Prevailing over fierce competition, NBF showcased its steady focus on growing the bank’s Islamic offerings in this space and catering to clients’ evolving requirements across retail and corporate banking.
Hosted by CPI Financial, the Islamic Business & Finance Awards has quickly established itself as a reputable platform for banks and financial institutions aiming to cement their presence in the market and receive recognition from Islamic business leaders.
“We are very proud to receive this award for the second time in a row. Given the global economic slowdown, Islamic finance has made some significant strides in terms of penetrating new customer segments and benefiting from breakthroughs in the sector like the establishment of the Shari'ah standard for gold. As we move forward, we can expect further growth in this space as the UAE focuses on transforming itself into a global hub of Islamic economy,” said Vince Cook, NBF’s CEO.
Earlier this year, NBF announced the completion of the first-ever Shari'ah-compliant bullion financing transaction with Malabar Gold in accordance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards in the precious metals industry in the UAE. By doing so, the bank has not only cemented its position as a reliable business partner but clearly reiterated its focus on developing new innovative solutions that enable customers to invest and bank according to their preferences.
“At NBF, we are committed to leveraging innovation in the sector as we seek to further expand our suite of client-centric solutions. This prestigious win is testament to the growth we have achieved so far; in fact, our Islamic balance sheet has grown significantly following the inception of NBF Islamic. Moving forward, we will keep pressing on our efforts to enhance our capabilities and invest in resources, so we can continue to compete with the more established Islamic financiers in the market,” added Cook.
Following the successful launch of NBF Islamic in 2014, the bank broadened its suite of offerings and launched its Shari'ah-compliant corporate banking services to cater to businesses looking for a reliable and trusted banking partner in the UAE. Today, the bank’s priority is to continue developing NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments.
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