aafaq Islamic Finance Wins Three Prestigious Awards07 Dec ,2016
Dubai - United Arab Emirates, November 29, 2016: Through the annual Islamic Business & Finance Awards, Aafaq Islamic Finance, leading provider of Islamic financial services in the United Arab Emirates, won three prestigious awards from CPI Financial, including “Best Islamic Finance Company 2016 - UAE”, “Most Socially Responsible Finance Company 2016 - UAE” and “Most Innovative Finance Company 2016 - UAE”.
The awards ceremony held at the Emirates Towers Hotel in Dubai to celebrate the outstanding achievements of the best individuals and companies operating in the Islamic finance and banking sector, attended by nearly 300 Islamic bankers, financiers and senior staff from around the world.
Organized by publisher CPI Financial, the Islamic Business & Finance Awards recognize the best and the most innovative organizations driving the development of the sector globally. Institutions are nominated by a panel of industry experts and the winners are selected through an extensive online voting process. Leaders of the Islamic business and finance community gather to celebrate the continued development of the industry; this high-level crowd makes the event one of the most prestigious events in the Islamic banking industry.
Commenting on the award, Dr. Mahmoud Abdualaal, Aafaq Islamic Finance’s CEO said: “We are delighted to receive this recognition from the Islamic banking industry and our peers around the world. These awards are a proof of the deep belief in the importance of innovation and keeping up with the developments. When we connect innovation with the social responsibility in the private sector, it indicates the practical response to the requirements of the community and its needs. Our main objective in the “Aafaq” is to help companies and customers to realize the true value of Islamic banking in the development of communities, and I am sure we are on track to achieve this ambitious goal”.
During 2016, Aafaq Islamic Finance has provided many innovative initiatives in support of government initiatives, notably the launch of the "Encyclopedia of the Dubai World Icon," and the Operetta "Dubai - Icon of the World," and the launch of the “Waqf Al Marefa" by endowing all versions, researches, encyclopedias and training courses issued by the “Aafaq Center for Research in Islamic Economy”, as well as the launch of the “Aafaq Happiness Index” to keep up with the establishment of the “Ministry of Happiness”. Aafaq also got a "Guinness World Records" certificate on the occasion of achieving a unique world record through the implementation of the largest book in the world, in addition to its many initiatives and strategic partnerships that are in support of innovation efforts and community responsibility in the UAE.
Now in its 11th year, the Islamic Business and Finance Awards focus on recognizing excellence in Islamic and Shari’ah-compliant banking and financial services. A panel of expert judges first selects a shortlist of institutions, which is followed by a 6-week voting process. The winners are declared based on the number of votes each institution receives. Awards such as Best Islamic Bank are based on financial key performance indicators and audited financial results, and Islamic Banker of the Year is based on a majority vote from the panel of judges.