Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it has received the ‘Best Islamic Real Estate Deal’ award at the prestigious Euromoney Islamic Finance Awards 2023 for leading the Abdulwahed Ahmad Rashed Bin Shabib financing deal.

The bank supported Abdulwahed Ahmad Rashed Bin Shabib, a leading Dubai-based conglomerate, in consolidating a majority of its financing exposure under the Emirates Islamic umbrella, complemented by comprehensive cash management solutions covering various verticals. 

The innovative financing deal used a liquidity Murabaha structure to ring-fence cash flows of the wider company across various business verticals, thus providing a blueprint for similar deals in other sectors facing challenging market conditions.

The proceeds from securitising the existing real estate assets enabled the company to diversify its overall business interests and position itself for future investments in sectors including governmental services, pharmaceutical, hospitality and distribution, thus contributing towards the development of the local UAE economy.

Abdulwahed Ahmad Rashed Bin Shabib, Founder & Chairman of Bin Shabib Group added, “We are excited to learn about the recognition received from Euromoney in relation to our landmark deal. We wish to place on record the unique structural capabilities, innovative liquidity solutions and the esteemed customer service offered by the Emirates Islamic team from initiation of discussions until disbursal of facilities.”

Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic added, “We are pleased to be recognised by a prominent institution like Euromoney for our facilitation of a crucial deal of this value and magnitude. Emirates Islamic advised Abdulwahed Ahmad Rashed Bin Shabib by offering a well-structured Shariah compliant financing option, allowing them to consolidate their exposure and helping them diversify their business contributing towards vital sectors.”

The prestigious recognition at the Euromoney Award for Excellence is the latest in a number of accolades received by the bank. Recently, Emirates Islamic was awarded the ‘Most Innovative Sukuk’ award by the globally renowned Financial Times’ monthly publication, The Banker, for its inaugural AED 1 billion dirham-denominated sukuk.  

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About Emirates Islamic:

Emirates Islamic (DFM: EIB), part of Emirates NBD Group, 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 Shari’ah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 42 branches and 211 ATMs/CDMs across the UAE. In the fast-growing 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. In 2023, Emirates Islamic was awarded the ‘Most Innovative Sukuk’ award at The Banker Islamic Banking Awards for its AED 1 billion dirham-denominated sukuk, the first such dirham sukuk issuance by a UAE bank. The bank also won ‘Best Islamic Real Estate Deal’ at the prestigious Euromoney Islamic Finance Awards 2023 for facilitating a real estate financing deal for a leading Dubai-based conglomerate.

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
Akshata Datar
asda’a bcw; Dubai, UAE
Email: Akshata.Datar@bcw-global.com