islamic finance

November 5, 2017

The Dubai Islamic Economy Development Centre, DIEDC, is gearing up to host the fifth Islamic Economy Award on 27th November, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

A joint initiative of DIEDC and the Dubai Chamber of Commerce and Industry, Dubai Chamber, the award recognises the efforts of institutions and entrepreneurs across the world in offering innovative concepts that best integrate Islamic economy standards and have a positive impact on global socio-economic development.

The"...

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October 31, 2017

Emirates Islamic Bank has affirmed its nine-months profits jumped 4-fold to AED498 million against AED106 million for the same period last year.

The Shariah - compliant bank's total assets reached AED59.9 billion. Financing and investing receivables totalled AED35.3 billion, declining by 3 percent from end-2016 while customer deposits were AED40.8 billion, down by 1 percent from end-2016.

Total income for the first nine months declined 6 percent to AED1.8 billion mainly due to lower one-off gains from the sale of investment properties.

Jamal"...

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October 25, 2017

Dr. Zamir Iqbal, Vice President Finance and Chief Financial Officer of the Islamic Development Bank, IDB, rang the market-opening bell on Tuesday to mark the listing of a US$1.25-billion Sukuk on Nasdaq Dubai, the region's international financial exchange.

The listing supports the economic development and social advancement goals of IDB, an AAA-rated multilateral institution, whose activities include providing financing for development projects in line with Sharia principles to its 57 member-countries. The geographical distribution of investors shows the strong demand for IDB Sukuk, where 53 percent of the five-year Sukuk issuance was acquired"...

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October 24, 2017

The UAE is home to eight Islamic Banks, accounting for approximately 20 percent of total assets in the banking sector, which comprises 23 percent of total domestic credit as of the end of August 2017, Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, said.

'The growth of Islamic banking has been supported by robust growth of deposits that has hit 24 percent of total deposits by the end of August,' Al Mansouri stated at the opening of the International Financial Services Board Summit, which started here today.

'The Central Bank, in turn, has"...

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October 23, 2017

Abu Dhabi Islamic Bank (ADIB) Group announced on Sunday that its net profit for the first nine months of 2017 rose 13 per cent year-on-year to AED1.69 billion.

''Net profit for the third quarter of 2017 delivered a 10.8 per cent year-on-year rise,'' the bank said in a press statement.

Revenues increased by four per cent for the first nine months of 2017 to AED4,20 billion driven by growth in fees, FX and investment income.

Customer deposits increase by 0.5 per cent year-on-year"...

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