Emirates Islamic wins award for 'Top Islamic Real Estate Deal' at the Euromoney Islamic Finance Awards 2023.

Dubai-based financial institution, Emirates Islamic, a leading player in the Islamic finance sector within the UAE, has proudly announced its reception of the esteemed 'Best Islamic Real Estate Deal' honor at the highly regarded Euromoney Islamic Finance Awards 2023. This award is attributed to the pivotal role the bank played in orchestrating the Abdulwahid Ahmad Rashed Bin Shabib financing arrangement.

Emirates Islamic supported the prominent Dubai conglomerate, Abdulwahid Ahmad Rashed Bin Shabib, in streamlining a significant portion of its financial exposures under the umbrella of Emirates Islamic. This was supplemented by comprehensive cash management solutions spanning various sectors.

The innovative financing agreement employed a liquidity Murabaha structure to safeguard the cash flows of the broader corporation across diverse business sectors. This model now serves as a blueprint for analogous transactions in other industries grappling with challenging market conditions.

Through securitizing existing real estate assets, the company procured funds that facilitated the expansion of its overall business interests. This strategic move paved the way for future investments in sectors such as governmental services, pharmaceuticals, hospitality, and distribution, thereby making a meaningful contribution to the growth of the local UAE economy.

Abdulwahid Ahmad Rashed Bin Shabib, Founder & Chairman of Bin Shabib Group, expressed his enthusiasm, stating, "We are elated to receive recognition from Euromoney for our groundbreaking deal. We extend our appreciation for the unique structural capabilities, innovative liquidity solutions, and exceptional customer service provided by the Emirates Islamic team throughout the entire process."

Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, remarked, "We are honored to be acknowledged by a distinguished institution like Euromoney for our instrumental role in facilitating this significant deal. Emirates Islamic guided Abdulwahid Ahmad Rashed Bin Shabib by offering a meticulously crafted Shariah-compliant financing solution, enabling them to consolidate their exposure and diversify their business, thereby contributing to vital sectors."

This prestigious recognition at the Euromoney Award for Excellence is the latest addition to a series of accolades garnered by Emirates Islamic. Recently, the bank was bestowed with the 'Most Innovative Sukuk' award by The Banker, a prestigious monthly publication under the globally renowned Financial Times, for its inaugural AED 1 billion dirham-denominated sukuk issuance.