Dubai Islamic Bank wins Bankers Middle East award for Innovation in Islamic Banking in the Gulf

Mr. Saad Abdul Razak, Executive VP, Retail & Corporate Banking, DIB accepted the award for Innovation in Islamic Finance on behalf of Dubai Islamic Bank's Management.

The glittering event which was held under the patronage of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry was attended by senior representatives from the nominated banks and select banking officials from all around the GCC countries.

"This awards ceremony not only has recognised the uniqueness of the products and services provided by the banking and financial institutions, but has also provided a platform for the meeting of minds of the leaders in the industry," Mr. Saad Abdul Razak said.

Saad Abdul Razak continued: "Winning the 'Innovation in Islamic Banking' prize today, reflects Dubai Islamic Bank's core strategy and vision. The bank has continuously worked on the development of services to facilitate customer needs. In this ever changing environment in technology and banking services combined with a greater demand from the customers, no financial institute can survive without adopting and updating its services and products. In our case we succeeded in creating new banking products and services solutions for our retail and corporate clients, that are convenient and practical in accordance with Islamic Shariah," added Mr. Saad. "We have reached a significant milestone in our journey today and we could not have achieved this, without the support and confidence that our customers have displayed in our bank. DIB's committed staff have also worked extremely hard to ensure that our initiatives are effectively implemented".

Both local/regional and foreign financial institutions operating in the Gulf were eligible for nomination of the Award. The selection process began with a realistic, credible and manageable number of candidates. BME gathered together an expert panel of nominating judges spanning rating agencies, consultancies, card schemes, solution providers and banks.