Emirates Islamic Bank has announced the results of the third quarter of 2007, achieving a net profit of AED 144.4 million, compared to 77 million for the same period of 2006, with an impressive increase of 88%.
The total income in Q3 2007 grew from AED 360 million in the third quarter of 2006 to AED 654 million reflecting a strong growth of 82%.
At the end of September 2007, total assets increased by 34%, standing at AED 14 billion compared to AED 10.5 billion at the third quarter of last year. Customers’ accounts grew 31% to AED 12 billion, with an increase of AED 3 billion compared to September of last year. Shareholders’ Equity reached AED 1.2 billion at the end of the period, with an increase of 27% compared to the third quarter of 2006. Meanwhile, earnings per share have risen to 19%, from 10% in September 2006.
Commenting on these results, Mr. Ibrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank said: “Within a year we managed to grow our net profit by 88%. These results reflect the success of our strategic planning, continuous progress, and launching of new products. We have sustained the position of the Bank with the highest profit distribution on customers’ investment & saving accounts in UAE during the last three years. With our customers’ permanent trust, I believe we will achieve even better results in the coming period. Allah willing”.
He also added: “In Q3 of 2007, Emirates Islamic Bank, along with other financial institutions, has led SUKUK issuance of USD 500 million and we will be announcing all details later this month”.
In addition to achieving these outstanding results, the management of the Bank has continued its strive to offer innovative products and services that cater to different customers’ needs.
Among Emirates Islamic Bank’s key initiative in the current year was the launch of Al Reem ladies banking, a specialised banking service designed to fulfil the unique banking and financial needs of ladies in UAE. In addition to being the First Bank in the UAE to launch Visa Infinite credit card and the first Islamic bank in the country to introduce an un-embossed MasterCard chip debit card, one of the latest innovations in the card industry.
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Emirates 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 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 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 and employs more than 800 staff.
