Saeed bin Ahmed Al Lootah, Founder of the World’s First Islamic Bank, Passes Away

Haj Saeed bin Ahmed Al Lootah, the founder of the world’s first Islamic bank, Dubai Islamic Bank (DIB), has passed away at the age of 97. DIB was incorporated in 1975 to provide a Shariah-compliant alternative to conventional banking.

In addition to DIB, Saeed Al Lootah also established a construction company as a joint venture with his brother in 1956, the S.S. Lootah Contracting Company. Since then the S.S. Lootah Group has diversified into various industries such as food, real estate, energy, hospitality, financial services, applied research, healthcare and education.

Paying respects to Ahmed Al Lootah, Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of th...