| 14 Feb 2009 |
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Emirates Islamic Bank profits leap to 68%
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United Arab Emirates, Dubai February 14th 2009: Emirates Islamic BankEmirates Islamic Bank
has announced the results of 2008, recording a net profit, excluding depositors' share, of AED 401 million, an outstanding increase of 68% on compared to AED 239 million for 2007.Total income for 2008 grew to AED 1.5 billion from AED 961 million in previous year, reflecting strong growth of 56%. As for depositors' share of profit, it reached an outstanding amount of AED 634 million. The Bank's total assets increased by 56% to AED 26 billion compared to the end of December 2007.
The customers' accounts (including banks and government accounts) grew by 60% to AED 23.7 billion, with an increase of AED 8.8 billion than that at the end of December 2007. Shareholders' equity reached AED 1.6 billion at the end of 2008, recording an increase of 19% compared to end of December 2007. Meanwhile, return on capital has reached 43% for 2008.
Commenting on the results, Mr. Ebrahim Al Shamsi, CEO, Emirates Islamic BankEmirates Islamic Bank, said: "Our success in achieving our strategies led us, Praise be to Allah, to strengthening our stand as one of the fastest growing and developing Islamic banks. The impressive financial results and winning two prestigious awards (The MRM and Ethos Awards) are the best evidence of the ability of the Bank to achieve its targets". The CEO has further added "This has ensured that our customers as well as our shareholders and employees get their due rewards from this success which, with the Blessing of Allah, would not have been possible without them. I take this opportunity to thank them all and would like to say with confidence that we will grow from success to success in the future, In Sha' Allah".
Among the Bank's key initiatives in 2008 was the launch of "Skywards Emirates Islamic BankEmirates Islamic Bank
Credit Card", the first air miles credit card in full compliance with Islamic Sharia in the region, tailored to suit the needs of frequent travelling customers. The Emirates Islamic BankEmirates Islamic Bank had won the 2008 Mohammed Bin Rashid Al Maktoum Business Award for Finance category which is considered one of the most sought-after categories within the MRM Business Awards. Furthermore, the bank had won the prestigious Ethos Consultancy Award as the Best Islamic Bank for 2008.
Also during 2008, the Bank along with other Gulf and Arab financial institutions, as Gulf Finance HouseGulf Finance House
, have incepted "First Energy BankFirst Energy Bank" in Bahrain with a capital of $ 1 Billion (Our share is $ 103 million), as well as "Cemena HoldingCemena Holding" for cement industries in Bahrain with a capital of $ 500 Million (Our share is $ 60 million).In addition, the Bank launched a number of successful funds such as "Jawhara Greens" with a value of $ 250 Million (Our share is $ 30 million) and "Danat India" with a value of $ 163 Million (Our share is $ 10 million).
Apart from achieving these outstanding results, the Bank's management spares no effort in offering innovative products and services that cater to the different customers' needs.
-Ends-
:Emirates Islamic BankEmirates Islamic Bank
opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari'a-compliant financial solutions. The Bank offers a range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.
On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region.
The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients.
Emirates Islamic BankEmirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within almost three years of its inception Emirates Islamic BankEmirates Islamic Bank has managed to position itself as one of leading financial players in the UAE's banking sector. The bank's rapid growth and success is mainly due to its continued successful launch of Shari'a compliant products, services and other key business initiatives.
EIB is headquartered in Dubai, employs more than 800 staff and has currently 28 branches across the UAE.
Issued on behalf of Emirates Islamic BankEmirates Islamic Bank by tamra C2 PR.
For additional information please contact
Suzan Barhoush,
PR General Manager
suzan@tamra-c2.com
Tel: 04 295 11 77.
Fax: 04 295 11 88
© Press Release 2009
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