Muzn Islamic Banking Announces Exclusive Ramadhan Financing Offers - Middle East Business News and Information - mid-east.info
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Mid East Info
2 days ago
- Mid East Info
Emirates Islamic wins major awards at The Banker's Islamic Banking Awards 2025 - Middle East Business News and Information
Dubai, July 2025: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has won two prestigious titles at The Banker's Islamic Banking Awards 2025 in recognition of its strong performance and ongoing contribution to driving Islamic finance within the region and beyond. The Banker's Islamic Banking Awards 2025 honours banking institutions for market-moving deals and innovative contributions that push boundaries, not only through new products and services, but also in the structuring of landmark transactions and facilities. Emirates Islamic was awarded the title of 'Islamic Retail Bank of the Year – Middle East' for its standout performance in 2024 and recognition of its continued rollout of cutting-edge digital services and the modernisation of both its front-end offerings and back-end systems. In 2024, the Bank's retail banking operations crossed AED 1.7 billion (USD 463 million) in net profit before tax – up 57 per cent on the previous year. Financing volumes also increased across key segments, such as personal and home finance, while growth in the bank's Shariah-compliant cards portfolio also contributed to an expanding net financing book. The bank observed sustained growth in customer deposits, supported by a 14 per cent increase in active retail clients. Emirates Islamic's Business Banking platform currently serves 50,000 customers while the bank's award-winning EI + Mobile Banking App has more than 500,000 registered clients. Winning in the 'Most Innovative Murabaha' category for a syndicated Commodity Murabaha facility to Africa Finance Corporation (AFC), Emirates Islamic demonstrated its commitment to delivering the highest standards of service and execution in Murabaha transactions for its clients. This landmark transaction was the debut syndicated Islamic Finance transaction for AFC and underscores Emirates Islamic's commitment to advancing Islamic finance beyond traditional markets. By leveraging its expertise in Shariah-compliant financing, Emirates Islamic played a vital role in structuring a facility that meets AFC's operational and developmental goals while demonstrating the increasing relevance of Islamic finance in enabling development finance institutions to meet their objectives in a sustainable and inclusive manner. The success of the deal also highlights the ability of Shariah-compliant deals to attract overseas capital in support of infrastructure and industrial growth across Africa. Emirates Islamic has played a key role in jointly structuring and executing several landmark deals across the region, including sustainability linked financing, supporting acquisitions, trade and more. Farid AlMulla, Chief Executive Officer at Emirates Islamic, commented: 'Emirates Islamic is proud to be recognised as a significant player in the regional Islamic finance sector, both in the Retail and Corporate segments. It exemplifies our commitment to meeting the growing demand for Islamic finance solutions. With milestone issuances in the UAE and the region, we will continue to offer our comprehensive Islamic banking proposition to all our customers, supported by digital banking experiences that are both convenient and seamless.' Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, said: 'Winning laurels at The Banker's Islamic Banking Awards 2025 has been a truly proud achievement. Emirates Islamic has been instrumental in raising the profile of Islamic banking not only in the UAE but across the globe, with innovation serving as a key component of our success over the past few years. We have consistently set new benchmarks for the Islamic banking sector, pioneering digital initiatives while introducing innovative products and services.' About Emirates Islamic: Emirates Islamic DFM: EIB, part of Emirates NBD Group, is a leading Islamic financial institution in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 40 branches and 229 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp. Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. Emirates Islamic was recognized as 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024. The Bank was also named the 'Most Innovative Islamic Bank' at the prestigious Euromoney Islamic Finance Awards 2024. As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.
Egypt Independent
2 days ago
- Egypt Independent
Egypt invites citizens to invest in its economic revival. What does that mean?
