Dar Al Sharia Wins ‘Mohammed Bin Rashid Al Maktoum Business Innovation Award'

Dubai, UAE; February 23, 2017:  Dar Al Sharia, a subsidiary of Dubai Islamic Bank, won the ‘Mohammed Bin Rashid Al Maktoum Business Innovation Award’ in a glittering and prestigious ceremony held at Madinat Jumeirah in Dubai. Group CEO of Dubai Islamic Bank, Dr. Adnan Chilwan received the award from His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, on behalf of Dar Al Sharia.

Launched by the Dubai Chamber of Commerce and Industry in cooperation with the UAE Ministry of Economy, the ‘Mohammed Bin Rashid Al Maktoum Business Innovation Award’ is currently the nation’s highest level of recognition for companies who deploy outstanding, innovation driven strategies and business practices. The inaugural cycle of the Award has resulted in the adoption of new technological advancements as part of the core strategic agenda among businesses in the UAE and the wider GCC region. The award is exceptionally competitive and received a high volume of entries this year. The first winners have been recognised along with winners of the 9th cycle of the MRM Business Awards.

 “Receiving the Mohammed bin Rashid Al Maktoum Business Innovation Award, is not just a great honor but an immensely humbling experience”, said Dr. Adnan Chilwan, Group CEO, DIB. “Innovation, a critical element for progress, is largely driven by the leadership’s stance and there is no better example in the world for technological advancement and continuous innovation than the leadership of Dubai. Over the years, this has permeated down to the public and private sector entities across all economic segments within the emirate”.

“Ultimately, it is all about ‘making life easier’”, he added. “We, at DIB, are committed to not just innovate, develop, and progress Islamic finance globally, but also to make it a convenient, hassle free and comprehensive model for corporate and retail customers to manage their financial needs. And it is this commitment to innovation that has been the driving force behind our success. On behalf of Dar Al Shariah and DIB, I am truly thankful for this award and wish Dubai and the UAE many more successes and continuous prosperity in the years ahead.”

Also commenting on winning the award, Mian Muhammad Nazir, Head of Dar Al Sharia, said: “The key to Dar Al Sharia’s success has been our dedication to ongoing innovation and further developing services that strengthen and expand the global Islamic finance market. Supported by the largest Islamic bank in the UAE, this award is testament to Dar Al Sharia’s commitment to developing products and services for businesses and consumers within the region and beyond.” 

Dar Al Sharia is a subsidiary of Dubai Islamic Bank and continues to be a pioneer in Islamic finance advisory and consultancy services, having won 27 international awards for its innovative services to date. Most recently it won three international awards including the “Islamic Economy Knowledge Infrastructure” at the Global Islamic Economy Summit; and “Best Islamic Consultancy Firm” and “Best Sharia Advisory Firm” from Islamic Finance News, the world’s leading Islamic finance news provider. In addition, 36 of the deals that were structured and approved by Dar Al Sharia won “Best Deal of the Year” from Islamic Finance News since its establishment.

The achievements further strengthen Dar Al Sharia’s position as a leading provider of Islamic finance consultancy and advisory services. The entity is consistent in its robust approach to Sharia advice, which is reflected in its ongoing success and recognition in what is today considered a highly competitive and progressive industry.