The 4th Annual Business Tabloid Awards, conducted at Atlantis The Palm, Dubai, UAE, on the 19th of January, 2023 witnessed a wonderful gathering of global award winners from the best organizations of the world.
One of the esteemed participants, Almarai Company bagged the Best Shariah Compliant Deal 2022 award. Business Tabloid was proud and honored to recognize their continuous commitment to excellence and the community.
The prestigious award felicitated by H.E. Dr. Sania A. Ansari, Chairperson / CEO at Ansari Group Ltd, was received by Mr Imtiyaz Shaikh, Assistant Treasurer and Mr Junje Floron, Treasury Manager.
Shariah-compliant funds have expanded in popularity only recently, even though the concept was first developed in the late 1960s. The concept requires considerable effort to implement, since much attention must be paid to compliance with a comprehensive set of rules and requirements guided by the Shariah principles.
Almarai not only provides fresh and healthy products to its consumers, but also works with them hand in hand to support local communities in order to achieve a real positive impact through its corporate social responsibility program. It is worth mentioning that Almarai is the largest vertically integrated dairy company in the world and the largest in the production and distribution of food and beverages in the region. Its brand ranks first in classifying consumer brands in the Middle East and North Africa.
The Almarai deal that won the “Business Tabloid” award was a long-term loan acquired from Three banks in the Kingdom of Saudi Arabia for the refinancing of the SAR1.6 billion Sukuk redeemed in September 2022.
