October 11, 2018

DUBAI: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, awarded the lucky winner of its monthly Kunooz Savings Account draw for July 2018. Indian national Sameer Kariyatta Poil was handed the keys to his Tesla car at the Tesla showroom in Dubai.u2028u2028

Wasim Saifi - Deputy CEO, Consumer Banking and Wealth Management, Emirates Islamic said: 'I would like to extend our warmest congratulations to Mr. Poil, on receiving this well-deserved grand prize. Just like every Tesla winner, I have no doubt that Mr. Poil will have the most wonderful experience driving his new luxurious car.u2028u2028

'We are thrilled to see how the Kunooz Savings Account has been so"...

October 11, 2018

Dubai Islamic Bank (DIB) net profits for first 9 months of 2018 grew 12.1 per cent to Dh3.7 billion from Dh3.3 billion for the same period last year, thanks to higher income from Islamic financing.

The bank's posted net profit of Dh1.26 billion for the third quarter of 2018 as compared to Dh1.16 billion for the same period last year, an increase of 8.6 per cent.

Total income for the 9 months of 2018 was Dh8.53 billion, reflecting 13.6 per cent year-on-year increase, mainly driven by growth in income from Islamic financing that grew by 20.5 per cent to reach Dh6.9"...

October 9, 2018

(WAM) -- Policymakers, industry heavyweights, economists, prominent CEOs and business leaders from around the world will share their insights and predictions on key trends that are expected to reshape the future of the global Islamic economy when they gather in Dubai for the 4th Global Islamic Economy Summit (GIES 2018).

Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre (DIEDC) are organising the high-level summit in cooperation with Thomson Reuters as a Strategic Partner from 30trh to 31st October, 2018.

The first plenary session"...

October 7, 2018

(WAM) -- 06 October 2018 - The Dubai Islamic Economy Development Centre (DIEDC) today released a detailed agenda for the Islamic Economy Week that is set to kick off on Saturday, 27 October, 2018. The event, extending until Thursday, 1 November, 2018, will feature the fourth edition of the Global Islamic Economy Summit (GIES 2018), that also includes the sixth Islamic Economy Award (IEA) ceremony. The week will also host the Islamic Creative Economy Competition (ICEC) and the Global Islamic Business Award, as well as other activities related to various sectors within the Islamic economy.

Following the directives of His Highness Sheikh Mohammed"...

October 2, 2018

(WAM) - Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of ‘Dubai the Capital of the Islamic Economy’ initiative H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has issued directives to hold the Islamic Economy Week from 27 October to 1 November, 2018. The event is organised by the Dubai Islamic Economy Development Centre (DIEDC).

'Guided by the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum to transform Dubai into a global capital of the Islamic economy, we have made steady progress in implementing the strategy"...

September 26, 2018

The number of Islamic bond (sukuk) issuances in the UAE are expected to double this year as compared to last year as some more issuances are in the pipeline which could be released during the remainder of 2018, global ratings agency S&P analysts said on Tuesday.

Mohamed Damak, senior director and global head of Islamic finance, financial institutions ratings, S&P Global, said the number of UAE sukuk issuances had reached $6.4 billion so far this year as compared to $3.7 billion last year. 'Some more issuances are in the pipeline. By 2018-end, we expect them to be issued later this year which will double by the year-end,' Damak"...

September 20, 2018

Al Hilal Bank, rated A2 by Moody’s and A+ by Fitch has successfully closed a $500 million 5-year Senior Sukuk.

The transaction, under Al Hilal Bank’s new management team, marks the first Senior Public Sukuk from the UAE since April 2018, and re-opens the Capital markets for GCC issuers. Al Hilal Bank was last in the market with a Senior Public Sukuk in 2013.

The success of the transaction came on the back of an extensive marketing strategy aimed at updating International and Regional investors with regard to Al Hilal Bank’s strategy and financial performance.

The management team, led by CEO, Alex Coelho, met with over 90 institutional investors in London, Hong Kong,"...