Emirates Islamic achieved its highest-ever half-year profit, amounting to Dh1.7 billion in the period between January and June of 2024.
The remarkable 37% increase was propelled by growth in the levels of both funded and nonfunded income. Total income saw a notable 15% improvement, reaching Dh2.7 billion while operating profits surged by 40%.
During this period, the bank’s balance sheet surpassed the Dh100 billion landmark. Expenses decreased 20% year-on-year and the cost-to-income ratio reached 28.8%. Total assets grew by 16% to Dh102 billion.
“This year, Emirates Islamic proudly celebrates 20 years of serving the UAE,’ said Farid AlMulla, CEO of Emirates Islamic. “The bank’s strategic investment in technology and innovation contributed to Emirates Islamic being recognized as one of the UAE’s leading Islamic banks, playing a prominent role in the country’s progress.”
The UAE’s Emirates Islamic announced it had successfully concluded its debut 3-year-term $500 million syndicated financing facility. The facility is the first of its kind raised by a Shariah-compliant financial institution.
Last year, Emirates Islamic issued a Dh1 billion public Sukuk, which was oversubscribed 2.5 times, highlighting the strength of the Dirham Sukuk market, and emphasising confidence in the local currency market from global Shariah-compliant investors.
That same year, the bank reported a 71% increase in net profits to Dh 2.12 billion, driven by financing growth, a low-cost funding base and increased transaction volumes.
