Dubai Islamic Bank wins three Islamic Business and Finance Awards

Bank recognised as ‘Best Corporate Bank’ and also wins ‘Best Credit Card’ and ‘Best Banking CSR Initiative’

Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has been named the ‘Best Corporate Bank’ at the 2013 Islamic Business & Finance awards, a leading event for the global Islamic financial community. The bank was also awarded for ‘Best Credit Card’ and ‘Best Banking CSR Initiative’ at the prestigious ceremony held on December 11th, and attended by senior bankers from across the region.

The annual awards ceremony brings together more than 300 senior Islamic financiers and rewards the most innovative and successful Islamic institutions. A panel of judges nominate organisations across 40 categories, and the winners are selected through an online voting process.  Now in its eighth year, the awards ceremony attracts the interest of the leading Islamic finance practitioners from around the world.

DIB's Corporate Banking department has been involved in a number of landmark corporate finance deals over the past few years and is a leading partner for some of the biggest business transactions in the region. This includes the Government of Dubai’s USD 750 million Sukuk, the Dubai Electricity and Water Authority’s USD 1 billion Sukuk and Emirates Airline’s USD 1 billion Amortizing Sukuk.

The bank has been able to leverage its institutional relationships to arrange complex deals for its clients. This includes a USD 1.75 billion equivalent Dual Currency Syndication for Dubai Duty Free and a USD 2.55 billion equivalent Dual Currency Syndication for the Investment Corporation of Dubai. In March 2013, DIB has also been equally successful at tapping capital markets, with the issuance of a Tier 1 capital certificates Perpetual Sukuk earlier this year amounting to USD 1 billion that was oversubscribed 14 times.

With one of the largest consumer bases in the UAE, consisting of 1.4 million customers, DIB’s consumer banking division has led the way in the creation of a range of Shariah compliant retail banking products. Indicative of its success, the bank won the award for “Best Credit Card” for its Al Islami credit card, which was developed to provide customers a leading range of unique features, while providing an economical product that is completely “Riba” interest free and also adheres to the principles of Islam.

Commenting on the awards, Dr. Adnan Chilwan, Chief Executive Officer at Dubai Islamic Bank said: “ Islamic Finance today, stands at a critical juncture. Resilience shown during the crisis has not only grown the sector but also the expectations of the global banking community. Given the turmoil seen in the last few years, the market wants responsible and ethical banking and the CSR award while being an appreciation of our efforts to support the community, is also a true reflection of DIB’s core business philosophy.”

“That said, innovation remains a key challenge for growth of Islamic Finance as customer needs evolve and expectations continue to rise. Having been a recipient of multiple business and product awards today clearly highlights DIB’s commitment to keep innovating and evolving with the demands of its growing customer base.”

Since it was established as the first modern commercial Islamic bank in 1975, DIB has focused on channeling its considerable resources to helping members of the local community. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation that provides essential resources to needy families in the UAE and provides much-needed assistance to other charitable organisations in their community building efforts.