Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has reported a net profit of Dh937 million ($255 million) for the first nine months of 2019, a year-on-year increase of 43 per cent.

Financial highlights:

• Total Income of Dh2.1 billion, increased by 11 per cent y-o-y.

• Funded Income margin improved by 20bps year-on-year to 3.17 per cent.

• Total assets at Dh62.7 billion, increased by 8 per cent from end 2018.

• Financing and investing receivables at Dh37.4 billion, up 3 per cent from end 2018.

• Customer accounts at Dh45.2 billion, up 9 per cent from end 2018.

• Current and Savings accounts balances up 3 per cent from end 2018.

• Impaired Financing ratio is at 8.7 per cent with a strong Coverage ratio of 115 per cent.

• Headline financing to deposit ratio at 83 per cent demonstrates healthy liquidity position.

• Tier 1 capital ratio at 19.2 per cent and Capital adequacy ratio at 20.4 per cent.

Salah Mohammed Amin, chief executive officer of Emirates Islamic said: “I am pleased to announce Emirates Islamic’s results for the first nine months of 2019, reporting the highest ever net profit of Dh937 million for this comparable period since our inception in 2004.”

“As a leading Islamic bank, we have taken advantage of the increasing uptake of Islamic banking products in the UAE. Total Income for the first nine months of 2019 stood at Dh2.1 billion, up 11 per cent year-on-year with funded income and foreign exchange being the primary drivers of growth.

“Our customer deposits are up 9 per cent during 2019, with current and saving account balances up by 3 per cent during the same period. The Bank’s balance sheet remains healthy with Tier 1 capital ratio at 19.2 per cent and Capital Adequacy ratio of 20.4 per cent.

“Customer experience has been a primary focus of Emirates Islamic, and we constantly strive to set ourselves apart through the adoption of best-in-class practices, the latest technology and digital innovations. We were the first Islamic bank in the world to launch WhatsApp Chat Banking earlier this year, with high adoption rates,” he added.

“We also became the first Islamic Bank in the UAE to offer Visa’s Dynamic Currency Conversion solution for all non-UAE Visa cardholders. Our Credit cards have been very popular among UAE customers, and we recently launched Cashback Souk; an exclusive online portal for Emirates Islamic card members offering up to 25 per cent cash-back on over 1,500 global brands.

“Emirates Islamic has always played an integral part in the UAE’s growth and development. We are proud to be the official Islamic banking partner of Expo 2020 Dubai. As investments and opportunities arising out of this showcase event continue to increase, we are strategically placed to provide convenient banking solutions to residents and visitors alike and increase the awareness of Islamic banking not only in the UAE, but across the globe,” he concluded. – TradeArabia News Service

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

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