April 19, 2018

Dubai Islamic Bank (DIB) on Wednesday announced that its group net profit for the period ending March 31, 2018, increased to Dh1.2 billion, up 16 per cent compared with Dh1.04 billion for the same period in 2017. The bank's total income increased to Dh2.69 billion, up 13 per cent compared with Dh2.37 billion for the same period in 2017. Net operating revenue increased nine per cent compared to the same period in 2017, while impairment losses stood at Dh168 million. Costs held flat, with cost to income ratio declining to 29.9 per cent compared with 32.8 per cent for the same period in 2017, depicting continued focus on creating efficiencies across the organisation.

'The"...

April 12, 2018

Mashreq Bank has launched a $1 billion programme for issuing multi-currency certificates of deposits in Hong Kong as the Dubai-lender seeks to expand its presence in the fast growing Asian markets amid the UAE's bid to forge closer ties with the region's biggest economy, China.

“Mashreq Bank has been raising its profile in the region for some time now,” said Jan-Willem Sudmann, head of international banking group at Mashreq.

“We first established a presence in Hong Kong in 1978 and have been steadily growing in recent years. The introduction"...

April 9, 2018

Deposits of non-residents in UAE Islamic banks increased by AED4.2 billion over the first two months of 2018, bringing up to AED17.058 billion their total savings in Sharia-compliant banks operating in the country until the end of February from around AED12.81billion in December 2017.

The growth in non-residents' deposits in January and February is a two-year high and translates the confidence of this segment of clients in Islamic banks as compared to traditional banking entities.

Since the beginning of this year, a remarkable growth has been noted in non-residents'"...

April 7, 2018

Islamic finance can play a vital role in mobilising resources for long-term investments to achieve sustainable development goals (SDGs), said a joint report by Islamic Development Bank (IDB) and the World Bank Group.

However, the new report pointed out that resources mobilized by traditional development partners, including governments and multilateral development institutions, for long-term financing of development remain insufficient.

The Global Report on Islamic Finance 2018, subtitled “The Role of Islamic Finance in Financing Long-Term Investments” pointed out that risk-sharing finance could play a key role in mobilizing funds to long-term investments and provided examples of how"...

April 5, 2018

The 4th Islamic Economy Fiqh Forum 2018 will highlight innovation and happiness in the Islamic lifestyle and impact of digital economy and fourth revolution on the Muslims' life, organisers said today.

To be held from the 22nd and 23rd of April, 2015, the Forum is organised the Islamic Affairs and Charitable Activities Department (IACAD) and the Dubai Islamic Economy Development Centre (DIEDC) under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

Dr. Hamad Al Shaibani, Director"...

April 4, 2018

The Dubai Financial Services Authority, DFSA, recently hosted the International Accounting Standards Board, IASB, as part of the Islamic Finance Consultative Group, IFCG, meeting.

The Authority's involvement reflects its commitment to developing an effective and supportive regulatory framework for Islamic finance.

Ian Johnston, Chief Executive of DFSA, while delivering the opening address, said that the DFSA places great importance on maintaining the highest international standards in its regulatory processes including for financial institutions applying Islamic"...

March 28, 2018

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its 42nd General Assembly Meeting in Dubai.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, presented a review of the financial year ended 31 December 2017.

Commenting on the bank’s performance, Al Qassim said: '2017 marked a significant year for Emirates Islamic. I am pleased to announce that we recorded the highest ever net profit of AED 702 million and the highest ever recorded total assets of AED 61.9 billion"...

March 19, 2018

Nasdaq Dubai today welcomed the listing of a US$1.25 billion Sukuk by the Islamic Development Bank, IDB, whose activities include financing development projects for its 57 member countries.

The listing brings the number of Sukuk listings by the IDB on the exchange to nine with a total value of US$11.5 billion, making it one of the largest Sukuk issuers on Nasdaq Dubai.

IDB’s Sukuk support the bank’s economic and social advancement goals in line with Sharia principles. IDB participates in equity capital and grant loans for productive projects and enterprises"...