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Profit rates increased by 25 bps for first quarter of 2017
Dubai - Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced increased profit rates of up to 2.25 per cent on its Investment Term Deposits, up by 25 bps for the first quarter of 2017. After a strong financial quarter, the bank aims to share its profits with customers.
Emirates Islamic’s net profit for the first quarter of 2017 stood at AED 221 million compared to AED 45 million for the same period last year, reflecting this success in its investment deposits. The Investment Term Deposit is a distinctive profit-bearing product in which profits are generated and distributed from the common Mudaraba pool, which is a joint investment pool between depositors and shareholders.
Commenting on the announcement, Jamal Bin Ghalaita, Chief Executive Officer at Emirates Islamic, said: “Emirates Islamic has worked hard over the course of 2016 to strengthen its balance sheet and we would like to take this opportunity to share the success with our customers. The Investment Term Deposit Account is a high-value saving product that can be utilised to save for long term goals and future planning. With an optimistic outlook for the rest of the year, Emirates Islamic is committed to increasing the benefits of this product for both our valued shareholders and customers.”
Available for individuals, including minors, as well as sole proprietorships, partnerships and Joint Stock and Limited Liability organisations, Emirates Islamic Investment Term Deposits are available in USD and AED currencies. The easy-to-manage deposit can be opened with a minimum requirement of AED 10,000 only and is available for various flexible tenures. The announcement from the bank today is aligned with its ongoing commitment to providing customers with an unparalleled Islamic banking proposition in the UAE.
Earlier this year, Emirates Islamic was recognised for its diverse range of innovative products at the Banker Middle East Product Awards 2017, with the Kunooz savings account recognised as the ‘Best Savings Account’ and the Flex Elite Card named as the ‘Best Islamic Premium Card’. The Bank also won the ‘Service Hero’ award for customer service excellence in the Islamic Banking category.
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About Emirates Islamic:
Established in 2004, as Emirates Islamic Bank, Emirates Islamic is one of the fastest growing banks in the UAE. 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 with a network of 61 branches and 196 ATMs/CDMs 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 Windows 8 mobile platform.
Emirates Islamic has consistently received local and international awards, an acknowledgement of the bank’s strong record of performance, growth and market leading banking practices. The bank was named ‘Best Islamic Bank in the UAE’ at the 2015 World Finance Awards and also won the prestigious Euromoney Award for Innovation in Islamic Finance 2015. In the Islamic Business & Finance Awards 2015, the bank was named ‘Best Retail Bank, UAE’; ‘Best Commercial Bank, UAE’; and ‘Best Wealth Management, ME’. The bank won several industry accolades in 2016, including Innovator in Islamic Finance by Global Finance magazine for EI trade, the world’s first of its kind Shari’a-compliant online Trade Finance and Supply Chain platform and Fastest Growing Bank – UAE at the Banker Middle East Industry Awards 2016.
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
© Press Release 2017
