DIB won the award based on the bank's performance over the past year. As well, the bank was recognised by Euromoney for its role as lead manager for the Dubai Ports, Customs & Free Zone Corporation sukuk issue, which was named "Deal of the Year" by Euromoney.
Saad Abdul Razak, Chief Executive Officer of Dubai Islamic Bank, accepted the award on behalf of DIB's management during the Euromoney Islamic Finance Awards 2007 gala ceremony that was held in London.
Commenting on the award, Abdul Razak said: "We are extremely proud to have been named 'Best Islamic Bank in the Middle East' by Euromoney Magazine, which is widely regarded as one of the world's leading financial publications. Winning this award for two years in a row is an especially significant accomplishment, and I am honoured to receive the award on behalf of the entire team at Dubai Islamic Bank. As well, I would like to share this award with our customers and shareholders, without whom none of this would have been possible."
He continued: "This award comes in recognition of DIB's strategic vision, execution expertise, management depth and belief in Islamic banking principles. Indeed, this accomplishment was based not only on our most recent financial results and performance, but more generally the bank's holistic vision for growth in the UAE, the Gulf and a much wider region that stretches from Africa to Asia. Indeed, while DIB is the world's first Islamic bank, we are now looking outwards to a whole new world of global opportunity and promise."
He concluded: "Perhaps no single deal better epitomises the future directon of the bank than the Dubai Ports, Customs & Free Zone Corporation sukuk issue, which has been recognised by Euromoney as "Deal of the Year." As lead manager for this sukuk, we are very pleased to be associated with this award."
Dubai Islamic Bank, which recently reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47%, is the winner of numerous awards, including the prestigious "Bank of the Year - UAE" award for 2006 by The Banker magazine.
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Dubai Islamic Bank wins Euromoney "Best Islamic Bank in the Middle East" award
- United Arab Emirates: Saturday, February 03 - 2007 at 14:10
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Dubai Islamic Bank (DIB) has been named "Best Islamic Bank in the Middle East" by Euromoney Magazine. This is the second consecutive year that DIB has received this honour from Euromoney.
Saad Abdul Razak, Chief Executive Officer of Dubai Islamic Bank, receiving the award on behalf of DIB's management during the Euromoney Islamic Finance Awards 2007 gala ceremony that was held in London.
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Posted by Lara Lynn Golden, News EditorSaturday, February 03 - 2007 at 14:10 UAE local time (GMT+4)
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For further information, please contact:
Bakul Gala / Tarek Fleihan
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
About DIB:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.
DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB). The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects including the Dubai Ports, Customs & Free Zone Corporation (PCFC) $3.5 billion Sukuk, the world's largest, and Dubai's Department of Civil Aviation US$1 billion Islamic bond issue. The issue was arranged to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.
Bakul Gala / Tarek Fleihan
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
About DIB:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.
DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB). The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects including the Dubai Ports, Customs & Free Zone Corporation (PCFC) $3.5 billion Sukuk, the world's largest, and Dubai's Department of Civil Aviation US$1 billion Islamic bond issue. The issue was arranged to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.
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