Sheikh Mohamed pays tribute to Haj Saeed Lootah

Dubai - Haj Saeed was the founder of the Dubai Islamic Bank - the world's first Islamic bank.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has paid tribute to Emirati businessman Haj Saeed bin Ahmed Al Lootah, who passed away on Monday.

Haj Saeed was the founder of the Dubai Islamic Bank - the world's first Islamic bank. "Our sincere condolences to the family of Haj Saeed bin Ahmed Al Lootah, a visionary man who dedicated his life to charitable, cultural and educational initiatives. May he rest in peace," Sheikh Mohamed bin Zayed tweeted.

Born in 1923, Haj Saeed was instrumental in setting up the Dubai Islamic Bank (DIB) in 1975 to provide the community with a Sharia-compliant alternative to conventional banking.

He established several companies, organisations and societies, including the Dubai Consumer Cooperative. He also established the Islamic Education School in 1983 and the Dubai Medical College for Girls in 1986.

In 1992, Haj Saeed established the first College of Pharmacology in Dubai. Later he launched the Dubai Centre for Environmental Research, the Dubai Specialised Medical Centre, and the Medical Research Labs for health control and research into medicinal herbs and Islamic (Nabawi) medicine.

He also set up an orphanage.

On Sunday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had taken to Twitter to pay his respects. "He was a trader who started with nothing. His touch is visible in several aspects of the Dubai economy," he said.