Haj Saeed bin Ahmed Al Lootah, founder of Dubai Islamic Bank, dies

Sheikh Mohammed and Sheikh Hamdan paid tribute to the founder of the world’s first Islamic bank

Haj Saeed bin Ahmed Al Lootah

Image courtesy: Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum via Twitter

Prominent Emirati businessman Haj Saeed bin Ahmed Al Lootah who founded the world’s first Islamic bank, the Dubai Islamic Bank in 1975, died on Sunday, June 29.

Apart from establishing societies like the Dubai Consumer Cooperative, Al Lootah who was born in 1923, also established the S.S. Lootah Contracting Company, a joint venture with his brother Sultan in 1956.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as well as Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council, took to Twitter to express their condolences.

“He was a self-made businessman who has had his imprints on Dubai’s economy,” said Sheikh Mohammed adding the Al Lootah was “best known for his philanthropic work and as a father of many orphans.”

“I knew him as a rational and wise man. May Allah the Almighty rest your soul in peace and accept his deeds, and grant his family patience and solace,” noted Sheikh Mohammed too.

In a similar tribute to Al Lootah, Sheikh Hamdan tweeted: “He established the world’s first Islamic bank in 1975 and launched charitable educational institutions and left an exceptional footprint in sponsoring orphans that will remain immortal in the memory of many.”