NBF Islamic recognised as the best “Shari’a-compliant Window of the Year” at The Banker’s Islamic Bank of the Year Awards 2017
Bank to focus on growing market share by servicing customer needs through innovative Shari’a compliant banking services
National Bank of Fujairah (NBF) PJSC announced today that NBF Islamic has been recognised as the “Shari’a-compliant Window of the year” at The Banker’s Islamic Bank of the Year Awards 2017. This prestigious accolade is a clear indication of NBF’s position as the leading provider of comprehensive suite of Shari’a-compliant banking solutions.
In 2014, NBF launched its Islamic window with retail banking services in its home emirate Fujairah in response to growing customer demand for Shari’a-compliant services. In 2015, the bank broadened its offering and launched its Shari’a-compliant corporate banking services to cater to businesses looking for a reliable and trusted banking partner in the UAE. Since its launch, NBF Islamic has grown at a phenomenal pace, recording an operating income of AED 60.4 million in 2016. Indicative of its success, in 2017 to date, it has registered an asset base of AED 3.5 billion and have also seen its total Islamic financing receivables and Islamic customer deposits reaching AED 2.1 billion and AED 3.2 billion respectively.
NBF’s segmented financing approach has seen it cement its position as the “Bank for Business” in the UAE. Over the years, the bank has endeavoured to create bespoke financing solutions for clients by combining its expertise across areas like trade finance and treasury, with its specialised focus on niche areas like energy and marine, precious metals and diamonds, equipment finance and Emirati businesswomen.
NBF’s CEO Vince Cook said: “We are very proud to receive this coveted industry recognition only three years after NBF Islamic’s inception. The proposition’s success to date is a testament to the positive feedback we have been receiving from customers. The UAE market has witnessed an increasing demand for Shari’a-compliant banking services as Muslims and non-Muslims begin to appreciate this model as a viable alternative to conventional banking. The UAE government’s efforts to position itself as a global hub for Islamic finance will spur more demand for these services.”
“At NBF, we have continuously focused on providing innovative solutions commensurate to clients’ needs in the niche space we operate in. 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 while adhering to the best practice governance standards and Shari’a principles. Given the success we have achieved so far, we are eager to grow our portfolio even further and continue to grow our market share while adding value to our clientele.”
This is not NBF Islamic’s first feat; it was awarded the “Best New Islamic Window – UAE” at the Islamic Business and Finance Awards 2016, only two years since its launch. The latest award reflects the bank’s dedication to supporting the government’s aspirations to transform itself into the global capital of Islamic economy.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 across the UAE.