Bank wins title of ‘Most Innovative Islamic Bank’ and ‘Best Islamic SME Bank’

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, won major recognition with two major awards at the International Finance Awards 2023.

Recognising the bank’s significant contribution to product and service innovation in the UAE’s flourishing banking sector and its commitment to providing digital, customer-centric banking experiences to customers, the bank was named ‘Most Innovative Islamic Bank in the UAE’. Emirates Islamic remains at the forefront of driving digital innovation in the Islamic banking sector, in line with its long-term commitment to bringing banking innovation to UAE customers. Following on from being the first Islamic bank in the UAE to offer all three major wallets – Apple Pay, Google Pay and Samsung Pay – Emirates Islamic became the first Islamic bank in the world to introduce WhatsApp Banking for its customers.

The bank was also named ‘Best Islamic SME Bank in the UAE’ for its innovative and business-friendly propositions for small and medium enterprises (SMEs) and its status as a preferred bank for entrepreneurs seeking Shariah-compliant products and services for their businesses. SMEs are a key driver of Emirates Islamic’s growth strategy, and the bank continues to offer a wide range of business banking products and services tailored to meet the unique needs of companies in this critical sector. In line with the UAE’s strategy to support small and medium-sized businesses owned by citizens through special support programmes and initiatives, the bank also launched the new Emarati Absher Business Account, designed exclusively to provide a comprehensive suite of premium banking solutions for Emarati start-ups in the UAE.

Emirates Islamic’s Business Banking segment has seen record growth in 2023 demonstrating the strength of the bank’s value proposition.

Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic said, “We are proud to receive recognition at the International Finance Awards for our innovative propositions and commitment to supporting the SME sector. In line with our vision to be the most innovative Shariah-compliant bank for our customers, people, and communities, Emirates Islamic constantly strives to enhance its offerings to provide the most innovative and digitally forward financial solutions to customers.”

He added, “Further, as a home-grown Islamic financial institution, supporting the UAE’s SME sector is a top priority for Emirates Islamic and we are committed to furthering the growth of the segment in the UAE, as we strive to enhance the overall SME business ecosystem.”

International Finance is a premium business and finance magazine published by UK’s International Finance Publications Limited. The International Finance Awards annually recognise top performing corporates, governmental organisations, and transformational business and government leaders for their performance excellence.