AlSalama Bank shines again with twelve distinctive accolades at Islamic Finance News Awards

ASB named “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for a third consecutive year

The bank also won the prestigious “Deal of the Year” award in addition to the above

AlSalama Bank (ASB), the largest Islamic bank in the UAE, received twelve awards at the prestigious Islamic Finance News (IFN) Awards 2017. The Bank was recognized as the “Best Overall Islamic Bank”, “Best Islamic Bank in the UAE”, “Most Innovative Islamic Bank”, and “Best Islamic Bank for Treasury Management” at the IFN Best Banks Poll 2017, building on its success at the event in previous years. An additional seven landmark transactions were also given to the Bank for its excellent performance, including the coveted “Deal of the Year”.

Held at the Ritz Carlton in DIFC, Dubai, on March 11, the IFN Awards are widely respected and recognized by the global Islamic financial community. The awards, which for the first time were hosted as a part of IFN’s World Leaders Summit, celebrate leading Islamic finance service providers from different markets and sectors, while also recognizing financial institutions and intermediaries that have participated in the industry’s most groundbreaking transactions over the year.

Dr. Adnan Chilwan, Group CEO of ASB, commented: “When a simple yet focused vision such as ours is widely spread and well-ingrained across an organization, incredible things happen. Just four years ago, few would have anticipated the performance that the bank has given. But, what may seem like a miracle to those outside, is no surprise to us at all. Quality planning and masterful execution has led to what ASB is today – a global powerhouse in the field of Islamic Finance.

Our vision dictates progressiveness, and this I am happy to say is now akin to second nature within ASB”, he added. “We consider ourselves extremely fortunate to be a key player in Dubai’s drive to lead the development and establishment of a thriving Islamic economy and view this as a massive opportunity for the franchise to enhance and expand locally and internationally. The plethora of awards received at IFN today clearly shows that we are on the right track and I am sincerely thankful to everyone, including the organizers for the honors bestowed.”

Reflective of ASB’s status as the leader in global Islamic finance, the bank was also recognized for seven other groundbreaking local and international transactions it arranged and carried out throughout 2017. Through its successful issuance of the FINCO AED5.046 billion Ijarah Syndication, the Bank won both the “Syndicated Deal of the Year” and the “UAE Deal of the Year” categories. Further reinforcing ASB’s achievements in leading capital market transactions across a variety of sectors, geographies and sovereigns the bank was awarded the “Regulatory Capital Deal of the Year” and the “Bahrain Deal of the Year”, for the Albaraka Banking Group US$400 million Tier 1 Sukuk, whilst the Emirates REIT US$400 million Sukuk transaction earned ASB the “Real Estate Deal of the Year”. Additionally, the PNC Investments AED1.65 billion Bilateral Financing Facility was recognised as the “Mudarabah Deal of the Year”, and the Government of Oman US$2 billion 144A Sovereign Sukuk, the “Oman Deal of the Year”.