Dubai Islamic Bank honored with record twelve accolades at Islamic Finance News Awards

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received twelve awards at the prestigious Islamic Finance News (IFN) Awards 2016, breaking its record for awards received by IFN in a single event. The Bank was recognized as the “Best Overall Islamic Bank”, “Best Islamic Bank in the UAE”, “Most Innovative Islamic Bank”, and “Best Retail Islamic Bank” at the IFN Best Banks Poll 2016, far surpassing its success at the awards in previous years. These awards were in addition to the eight landmark transactions the Bank was recognized for at the 2016 IFN “Deals of the Year” Awards including “UAE Deal of the Year”.

As the world’s leading Islamic finance news provider, the IFN Awards are recognized by the global Islamic financial markets as being amongst the most coveted in the industry. The IFN “Best Banks Poll” honors leading Islamic finance service providers from different markets and sectors, whereas the IFN “Deals of the Year” Awards identifies financial institutions and intermediaries that have participated in the industry’s most groundbreaking transactions over the year.

Commenting on the Bank’s recognitions, Dr. Adnan Chilwan, Group CEO of DIB, said: “Winning these awards is a source of tremendous inspiration and encouragement for us. The bank has shown its true mantle over the last few years producing some of its finest financial results in times that were undoubtedly challenging. Our relationship with all stakeholders including customers and shareholders grows stronger each year and it is the strength of this partnership focused around mutual benefits and progression that has positioned us to play a leadership role in the development of Islamic banking and finance, locally here in the UAE and internationally in key markets around the world.”

Sweeping the IFN Deals of the Year Awards category, DIB was recognized for eight groundbreaking transactions it arranged and executed over 2016. The successful issuance of the DP World Crescent US$1.2 billion Senior Trust Certificates led to DIB bagging the “Deal of the Year” and the “UAE Deal of the Year”. Indicative of DIB’s prowess in syndications and the structured finance market, the Bank arranged and issued the EGA US$4.9 billion Commodity Murabahah based Syndicated Term Financing Facility that was awarded under the “Syndicated Deal of the Year” category, the Emaar US$750 million RegS Trust Certificates that was the “Real Estate Deal of the Year”, and the Six Flags AED993 million Murabahah Financing Facility that was recognised as the “Hybrid Deal of the Year”.

Reflective of DIB’s status as the leader in global Islamic finance, the Bank was also honored for three international transactions: the “Indonesia Deal of the Year” for the second year in a row for the Perusahaan Penerbit SBSN Indonesia Senior Unsecured Wakalah Fixed Rate Trust Certificates, the “Pakistan Deal of the Year” for its work on the Power Holding PKR25 billion Syndicated Long Term Islamic Finance Facility, and the “Kuwait Deal of the Year” for the Boubyan Tier 1 US$250 million Sukuk.