Dubai, 4 March 2015: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its Annual General Meeting (AGM) in Dubai. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic presented a review of the financial year ended 31 December, 2014.

Commenting on the bank's performance in 2014, Al Qassim said: "The bank has delivered strong top-line performance for the third year running. Within a competitive environment, we have performed exceptionally across our three core customer segments of Corporate, Small Medium Enterprises (SME) and Personal Banking."

The AGM reviewed and approved the Board of Directors' report on the bank's activities and its financial position as at 31 December 2014, and reviewed and approved the bank's auditors' report on the bank's activities and its financial position as at 31 December 2014.

In addition, the AGM reviewed the Fatwa and Sharia Board's report and discussed and approved the bank's financial results as at 31 December 2014.

Key Financial Highlights of the year ended 31 December, 2014

  • Net profit up 161 per cent to AED 364 million

  • Net income up 28 per cent to AED 1.95 billion

  • Financing and investing receivables up 20 per cent to AED 26.1 billion

  • Fee income up 54 per cent to 521 million

  • Non-performing financing ratio reduced to 10 per cent, down 6 percent from 2013

Al Qassim concluded, "Emirates Islamic has successfully embarked on a journey to emerge at the fore-front of Islamic Banking growth. In support of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to establish Dubai as the global capital of Islamic economy, and driven by a solid leadership team, we are poised to be a key contributor to this thriving sector."

-Ends- 

About Emirates Islamic:
Established in 2004, as Emirates Islamic Bank, Emirates Islamic opened its doors with the clear goal of offering discerning customers Islamic finance solutions. Combining the best in Shari'a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner.

Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum. Its network has expanded to reach over 50 branches and more than 100 ATMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the new Windows 8 mobile platform.

For further information please visit www.emiratesislamic.ae or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae

Tricia Rego | Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: tricia.rego@bm.com | hiba.moussa@bm.com

© Press Release 2015