Saeed Ahmed Bin Lootah with Sheikh Mohammed and Sheikh Hamdan. File
Eminent Emirati economist Saeed Ahmed Bin Lootah died on Sunday at the age of 97.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday evening offered condolences to the Lootah family on the death of Saeed Ahmed Lootah.
Sheikh Mohammed expressed his profound sorrow and solace to the family of Saeed Lootah, praying to Allah Almighty to rest his soul in paradise.
Sheikh Mohammed wrote on his Twitter account, “Today Saeed Ahmed Lootah passed away. He was a self-made merchant who contributed significant achievements to the Dubai’s economy, and was the one who established the world’s first Islamic bank. His unlimited benevolence and giving for all never stopped. I knew in him wisdom and tranquillity. I pray to Allah Almighty have mercy on you… accept your deeds … and inspire your family with patience and solace.”
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, said on Twitter, “Today, Saeed Ahmad Al Lootah left us... he combined economic leadership with great benevolence. 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. May Allah have mercy on him, and inspire his family with patience and solace.”
Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Media Council, mourned the death of Saeed Lootah.
Sheikh Ahmed said on Twitter, “We extend our sincere condolences to the family of Saeed Ahmed Al Lootah ... His biography, economic leadership, and his charitable and humanitarian work will remain present in the hearts of many. We ask Allah to grant mercy on him. We belong to Allah and we shall return to Him...”
Saeed Bin Ahmed Lootah was born in Dubai in 1923, to a family interested in knowledge, trade and business. After completing his basic education in schools and other places, he moved to the field of working with his father in the midst of seas and deserts, to fulfil with him his ambitions and dreams, and to develop his personality in the councils of his father and family. The eminent UAE economist Saeed Lootah was the founder and chairman of the Saeed Ahmed Lootah and Sons Group, and the founder of Dubai Islamic Bank in 1975, which is the first Islamic bank in the world, and the Arab Islamic Insurance Company in 1979 and Chairman of the Supreme Council of the Al Lootah International University with Modern Communications.
He also established Dubai Medical College for Girls in 1986, and Dubai College of Pharmacy in 1992, and established the first consumer cooperative society in the UAE under the name Dubai Cooperative Society in 1972.
In the field of education, Saeed Lootah established the “Orphan Education Foundation” in 1982, and the “Islamic School of Education” in 1983, and he was also the founder of the first environmental research centre in Dubai in 1992.
Saeed Lootah participated in many Arab, Islamic and international scientific conferences and seminars in the field of Islamic economics and Islamic banks, and contributed to solving banking, administrative and financial problems in many Islamic financial institutions. He has written many books, including: “Why do we learn?”, “Awtar and and Afkar” Hamasat from the rhymes of Nabati poetry”, “What is Islam?”, “Objectives from founding banks”, “Reflections on Surat Al-Talaq”, “Reflections on Surat Al-Ma`un, “Marriage in Islam is a Worship.”
Saeed Lootah was awarded an honorary doctorate from the “University of Parkton” in the United States in 1999, and another honorary doctorate from the “International Academy for Informatics” in Russia in agreement with the United Nations in 2003, and was honoured by the Gulf Cooperation Council in recognition of his services in the field of education and economics in the region.
Saeed Lootah was awarded the title of First Economist in the UAE in 1999, and awarded the “Sheikh Hamdan Bin Rashid Al Maktoum Award for Medical Sciences” in 2004, the “President Merit Award” in 2011, and the “Economic Innovation Award” from the “Arab Thought Foundation” 2012.
Forbes Middle East ranked him among the “100 Most Rich Arabs in 2013” and he was honoured with the “Islamic Economy Award” from Sheikh Mohammed Bin Rashid Al Maktoum in 2015.
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