Dubai Islamic Bank (DIB), the world’s first Islamic finance institution, was yesterday officially recognised as one of the best three banks in the region at the Banker Middle East Awards 2005. Its standing as one of the top banks – from a list which included the biggest global financial institutions – was confirmed at a gala ceremony organised by Banker Middle East Magazine in Dubai’s Emirates Towers.
During the event it was revealed that DIB had been nominated for four awards and won two. Mr. Saad Abdul Razak, CEO of DIB, accepted the Best Islamic Bank and the New Product Innovation awards on behalf of the bank’s management.
He singled out DIB’s nomination for the Best Bank Award, one of just three institutions nominated from about 320 banks and financial institutions operating in the Middle East , as being especially praiseworthy. He said: “Winning the Best Islamic Bank Award and the New Product Innovation Award is a triumph for the bank’s staff and management and confirms the strength not only of its offering to customers but also of its direction and strategy.
“Being nominated for the Best Bank and the Best Investment Bank awards represents a different type of triumph. We would expect to be strong in our core area of Islamic banking. But being singled out and short listed from 320 banks and financial institutions operating in the Middle East, many of these mainstream international operators, is something to be proud of.
“It shows how rapidly DIB has progressed and its suitability to be ranked among the very best financial institutions anywhere in the world.”
Yesterday’s gala event, held under the patronage of Dubai International Financial Centre (DIFC), was attended by senior representatives from the nominated banks and banking officials from around the Middle East.
Saad Abdul Razak added: “The awards ceremony acted as a very special showcase for the quality of DIB’s wholly Islamic products and services and gave us a platform to present these to the rest of the banking sector.”
Local, regional and foreign financial institutions operating in the Middle East were eligible for nomination for the Awards. The winners were selected by an expert panel of judges from rating agencies, consultancies, card schemes, solution providers and banks.
Saad Abdul Razak said: “The awards mark a significant milestone in our journey. We could not have achieved any of this without the support and confidence of our customers.
“DIB’s committed staffs have also worked extremely hard to ensure that the bank gets the recognition it deserves as one of the best of the best.”
