The winning was announced at the 46th ICD annual conference held in Turkey. MIB won the awards after competing with Islamic banks in over 55 countries.
“Ujaalaa Dhiriulhun”
Ujaalaa Dhiriulhun is most in demand consumer goods in the market. It is designed to assist individuals to purchase lifestyle consumer goods. Customers can purchase goods of a wide variety such as phones, electrical goods, furniture, kitchen ware, construction materials and much more. This facility is based on the Islamic finance concept of Murabaha. Customers can apply for the Ujaalaa Dhiriulhun facility if the person is employed with an employer accepted by the bank, or if the person is a rental income earner. Payments can be made via salary deduction directly in partnership with your employer.
ICD says that the innovation deserved high distinction and award as it encourage other financial institutions to envisage innovation as a prime engine for growth and sustainability, in a rapidly changing age.
At the conclusion of the event, Mr. Sejiny awarded the Winners of its International Financial Innovation Competition titled “ICD’s Finnovation Award 2020 in the presence of many government officials, corporate executives of financial institutions, entrepreneurs FinTechs, businessmen and development practitioners attended the event.
“The Finnovation Award values the ideas, inspiration, and leadership of financial institutions who drive the improvement of the financial industry,” said Mr. Sejiny. “exposing innovative solutions that were successfully implemented in a member country and has the potential to be replicated in other member countries” he added.
This award is introduced and sponsored by ICD to continue its support toward the growth and sustainability of the financial industry with an aim to collaborate in delivering development goals and objectives. ICD encourages all financial institutions with highly distinguished innovations to participate in the 2nd edition of ICD’s global Finnovation Award which will be launched in Q4 2021