Al Hilal Bank’s ‘Qibla Card’ notches ‘Most Innovative Product’ at Global Islamic Finance Award

Press release

Published January 30th, 2013 - 10:10 GMT

Al Hilal Bank

Al Hilal Bank, a progressive Islamic bank, notched another major victory by winning the coveted ‘Most Innovative Product’ award for its ‘Qibla Card’ during the latest edition of the Global Islamic Finance Award (GIFA) held in late 2012 in Kuala Lumpur, Malaysia.

The award-winning credit card was developed in collaboration with MasterCard and launched during the last quarter of 2012. It comes with a digital compass which can identify the ‘Qibla,’ the direction a Muslim must face while performing Salah, at the press of a button.

The annual GIFA ceremony rewards institutions and individuals for demonstrable achievement in promoting and developing Islamic finance regionally and internationally. Al Hilal’s impressive win at the event reflects the bank’s innovative thinking and its exceptional ability to deliver impactful solutions for the rapidly growing Islamic financial market.

“Our GIFA win is indeed a great honor, not only because of the prestige it brings to our institution but also because it affirms the huge potential of Islamic finance. We assure our partners and our valued customers that we will continue to introduce ground-breaking products and services that reflect our commitment to excellence and to the uplifting of Islamic finance on the global stage,” said Mohamed Zaqout, Head of Personal Banking Group at Al Hilal Bank.

Al Hilal Bank is a 100 per cent government-owned Islamic bank based in Abu Dhabi, UAE. It offers Islamic Personal, Corporate, Treasury, Investment, and Wholesale banking products and services. Al Hilal currently operates 22 branches and over 115 ATMs in the UAE as well as three overseas branches in Kazakhstan. Included among the bank’s stellar achievements in innovation are its ‘eGrab’ fleet of the world’s first electric-powered, emissionless mobile banks; ‘Money Station,’ the Middle East’s first drive-thru bank branch; and the Middle East’s first ‘GOLD to Go’ in-bank gold vending machine located at its Mall Branch.

Background Information

Al Hilal Bank

Al Hilal Bank is owned in full by the Abu Dhabi Investment Council, which is the investment authority of the Government of Abu Dhabi. The bank is working with an authorized capital of 4 billion Dirhams, and is authorized to operate as an Islamic trading bank. Al Hilal Bank aims to become the leading financial institution in the region and to increase the growth of Islamic banking with a new direction, towards new technologies and special services.