Naveed Ali, Chief of Corporate Banking, Mohammed Saleem, Chief of Treasury, and Abbas Bhujwala, Chief Risk Officer, DIB, receiving Best Sukuk House award
Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has been recognised at two of the most prestigious awards ceremonies for its industry-leading corporate banking services. The bank received one of the highest accolades at the EMEA Finance Middle East Banking Awards 2013, as the “Best Sukuk House, UAE,” in addition to winning “UAE Deal of the Year”, “Kuwait Deal of the Year” and “Pakistan Deal of the Year” at the Islamic Finance News awards 2014.
This is the second year that DIB has been chosen as the “Best Sukuk House, UAE” at the Middle East Banking Awards. Organised by EMEA Finance magazine, a leading global publication, the awards ceremony recognises prominent global financial institutions for their expertise in providing retail, investment banking, asset management and brokerage services. In addition to being awarded at this prestigious forum, DIB was also honoured for its high-profile Sukuk transactions at the Islamic Finance News awards.
Over the years, the bank has played a critical role in supporting the growth of the sukuk market, which is estimated to grow above USD 100 billion in 2014 according to Standard & Poor’s. The GCC is expected to continue leading the way through corporate and infrastructure issuances, which helped post a 17 percent increase in transactions in 2013 to reach USD 28.2 billion. With regulators increasingly focusing on strengthening the foundations and reducing the barriers to entry into the industry, the potential of this market remains strong.
Commenting on the awards, Dr. Adnan Chilwan, Chief Executive Officer at Dubai Islamic Bank said: “The Sukuk industry is anticipated to witness significant growth in the coming years and is expected to be driven by the demand for infrastructure around the EXPO 2020 and other such large scale projects in the GCC. DIB, with its unrivalled proficiency, expertise and vintage in handling such deals, being the first Islamic bank in the world, is an obvious choice as a partner to support Dubai’s long-term ambitions of becoming the global centre for Sukuk. Indicative of our position in this regard, these awards recognise both the achievement and the financial and intellectual investment made by DIB in cementing its presence as the leader in this industry.”
Mr. Naveed Ali, Chief of Corporate Banking at Dubai Islamic Bank said: “We are proud to be recognised for our efforts in arranging the leading Sukuk transactions, not just in the UAE, but across the world. DIB has managed to solidify its position as the leader in this flourishing market over the years by utilising its robust capital position and leveraging its strong institutional relationships to arrange complex deals for its clients in the private and public sector.”
Among the landmark corporate finance deals, the bank’s USD 750 million Sukuk for Dubai DOF (UAE), USD 172 million financing for the Kharafi Group (Kuwait) and the PKR 43.01 billion Ijarah Sukuk for the Pakistan Government (Pakistan) were the transactions highlighted at the Islamic Finance News Awards.