• Announcement highlights the role of Islamic banking in enabling globally investable businesses and positions the UAE as a hub for scalable retail platforms

Dubai, UAE6: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced the successful structuring of an AED 250 million sustainability-linked financing facility for Brands For Less (BFL) Group. The transaction reinforces a shared commitment to sustainable growth and marks a new chapter in a strategic partnership of more than 10 years.

The newly structured facility, meticulously tied to Environmental, Social and Governance (ESG) Key Performance Indicators (KPIs), strengthens Emirates Islamic’s leadership in introducing innovative Islamic finance solutions to the market. The facility is complemented by additional revolving working capital lines, structured to support BFL Group’s daily operations and trading volumes.

Mohammed Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, commented: “Spanning over a decade, our journey with BFL Group is a testimony to a vision for sustainable growth. The recent AED 250 million sustainability-linked facility underscores our commitment to providing tailored, innovative Shariah-compliant financing solutions that integrate ESG principles. Through such partnerships we drive both commercial success and positive societal impact, and we are proud to play a pivotal role in BFL's’ remarkable expansion. This validation demonstrates how Islamic banking can be a catalyst for building world-class enterprises.”

Toufic Kreidieh, Co-Founder and Executive Chairman of BFL Group, said: “At BFL Group, our focus remains on building a resilient, customer-centric retail platform that continues to scale across the region and beyond. Over the past decade, Emirates Islamic has been a true enabler of our growth story, providing innovative banking solutions and a deep understanding of our business needs that have helped us invest, expand, and evolve. This new sustainability-linked facility is a natural progression of our shared commitment to responsible business practices and further solidifies our partnership as we pursue our next phase of growth and strengthen our position in the global retail landscape.”

Emirates Islamic and BFL Group celebrate a strategic partnership that spans more than 10 years and has been instrumental in supporting the growth of one of the region’s most successful off-price retail platforms. Throughout this period, Emirates Islamic has acted as a long-term growth partner, providing innovative Islamic banking solutions that have enabled BFL to scale its operations, invest in advanced infrastructure, and successfully expand its footprint across the GCC and Southeast Asia.

This enduring partnership reached a significant milestone in 2024, when The TJX Companies, a global leader in off-price retail, acquired a 35% in BFL at a valuation of USD 1.2 billion, providing global validation for the group and showcasing the potential of homegrown businesses in the UAE.

The announcement highlights the crucial role of Islamic banking in enabling globally investable businesses and firmly positions the UAE as a hub for scalable business platforms. The partnership reinforces the bank as a trusted, stable, and growth-oriented partner that collaborates with clients over the long term, contributing to the UAE’s strategic objectives for economic development.

Further, the strategic partnership exemplifies Emirates Islamic’s leadership in sustainability-linked Islamic finance and showcases the bank’s ability to craft cutting-edge, Shariah-compliant financial instruments that cater to the evolving needs of the market.

About Emirates Islamic:

Emirates Islamic Bank PJSC (Emirates Islamic) is the Islamic banking arm of the Emirates NBD Group and is a leading Islamic financial institution in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.

Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 39 branches and 231 ATMs/CDMs across the UAE. In the area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.

Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The Bank won the “Islamic Retail Bank of the Year – Middle East” and “Most Innovative Murabaha” awards at the prestigious The Banker’s Islamic Banking Awards 2025. Additionally, the bank was named ‘Best Islamic Corporate Bank in the World’ and ‘Best Islamic Financial Institution in the UAE’ at the Global Finance - Best Islamic Financial Institutions Awards 2025. Emirates Islamic was also awarded the prestigious title of ‘The World’s Best Islamic Digital Bank’ at the Euromoney Islamic Finance Awards 2025.

As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions. For further information please visit www.emiratesislamic.ae

Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Email: AminaAlZarooni@emiratesislamic.ae

Burson
Burson; Dubai, UAE
Email: Emiratesislamic@bursonglobal.com