Haj Saeed bin Ahmed Al Lootah, the founder of the world's first Islamic bank, has passed away. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter on Sunday to offer his respects.

Confirming his passing, Sheikh Mohammed said: "He was a trader who started with nothing. His touch is visible in several aspects of the Dubai economy."

Calling the deceased a "wise and smart man", Sheikh Mohammed said: "May Allah bless his soul and grant his family the strength to endure and persevere."

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, also paid his respects. "He combined economic leadership with charitable work. He launched charitable educational institutions and sponsored many orphans. His memory will live on. May Allah have mercy on him and grant his family patience."

Haj Saeed established several companies, organisations and societies, including the Dubai Consumer Cooperative and the Dubai Islamic Bank.

He also established the Islamic Education School in 1983 and the Dubai Medical College for Girls in 1986.

 

 

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