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Dubai: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received twelve awards at the prestigious Islamic Finance News (IFN) Awards 2017. The Bank was recognized as the “Best Overall Islamic Bank”, “Best Islamic Bank in the UAE”, “Most Innovative Islamic Bank”, and “Best Islamic Bank for Treasury Management” at the IFN Best Banks Poll 2017, building on its success at the event in previous years. An additional seven landmark transactions were also given to the Bank for its excellent performance, including the coveted “Deal of the Year”.
Held at the Ritz Carlton in DIFC, Dubai, on March 11, the IFN Awards are widely respected and recognized by the global Islamic financial community. The awards, which for the first time were hosted as a part of IFN’s World Leaders Summit, celebrate leading Islamic finance service providers from different markets and sectors, while also recognizing financial institutions and intermediaries that have participated in the industry’s most groundbreaking transactions over the year.
Dr. Adnan Chilwan, Group CEO of DIB, commented: “When a simple yet focused vision such as ours is widely spread and well-ingrained across an organization, incredible things happen. Just four years ago, few would have anticipated the performance that the bank has given. But, what may seem like a miracle to those outside, is no surprise to us at all. Quality planning and masterful execution has led to what DIB is today – a global powerhouse in the field of Islamic Finance.
Our vision dictates progressiveness, and this I am happy to say is now akin to second nature within DIB”, he added. “We consider ourselves extremely fortunate to be a key player in Dubai’s drive to lead the development and establishment of a thriving Islamic economy and view this as a massive opportunity for the franchise to enhance and expand locally and internationally. The plethora of awards received at IFN today clearly shows that we are on the right track and I am sincerely thankful to everyone, including the organizers for the honors bestowed.”
Reflective of DIB’s status as the leader in global Islamic finance, the bank was also recognized for seven other groundbreaking local and international transactions it arranged and carried out throughout 2017. Through its successful issuance of the FINCO AED5.046 billion Ijarah Syndication, the Bank won both the “Syndicated Deal of the Year” and the “UAE Deal of the Year” categories. Further reinforcing DIB’s achievements in leading capital market transactions across a variety of sectors, geographies and sovereigns the bank was awarded the “Regulatory Capital Deal of the Year” and the “Bahrain Deal of the Year”, for the Albaraka Banking Group US$400 million Tier 1 Sukuk, whilst the Emirates REIT US$400 million Sukuk transaction earned DIB the “Real Estate Deal of the Year”. Additionally, the PNC Investments AED1.65 billion Bilateral Financing Facility was recognised as the “Mudarabah Deal of the Year”, and the Government of Oman US$2 billion 144A Sovereign Sukuk, the “Oman Deal of the Year”.
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About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the third largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.
In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shari’ah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 40% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. A clear indication of the bank’s leadership position in the Islamic finance sector, DIB named the Best Islamic Bank in the various prestigious ceremonies. In 2017, DIB won the coveted Global Islamic Business Award in its first edition in the region and was presented to the bank during the 23rd edition of the Business Excellence Awards Ceremony.
For more information, please visit us at www.dib.ae
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© Press Release 2018
