestigious awards at the World Finance Islamic Finance Awards 2019, recognising the bank’s robust financial performance and commitment to innovation.
Emirates Islamic was named ‘Best Islamic Bank, UAE, 2019’, in recognition of its strong financial performance, commitment to service excellence and digitization, as well as its approach to providing a wide range of innovative products and services.
The Bank reported a net profit of AED 673 million for the first half of 2019, an increase of 39% year-on-year. The strong set of results were supported by balance sheet growth, higher funded income, growth in foreign exchange income, a tighter control on cost and lower cost of risk.
In addition to the Bank winning the Best Islamic Bank in the UAE award, Salah Amin, CEO, Emirates Islamic, was recognized as Islamic Banker of the Year 2019.
Commenting on the two awards, Salah Amin, CEO at Emirates Islamic, said: “I would like to thank World Finance for honouring Emirates Islamic with these prestigious accolades. Over the years, the Bank has played a significant role in driving growth and innovation in Islamic banking in the UAE. Our success and the valuable industry recognition we have received reflects the growing appetite for Islamic banking in the UAE and wider region, and we will continue to support Dubai’s vision of becoming the global capital of the Islamic economy while delivering best in-class service to our customers.”
Elizabeth Matsangou, Head of Editorial at World Finance, said: “Emirates Islamic has received the award for Best Islamic Bank, UAE, following a remarkable financial performance this year, coupled with advanced e-services technology and a new competitive strategy. In addition to its sustainable business practices and outstanding customer/investor relations, the Bank has demonstrated the successful execution of its core business, while also providing a wide range of Shari’a-compliant banking and finance solutions to both retail and corporate customers."
Emirates Islamic is a digital frontrunner among peers in the Islamic banking sector, with a long-term commitment to bringing banking innovation to UAE customers. Following on from being the first Islamic bank in the UAE to offer all three major wallets – namely Apple Pay, Google Pay and Samsung Pay – Emirates Islamic became the first Islamic bank in the world to launch WhatsApp Banking to its customers. The bank also recently announced the launch of Cashbacksouk.ae, an online shopping portal exclusively for Emirates Islamic cardholders allowing them to earn up to 25% cashback across more than 1,500 local and international brands.
World Finance is a multi-platform media company with over twenty years of experience across key financial sectors, offering capital market intelligence with real-time prescience of capital market activities, including public and private transactions, debt refinancing, private and public equity investments and M&A transactions. The World Finance Islamic Finance Awards recognise industry leaders and the best providers of Sharia-compliant financial services as voted by readers/subscribers.