Masraf Al Rayan named 'Best New Islamic Bank'

Mr. Nasser Al-Abdulla, General Manager Retail Banking, received the award on behalf of Masraf Al Rayan at a ceremony at the Emirates Towers Hotel, Dubai, where he expressed his thanks to the readers of Islamic Business & Finance Magazine, who voted for Masraf Al Rayan.

"The Islamic Banking and Finance Awards are the benchmark for the Islamic banking industry. Masraf Al Rayan is proud to join an impressive list of the world's most prominent Islamic banks, fund and investment management houses," commented Al-Abdulla.

Masraf Al Rayan has consistently drawn praise for its innovative products and high standard of customer service since its formation. This first major award comes at a particularly significant time for the bank, which has recently celebrated its first anniversary.

"To be named 'Best New Islamic Bank' by such a prestigious publication is a tribute to the banks quest for excellence and dedication to consistently delivering superior customer satisfaction, which is at the centre of everything we do," commented Mr. Hussain Fakhri, Executive Manager of Marketing and Communication, Masraf Al Rayan.

"Masraf Al Rayan is committed to protecting and growing the assets of our customers and shareholders. Today's ground-breaking Sharia'a compliant products and expansion of our branch network will mean an impressive return for shareholders over the next few years," said Al-Abdulla.

Presenting the award, Islamic Business & Finance Editor Paul McNamara commented: "The Islamic Business & Finance Awards 2007 recognize and reward excellence throughout the global Islamic finance community. In the 'Best New Islamic Bank' category, Masraf Al Rayan was the clear winner, having accomplished in 12 months what most banks take years to do."