Saeed Al Lootah, founder of the first Islamic bank in the world
Today, we discuss one of the most prominent financial and banking characters in Egypt and the world in modern history, his journey and most prominent achievements; Saeed Al Lootah, founder of the first Islamic bank in the world.
Saeed Ahmed Nasser Al Lootah was born in Dubai 1923, into established family interested in knowledge, commerce, and business, which he learned life science.
After Al Lootah completed his education in schools, he moved to work with his father seas and deserts, his aspirations and dreams grew with him, and his personality grew too.
He also worked as a contractor, civil engineer, and architect with practical experience and insightful engineering thought. He established the first constructor in Dubai in 1956 under the name (S.S. Lootah Contracting), which is continuing and successful until now. He also participated in Dubai Municipality Councils for many years.
His architectural achievements did not stop at that point, and he later became the chairman and founder of the Reconstruction Council of Emirates.
He also participated in the field of education; Establishing an orphan education institution and Islamic School for Education. Also the founder of the first environmental research center in Dubai in 1992.
Moreover, He founded the first consumer cooperative in UAE and Gulf countries under the name of Dubai Cooperative Society for Provision of Islamic Meat, in 1972.
In 1975, he succeeded in establishing Dubai Islamic Bank, becoming the first Islamic bank in the Islamic, Arab and Western world.
Al Lootah participated in many Arab, Islamic and international scientific conferences and seminars in the field of Islamic economics and banks, and contributed to solving banking, administrative and financial problems in many Islamic financial institutions.
Al Lootah was awarded an honorary doctorate from University of Parkton in US in 1999, and another honorary doctorate from The St. Petersburg Institute for Informatics and Automation in agreement with UN in 2003. He was also honored by Cooperation Council for the Arab States of the Gulf for his services in the field of education and the economy in the Arab Gulf states.
Al Lootah was awarded as the first economist in the United Arab Emirates in 1999, and he won Hamdan Awards for Medical Science in 2004, President’s Appreciation Award in 2011, and Scholarly articles for Economic Creativity Award from Arab Thought Foundation in 2012.
Forbes Middle East ranked him among the 100 richest Arabs for 2013, and he won The Islamic Economy Award from Sheikh Mohammed bin Rashid Al Maktoum in 2015.
He was also honored by Arab League as the founder of Dubai Islamic Bank as the first Islamic bank in the world in 2014, as well as for 1001 Inventions.
Al Lootah passed away in June 2020 after a great giving that lasted for many years, and a life full of work, giving and achievement in several sectors.
