islamic finance

February 14, 2019

Noor Bank, a Shariah-compliant bank in the UAE, on Wednesday said its 2018 net profit jumped 62 per cent to Dh601 million as compared to Dh371 million in the previous year on the back of strong growth in its core business and impairment charges.

A press statement issued by the Dubai-headquartered bank said that it posted net profit of Dh676 million prior to adjustments for property revaluations, amounting to a 74 per cent improvement in underlying performance.

Its total assets increased by 19 per cent to Dh50.7 billion, becoming the 10th largest bank in the UAE in"...

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February 7, 2019

WAM) -- Dubai Islamic Bank, DIB, rang the market-opening bell today to celebrate the listing of a US$750 million Sukuk on Nasdaq Dubai.

The Sukuk was 4.9 times oversubscribed with a profit rate of 6.25 per cent per annum, with nearly 40% of investor interest coming from outside the Middle East. As a perpetual non-call 6-year Sukuk, it was the first hybrid capital issuance from the GCC in 2019.

DIB is the leading UAE-based Sukuk issuer by value on the exchange with a total of US$6 billion from seven instruments including the latest listing.

Dr."...

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February 5, 2019

Abu Dhabi Islamic Bank (ADIB) reported on Monday 8.7 per cent rise in 2018 net profit to Dh2.5 billion compared to Dh2.3 billion in the previous year, driven by a growth in customer financing and an improvement in provisioning.

The bank said group net revenues increased by 2.4 per cent to Dh5.769 billion compared to Dh5.632 billion in 2017.
The bank said in a statement that the performance was also supported by higher fee income, controlled operating expenses and improved funding costs.

'The bank has built a healthy balance sheet following a strengthening"...

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January 31, 2019

Dubai Islamic Bank reported on Wednesday an 11 per cent jump in net profit for 2018 to over Dh5 billion as its income crossed Dh11.7 billion, up by 15 per cent.

DIB, the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, said net operating revenue grew to Dh8.2 billion, up seven per cent compared to Dh7.69 billion for 2017.

In a statement, the bank said operating expenses dropped to Dh2.32 billion compared to Dh2.336 billion for 2017. While net operating income before impairment charges grew by 10 per cent to Dh5.88 billion, cost-to-income ratio for the year ended at 28.3 per cent compared to 30.4 per cent at the end of 2017.

The bank said its"...

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January 31, 2019

(WAM) -- Sharjah Islamic Bank, SIB, has achieved good results for the full year of 2018 and declared a net profit of AED510.4 million compared to AED477.7 million reported in 2017, showing an increase of 7 percent. An 8 percent cash dividend is proposed for the shareholders.

These results reflect the success of the bank's strategy to achieve steady and stable growth in profitability and its financial position with total operating income reaching AED1.7 billion in 2018 compared to AED1.5 billion in 2017, achieving an increase of AED225.8 million equivalent to 15.2 percent.

Total"...

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