Dubai Islamic Bank, the largest Islamic bank in the UAE, has been awarded the accolade for ‘Financial Institution Financing Deal of the Year’ at the Bonds, Loans and Sukuk Awards Middle East. It was also involved in various capacities for 18 other deals that were recognised at the event. Key officials from the bank received the awards at a gala dinner held lately at the Four Season’s Hotel in Dubai.
The Bonds, Loans and Sukuk Awards Middle East is the most prestigious forum in the region that recognises the leading deals in capital markets here. In its second year, the event brought together 260 of the financial services sector’s most high-profile figures and organisations, including CEOs and CFOs from the investment banking and fund management industries.
For DIB’s excellence in issuing sukuks, the bank was recognised for ‘Financial Institution Financing Deal of the Year’ for its Tier 1 capital issuance in January when it raised US $1 billion.
Commenting on the awards, Naveed Ali, Chief of Corporate Banking, DIB, said: “We continue to lead the way in the market in terms of our capital raising abilities and our continued efforts in leveraging our institutional relationships to meet our clients’ complex financing needs. These awards are a strong endorsement of our efforts and also showcase the role we are playing in supporting Dubai’s long-term ambition of becoming the global hub for sukuk. With a 40-year vintage in Islamic banking, we are widely recognised as the torchbearer in this space, and we look forward to continuing to play the leading role in progressing Islamic capital markets in the years ahead.”
Indicative of DIB’s expertise, it was also recognised for 18 other deals including the ‘Investment Grade Bond/Sukuk Deal of the Year’ for DIFC Investments $700 million Sukuk; the ‘Syndicated Loan Deal of the Year’ for Emirates National Oil Company $1.5 billion syndicated loan; the ‘Local Currency Deal of the Year’ for Dubai World Trade Centre’s AED 2.5 billion Murabaha Facility; and the ‘Award for Trade & Export Finance Deal of the Year’ for Emirates Airline’s $913 million Export Credit-Guaranteed Sukuk.
Earlier this year, DIB’s investment banking capabilities were singled out at the Islamic Finance News (IFN) Deals of the Year Awards 2015, where it won “Pakistan Deal of the Year”, the “Murdarbah Deal of the Year” and “Ijarah Deal of the Year”. It also won the accolades for “Best Islamic Bank” and “Best Sukuk Arranger” at the Banker Middle East Industry Awards 2015.