Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has been recognised as the “Best Regional Commercial Bank – Middle East” at the Islamic Business & Finance Awards 2014. The bank’s subsidiary Dar Al Sharia was also chosen as the “Best Sharia Advisory Service”, further cementing DIB’s position as the leading provider of financial services in the Islamic banking industry. Key officials from DIB received the accolades at an exclusive gala dinner held at the Emirates Towers Hotel.
Organised by publisher CPI Financial, the Islamic Business & Finance Awards recognise the best and the most innovative organisations driving the development of Islamic finance globally. Institutions are nominated by a panel of industry experts and the winners are selected through an extensive online voting process. With over 8,000 votes being cast by Islamic finance practitioners across the world, the annual awards ceremony is widely recognised as one of the most prestigious and prolific Banking and Finance Industry event
Established as the world’s first ever Islamic commercial bank in 1975, DIB has been at the forefront of pioneering the development of Sharia compliant banking services. The bank already caters to a deeply entrenched network of over 1.4 million customers in the UAE, while its retail, business and corporate banking services have played a key role in supporting the growth of entrepreneurs and some of the largest corporations across the region. The bank’s legal and financial consultancy subsidiary, Dar Al Sharia, provides expert advisory services for all types of Islamic finance transactions, and has become, globally, one of the most trusted institutions in the industry.
Commenting on the awards, Dr. Adnan Chilwan, Chief Executive Officer, Dubai Islamic Bank, said: “It is a true privilege for DIB to be honoured with this key accolade. Since its inception, DIB has been a forerunner in the progression of Islamic banking across the UAE and the Middle East region, through its innovative range of Sharia compliant services for consumers and businesses, as well as advisory services via Dar Al Sharia. Being a torchbearer in driving the global appeal of Islamic finance, and our commitment to pushing its growth in key markets, we are proud to be recognised today as one of the undisputed leaders, in the industry.
“The Islamic Finance industry is currently thriving, and estimated to double to more than USD 3.4 Trillion within the next 5 years, which clearly shows a rising demand for Sharia compliant services worldwide. With Dubai’s ambition to become the global capital of the Islamic economy, and given DIB’s experience and vintage in the sector of nearly forty years, we aim to continue spearheading the growth of the industry and leading the pace of change for Islamic Banking in the region.”
These awards build on the list of accolades DIB has received at the previous year’s event, including ‘Best Corporate Bank’, ‘Best Credit Card’ and ‘Best CSR Initiative’. The bank has also won a host of awards recently such as, “Best Islamic Bank, UAE – 2014” by World Finance – Islamic Finance Awards 2014 and ‘Best Sukuk House’ at EMEA Finance Middle East Banking Awards 2013. Additionally, Dar Al Sharia has received numerous accolades over the years, winning the prestigious ‘Best Sharia Advisory Firm’ award at the Islamic Finance News Awards for five consecutive years.