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News Article

04 February 2007

Euromoney Awards for ADCB’s excellence in Islamic Banking

ADCB has been awarded by Euromoney, the pre-eminent international financial magazine, “Most Improved Islamic Bank in the Middle East” at the 5th Annual Euromoney Islamic Finance Awards 2007 in London on January 30th. Furthermore ADCB’s Meethaq Mudaraba Overdraft Facility has been named “Best Islamic New Product of the Year” making it the most innovative Shari’ah compliant product to be launched anywhere in the world in 2006.

Euromoney Magazine CEO, Simon Brady cited ADCB’s roles in the “$460 million trust Exchangeable Sukuk for Aabar Petroleum, the $500 million fundraising for Al Basha’er GCC Equity fund, the first of its kind Takaful and Savings programme in UAE, the state-of-the-art first ever Mudaraba based Overdraft Funding Facility, and the Mudaraba Investment programme” as key reasons for being named Most improved Islamic bank in the region.

Accepting the award on behalf of the Bank, Mr. Eirvin Knox, CEO of ADCB, said: “The awards amplify ADCB’s commitment to the development of Islamic Banking.” Further explaining on the future strategy for Islamic Banking Mr Knox said; “2007 will be an exciting year for ADCB, as we have plans to invest in technology, launch retail & corporate products, Sukuk and investment funds, and initiate a learning cum cultural exercise aimed at educating society about the benefits and ethical nature of Islamic Banking. Innovation and quality are more important to us than offering a huge quantity of products that few of our clients want.”

The recognition will motivate us further to manufacture globally recognised products as we tap the booming market for Shari’ah Compliant products and services in the region. We aim to achieve international renown for our offerings under the umbrella of “ADCB Meethaq •Shari’ah Compliant Financial Solutions” said Mr. Eirvin Knox, CEO, ADCB.

Mr. Ala’a Eraiqat, Executive Vice President and Head, UAE Banking said “The awards reflect our commitment to provide innovative Shari’ah Compliant Financial solutions to our customers and we dedicate this honour to them.”

Regarded as the benchmark awards for Islamic financial services globally, the Euromoney Islamic Finance Awards are now in their 5th consecutive year. This year’s awards process, which began in October 2006, attracted over 70 submissions from financial houses globally competing for the 21 awards that Euromoney presented. Euromoney’s dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as KPI’s, innovation and promotion of the Islamic finance industry over the 12 month period to decide the award winners.

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