Dubai, an emirate in the United Arab Emirates (UAE), is a major business hub in the Middle East. Home to such iconic skyscrapers as Burj Khalifa and famous for its skyline, Dubai attracts a lot of world attention for its innovative construction projects such as The World Islands and the Palm Jumeirah. A global city offering unique and unmatched living experiences, Dubai has carved a niche for itself. It has several other rapidly growing industries thriving in its heartland – majority of which fall under real estate and financial services sectors. The top companies in Dubai include brands like Emirates NBD, EMAAR Properties, Dubai Islamic Bank, Damac Properties & Emaar Malls Group along with companies like Emirate Integrated Telecommunications, Mashreq Bank, Commercial Bank of Dubai, Dubai Investments and Emirates Islamic Bank. Here is the list of the top 10 companies in Dubai 2016.
10. Emirates Islamic Bank PJSC
Founded on the 4th October 1975, Emirates Islamic Bank is a public bank, listed on the Dubai Financial Market (DFM).
Image: company website
Listed on the DFM since May 2005, it is a subsidiary of the even larger bank Emirates NBD, which holds 99.89% ownership in the Emirates Islamic Bank (EIB). The bank has its headquarters in Dubai, United Arab Emirates (UAE), and operates through its six subsidiaries.
The subsidiaries are Emirates Islamic Financial Brokerage Co LLC (100.00%), EIB Sukuk Company Ltd (100.00%), EI Funding Ltd (100.00%), Al Baraka Bank - Syria (10.00%), First Energy Bank (10.00%), Khaleeji Commercial Bank (8.41%). While its commercial banking products and services are provided in the UAE, EIB also functions across Syria, Bahrain and Cayman Islands.
EIB is active in the Retail, Corporate and Investment, and Treasury segments, offering a host of personal and commercial banking products and services. These include deposits (Current and Savings, Fixed, Investment terms), payment cards (Debit, Credit, Prepaid), financing services (Home, Auto, Personal, Commercial property) to name a few. Project financing, takaful banking, wealth management, payroll handling, money exchange services – you name it. It is to be noted that all its products and services are offered through Islamic financing. Even the financial instruments offered by EIB are in conformity with Islamic Sharia. EIB was recently awarded for its innovative product ‘El trade’ for being the world’s first platform to offer Sharia compliant trade finance. Also, as a recognition of its phenomenal growth story in 2015, EIB was recently termed the ‘Fastest Growing Bank’ at the 2016 Banker Middle East Industry Awards. EIB is known both for its cutting-edge innovative products as well as CSR activities.