Bank wins for facilitating real estate financing deal for Abdulwahed Ahmad Rashed Bin Shabib
Dubai, 15 August 2023: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it has received the ‘Best Islamic Real Estate Deal’ award at the prestigious Euromoney Islamic Finance Awards 2023 for leading the Abdulwahed Ahmad Rashed Bin Shabib financing deal.
The bank supported Abdulwahed Ahmad Rashed Bin Shabib, a leading Dubai-based conglomerate, in consolidating a majority of its financing exposure under the Emirates Islamic umbrella, complemented by comprehensive cash management solutions covering various verticals.
The innovative financing deal used a liquidity Murabaha structure to ring-fence cash flows of the wider company across various business verticals, thus providing a blueprint for similar deals in other sectors facing challenging market conditions.
The proceeds from securitising the existing real estate assets enabled the company to diversify its overall business interests and position itself for future investments in sectors including governmental services, pharmaceutical, hospitality and distribution, thus contributing towards the development of the local UAE economy.
Abdulwahed Ahmad Rashed Bin Shabib, Founder & Chairman of Bin Shabib Group added, “We are excited to learn about the recognition received from Euromoney in relation to our landmark deal. We wish to place on record the unique structural capabilities, innovative liquidity solutions and the esteemed customer service offered by the Emirates Islamic team from initiation of discussions until disbursal of facilities.”
Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic added, “We are pleased to be recognised by a prominent institution like Euromoney for our facilitation of a crucial deal of this value and magnitude. Emirates Islamic advised Abdulwahed Ahmad Rashed Bin Shabib by offering a well-structured Shariah compliant financing option, allowing them to consolidate their exposure and helping them diversify their business contributing towards vital sectors.”
The prestigious recognition at the Euromoney Award for Excellence is the latest in a number of accolades received by the bank. Recently, Emirates Islamic was awarded the ‘Most Innovative Sukuk’ award by the globally renowned Financial Times’ monthly publication, The Banker, for its inaugural AED 1 billion dirham-denominated sukuk.
