National Bank For Development Named Best Islamic Bank In Egypt

In a step that confirms its leadership in the banking sector, for the 3rd consecutive year the National Bank for Development (NBD) in cooperation with Abu Dhabi Islamic Bank (ADIB) won “Best Islamic Bank in Egypt” and “Best Islamic Private Bank” for 2012. The awards resulted from the international poll for the best banks conducted by Islamic Finance News (IFN) that specializes in assessing and providing news about Islamic banks and the development of the Islamic banking industry worldwide.

Nevine Loutfy, CEO and Managing Director of NBD, stated, “Receiving those two awards from a prestigious international institution confirms that we are on the right track and proves the success of our strategic plan for restructuring that began after ADIB’s acquisition of the bank in 2007, which is expected to achieve greater success in the future.”

Nevine Loutfy added, “I can only attribute the bank’s achievements to the ongoing effort of the team working restlessly to accomplish this success, enabling the bank to provide distinct Shari’a compliant products and services, which have successfully gained customers’ satisfaction and met their diverse needs.”

The selection of the bank for these awards came as a result of an accurate sorting of a large number of readers’ votes on IFN. The votes for NBD came in recognition of the bank’s efforts and progress in implementing a strategic plan for the development of all its operations, achieving higher growth rates and providing innovative banking solutions that are Shari’a complaint which have placed NBD at the top of Islamic banks in the Egyptian market.

The “Best Islamic Bank in Egypt” award witnessed strong competition between banks that offer Shari’a compliant services as well as the Islamic services provided by conventional banks. As for the “Best Private Islamic Bank” the competition was not only on a local level, but it also included a number of other countries such as Malaysia, Bahrain, Indonesia and Oman.

Additionally, ADIB won six awards in the same poll, adding to its long list of awards previously obtained, including “Best Islamic Bank in UAE”, “Best Islamic Retail Bank”, “Best Corporate Finance Deal”, “Best Syndicated Deal”, “Best UAE Deal” and “Best Mudarhba Deal” for the year 2012.