Banking, Finance & Takaful

Saeed Bin Ahmed Al Lootah dies, Sheikh Mohammed pays tribute to business leader

A pioneering Emirati businessman, Saeed Al Lootah laid the foundation of S.S.Lootah Contracting Company as a joint venture with his brother Sultan in 1956.

“Today, Hajj Saeed Ahmed Lootah passed away. He established the first Islamic bank in the world. He was a self-made businessman who has had his imprints on Dubai’s economy – 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,” Sheikh Mohammed wrote on his twitter account.

He also established a number of companies, organizations and societies, including the Dubai Consumer Cooperative, and the Dubai Islamic Bank.

Source: Gulf News

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