Egypt's Ministry of Finance has announced its intention to issue retail bonds specifically designed for individuals, aiming to provide citizens with new savings instruments. Deputy Minister of Finance Ahmed Kojok, revealed this during his participation in the Financial Regulatory Authority conference, emphasizing that this move seeks to more effectively involve citizens in the management and investment of state financial resources. New Instruments Planned for Current Fiscal Year Earlier, during a meeting with investors in London, Kojok disclosed the government's plan to launch Egypt pound denominated sukuk (Islamic bonds) alongside these individual-focused bonds within the current fiscal year. He explained that these new instruments will enhance liquidity in the local market and offer innovative savings alternatives to citizens, thereby strengthening the state's capacity for domestic financing. What Are Retail Bonds? Retail bonds are a government debt instrument designed to finance the state budget. They are accessible to both individuals and institutions and feature a specific maturity period and a regular return known as a 'coupon.' This makes them a suitable savings and investment tool for various segments of society, especially in light of rising inflation rates. In parallel with the expansion of local debt instruments, Egypt also plans to issue four billion dollars in international bonds in 2025. This is part of a strategy to diversify funding sources and restructure the economy. According to Bloomberg, this step aims to cover an estimated US$11 billion external financing gap for the current fiscal year. A New National Economic Vision Commenting on this move, economic researcher and member of the Egyptian Society for Political Economy and Legislation, Ahmed Abu Ali, stated that the government's approach to issuing retail bonds reflects a qualitative shift in public debt management tools. He explained that this step represents a national drive to maximize the utilization of domestic savings and reduce reliance on external borrowing, especially given the complex global financial conditions. Abu Ali told Al-Masry Al-Youm that the broader offering of domestic debt instruments contributes to reducing exposure to global market fluctuations and exchange rate volatility, solidifying the principle of 'financing from within.' He affirmed citizens will become direct partners in financing development plans, which will foster a greater sense of responsibility and strengthen the relationship between citizens and the state. A Safe Haven Amidst Inflation Abu Ali highlighted the critical timing of issuing these retail bonds, especially with rising inflation rates and the Central Bank's move towards tightening monetary policy. Offering these bonds with competitive returns provides safe alternatives for citizens to preserve the value of their savings, he noted, while diverting liquidity away from unproductive or speculative sectors. He also pointed out that integrating retail bonds into the fintech ecosystem would mark a qualitative leap in participation rates, especially among youth. Abu Ali emphasized the importance of making these bonds accessible through e-wallets and digital banking apps to simplify purchase, inquiry, and trading processes, thus making them more approachable for those unfamiliar with traditional financial instruments. A Message of Trust in the Egyptian Economy Underscoring that the successful issuance of retail bonds sends a reassuring message to both investors and citizens, the economic researcher affirmed that this reflects confidence in the Egyptian economy's ability to mobilize its internal resources. He stressed that these bonds will contribute to expanding the base of local investors and strengthening the secondary market for public debt instruments. Abu Ali concluded by saying that providing a mechanism for resale or early redemption would further increase the bonds' attractiveness, giving investors greater flexibility in managing their savings. He called for a widespread awareness campaign to educate citizens about the benefits of these bonds, subscription procedures, and expected returns. Measures to Address Foreign Currency Shortage The government has taken several significant steps to address the foreign currency shortage crisis. This includes signing a major investment deal worth $35 billion with the UAE, alongside a nearly 40 percent devaluation of the Egyptian pound. These measures have bolstered the country's ability to secure international financing from major institutions, particularly the International Monetary Fund.
Mid East Info
4 days ago
- Mid East Info
DIB Executes the First Islamic Finance Deal with Turkish Airlines - Middle East Business News and Information
This pioneering aviation financing by the UAE's largest Islamic bank marks the first in Turkish aviation history Dubai, UAE: DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed a landmark aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline fleets. The deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. By enabling one of the world's leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirms the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding structures. The transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease Ijarah. A high-level signing ceremony was recently held in Istanbul, in the presence of Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat, and Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker, alongside other senior executives from both organisations. The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global markets. Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future. For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities. We value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.' Commenting on the milestone transaction, Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation. It reflects DIB's continued focus on delivering innovative structures that not only meet financial objectives that uphold ethical and faith-based finance standards across markets.
