UAE, DUBAI - Finance
CEO, Dubai Islamic Bank (DIB)
Having worked as Deputy CEO of Dubai Islamic Bank for six years, Adnan Chilwan currently serves as CEO. He has had an extensive career spanning nearly two decades in reputable conventional and Islamic banks, such as Dubai Bank, Commercial Bank of Qatar, Mashreq Bank, Abu Dhabi Islamic Bank, and HSBC. He is also a Board Member at Tamweel PJSC, DIB Capital, Deyaar PJSC, Liquidity Management Centre Bahrain, and Dar Al Shari’a Consultancy. He has a degree in Islamic Banking and Insurance and a PhD and an MBA in Marketing and is a Certified Islamic Banker (CeIB). He is also an Associate Fellow Member on the Islamic Finance Professionals Board.
Clearly, this is a huge honor for us and a testament to our belief in DIB and the principles that it was founded on way back in 1975. Established as the first fully-fledged Islamic bank in the world nearly four decades ago, we are globally acknowledged as pioneers in the field of Islamic finance. This award further emphasizes the seriousness and commitment of the industry leaders of the country to this fast growing sector in the financial industry. The awarding of the bank’s founder to me reiterates that industry experts have acknowledged the importance of Islamic finance, the contribution of DIB, and the role of the man himself. We are a cornerstone of the UAE economy, and will continue to use our expertise and financial strength to further the development and progress of this great nation.
Islamic finance is now a clearly established and globally acknowledged phenomenon. The progression over the last four decades, since the inception of DIB, has been massive. Many, including Western countries, seriously believe that this sector offers a more plausible alternative to the age-old conventional model of finance. No wonder then that Islamic finance and banking in the UAE has been growing at nearly double the pace of the conventional sector over the last few years. That said, there is still some progress to be made, particularly in the field of innovation around products and offerings. Liquidity management solutions, factoring, and receivables financing including distributor and supplier finance are typical examples of where Islamic finance can play a major role once quality structures are established in these areas. Further tightening of risk management processes and enhancing operational efficiencies will also go a long way in building a long-term and sustainable model. There are roughly 1.6 billion Muslims in the world, which is significant. Meanwhile, the sector boasts assets of around $1.5 trillion. That represents just 1% roughly of the total global market, which means that we have just scratched the tip of the iceberg. However, trend analysis over the past two decades suggests a CAGR of 20%. Now one might argue that the denominator is small, and hence double-digit growth easy to achieve, but clearly there is growth, which is sustainable.
While customers are at the center of everything we do, we also realize that investment in human capital is crucial for any organization, and not just ours. And, clearly, a partnership with Aon Hewitt actually allows us to bring best practices to the forefront within the human resource arena. The aim of this alliance is to not just review staff remuneration and compensation, but also to identify best fit and talent to support DIB’s strategic agenda over the medium term.
DIB has been synonymous with the growth of Dubai and the UAE. As we positioned Islamic finance to be a key component the financial sector in the country, we engaged with the stakeholders across the market, including the government, and using our expertise and heritage, concluded some of the largest and most landmark deals in the history of Islamic finance. Some of these included huge debt capital market transactions around fund raising for infrastructure development, airports, ports and shipping, and airlines and aviation. That said, we have not forgotten the backbone of the UAE economy, which is trade and built around the large SME segment in the country. Contrary to popular belief, the UAE’s business world is actually 85% composed of SMEs. We have established comprehensive solutions for this sector, catering specifically to their liquidity management needs.
UAE, UAE, DUBAI - Health & Education
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UAE, UAE, DUBAI - Telecoms & IT
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