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"...

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"...

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"...

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"...

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."...

February 4, 2020

Dubai Islamic Bank (DIB) is reportedly planning to cut more than 500 jobs at newly acquired Noor Bank as part of cost cuts across both lenders.

Reuters quoted sources close to the matter as saying final numbers on the job losses will emerge after completion of interviews between DIB managers and Noor Bank staff.

DIB has more than 9,000 employees while Noor Bank has between 1,200-1,400 full-time staff, Reuters said.

The report comes just days after DIB secured necessary approvals from the"...

January 30, 2020

ABU DHABI, 29th January, 2020 (WAM) -- Abu Dhabi Islamic Bank, ADIB, has provided through ADIB UK a combined AED 320 million (₤66.6 million) Sharia-compliant structured financing for a private Abu Dhabi-based client to refinance a AED 900 million (₤187.7 million) prime central London healthcare facility and a private Bahrain-based client for the acquisition of a AED 55 million (₤11.5 million) logistics hub in Edinburgh.

The London property comprises one of the most established private healthcare facilities in the UK capital and is operated by an international healthcare group. The Edinburgh property, let to Royal Mail, consists of a distribution"...

January 26, 2020

Sharjah Islamic Bank's (SIB) 2019 annual net profit grew seven per cent to Dh545.5 million in 2019, as compared to Dh510.4 million recorded in the previous year.

Total assets reached Dh46.4 billion at the end of 2019, a 3.7 per cent increase in comparison to the Dh44.7 billion achieved at the end of 2018. Total operating income reached Dh1.9 billion in 2019, compared to Dh1.7 billion in 2018. An 11 per cent or Dh187.3 million increase brought the net operating income to Dh1.3 billion in 2019, compared with Dh1.1 billion as compared to last year, or 19.9 per cent with an increase of Dh216.1 million.

General"...

January 25, 2020

(WAM) -- Dubai Islamic Bank, DIB, today announced the completion of the acquisition of Noor Bank in a transaction structured through a share swap. As part of this agreement, DIB has issued 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares.

In a press statement issued by DIB on Thursday, the Bank said that in line with the acquisition process, Noor operations will be completely integrated into DIB. As the acquirer, DIB is fully committed to ensuring that the transition is seamless for customers of both banks and that they continue to enjoy the best possible banking experience throughout the integration.

Commenting"...

January 23, 2020

DUBAI, 22nd January, 2020 (WAM) -- SHUAA Capital today announced that along with other parties, it had successfully priced and issued GFH Financial Group’s five-year sukuk at $300 million. The sale of the sukuk, held 21st January, was more than twice oversubscribed, with orders of over $700 million.

Mustafa Kheriba, Deputy CEO and Group Head of Asset Management at SHUAA, commented, 'SHUAA played an integral role in the successful issuance of the GFH Financial Group’s five-year sukuk. For SHUAA, this is another landmark deal that demonstrates the Group’s strong investment banking capabilities and experience from having managed"...