islamic finance

March 12, 2020

DUBAI, 11th March, 2020 (WAM) -- Emirates Islamic has announced that its net profit increased by 15 percent, reaching AED1.061 billion in 2019, the highest ever in the bank’s history.

A review of the year ended 31st December 2019 was presented at the General Assembly Meeting of the bank, where it was announced that total income increased by eight percent to AED2.7 billion, and financing and investing receivables were at AED37.5 billion, increased by four percent from end 2018.

Emirates Islamic reported that customer deposits stood at AED45.3 billion, showing"...

Continue Reading >

March 10, 2020

DUBAI, 9th March, 2020 (WAM) -- The Dubai Islamic Economy Development Centre, DIEDC, and the United Nations Development Programme, UNDP, signed a Memorandum of Understanding, MoU, to enhance their collaboration and align the DIEDC’s stakeholders with the Sustainable Development Goals, SDGs.

The agreement provides a framework to leverage the natural synergy between the two organisations with a focus on generating knowledge and research related to the Islamic economy and the SDGs, as well as on using the UNDP’s SDG expertise in the DIEDC's initiatives across the Islamic economy sectors and helping the DIEDC’s stakeholders"...

Continue Reading >

February 24, 2020

SHARJAH, 23rd February, 2020 (WAM) -- During the 44th General Assembly of the Sharjah Islamic Bank, SIB, held on Saturday, 10 percent of the profits were distributed to shareholders, including five percent in cash and five percent of bonus shares, approved after the bank reported a net profit of AED545.5 million last year, an increase of seven percent compared to 2018, when profits reached AED510.4 million.

The meeting was headed by Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors, in the presence of the members of the board and the executive management of the bank.

The"...

Continue Reading >

February 17, 2020

DUBAI, 16th February, 2020 (WAM) -- The Secretary-General of International Halal Accreditation Forum, IHAF, highlighted the importance of developing ISO-level halal standards to capitalise on the Islamic economy, which is projected to reach AED11.7 trillion ($ 3.2 trillion) by 2024, according to the Global Islamic Economy Report 2019/2020.

In her speech at the 5th Global Halal Industry Platform, which gathered hundreds of governments, experts and stakeholders from all around the world to discuss the key challenges and opportunities in the international halal economy, Dr. Rehab Al Ameri noted the importance of facilitating the development of"...

Continue Reading >

February 13, 2020

Abu Dhabi Islamic Bank (ADIB) net profit for 2019 grew four per cent to Dh2.6 billion, mainly due to cost discipline.

Operating Profit increased 4.4 per cent to Dh3.2 billion, driven by a 3.1 per cent growth in customer financing to Dh81.1 billion, a 30.7 per cent increase in investment income to Dh687 million and a 23.6 per cent rise in foreign exchange income to Dh317.5 million.

Group net revenues increased by 2.5 per cent in 2019 to Dh5.9 billion. Total assets as of 31 December 2019 were Dh125.9 billion, representing an increase of 0.6 per cent from Dh125.2 billion"...

Continue Reading >

February 12, 2020

The first overseas branch of Maybank Islamic Berhad, the largest Islamic bank in Malaysia, has opened in Dubai.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and president of Dubai International Financial Centre (DIFC) attended the official opening at DIFC.

Maybank Islamic is the Shariah-compliant division of Malaysia’s largest lender Malayan Banking Berhad and one of the leading arrangers in Bloomberg’s Global Sukuk League Table.

Maybank Islamic’s"...

Continue Reading >

February 11, 2020

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), attended the official opening of the first overseas branch of Maybank Islamic Berhad (Maybank Islamic), the largest Islamic Bank in Malaysia and the Asean region by assets size, in Dubai at DIFC.

Maybank Islamic is the Shariah-compliant division of Malaysia's largest lender Malayan Banking Berhad (Maybank), and one of the leading arrangers in Bloomberg's Global Sukuk League Table. Maybank Islamic's total assets stood at more than $57.35 billion as at September 30,2019.

Sheikh"...

Continue Reading >

February 11, 2020

DUBAI, 10th February, 2020 (WAM) -- H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and President of Dubai International Financial Centre attended the official opening of the first overseas branch of Maybank Islamic Berhad (Maybank Islamic), the largest Islamic Bank in Malaysia and the ASEAN region by assets size, in Dubai at DIFC, the leading international financial hub in the Middle East, Africa and South Asia region.

Maybank Islamic is the Shariah-compliant division of Malaysia’s largest lender Malayan Banking Berhad (Maybank), and one of the leading arrangers in Bloomberg’s Global Sukuk League Table."...

Continue Reading >