islamic finance

April 18, 2019

Emirates Islamic on Wednesday reported 97 per cent year-on-year growth in first-quarter net profit due to increase in core business. It is the highest-ever growth achieved by the bank since its inception in 2004.

In a statement, the Islamic lender said net profit rose to Dh411 million in January-March quarter while net profit surged 54 per cent on quarter-on-quarter basis. The bank attributed strong set of results to balance sheet growth, higher funded income, growth in fee income and"...

Continue Reading >

April 17, 2019

SHARJAH, 16th April, 2019 (WAM) -- Sharjah Islamic Bank, SIB, reported a six percent increase in its net profit, amounting to AED151.7 million in the first quarter of 2019, compared to AED143.1 million reported for the same period last year.

The Bank's total assets reached AED42.8 billion at the end of March quarter with the same level achieved by the end of 2018.

Total customers financing reached AED24.5 billion during January to March period this year compared to AED24.1 billion at the end of 2018 with an increase of AED357.1 million or 1.5 percent.


Continue Reading >

April 15, 2019

Dubai Islamic Bank, the biggest Sharia-compliant lender in the emirate, said it is looking at acquisitions among other options as part of its expansion strategy amid reports it is considering a takeover of a rival lender.

'Dubai Islamic Bank regularly looks at opportunities to support expansion of its activities, including acquiring other financial institutions,' DIB said in a statement to the Dubai Financial Market, where its shares are listed. It is in line with the “strategy and the directions of its board of directors and shareholders”.


Continue Reading >

April 11, 2019

A potential acquisition of Noor Bank by Dubai Islamic Bank would be a positive move for the buyer while further consolidation would benefit the UAE's overcrowded banking sector, according to EFG-Hermes.

There is room for more consolidation among local lenders as the UAE is overbanked, with 22 local and 38 foreign banks, most of which have 'sub-optimal' market shares, the Egyptian investment bank said in a report on Tuesday. The combined bank would have an assets market share of 10 per cent.

'If the DIB/Noor deal goes ahead, our initial impression is"...

Continue Reading >

April 9, 2019

Dubai Islamic Bank said on Monday it does not comment on market rumours after reports that the lender was considering acquiring Noor Bank.

Bloomberg on Sunday reported that the UAE's biggest Islamic lender has held preliminary talks with its smaller rival Noor Bank's shareholders, which are in early stages and may not lead to a deal.

'With reference to market rumour about possible acquisition of Noor Bank by Dubai Islamic Bank. Dubai Islamic Bank has clarified it does not comment on market speculations and rumours,' DIB said in a statement to the Dubai"...

Continue Reading >

April 2, 2019

Dubai has successfully maintained its status as the global capital of the Islamic economy, and is the go-to destination for stakeholders and professionals due to its ability to withstand economic fluctuations, officials at the Dubai Islamic Economy Development Centre (DIEDC) said.

Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of DIEDC, chaired the first board meeting of 2019, and said: 'The 50-year Charter, issued in January 2019 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, gives the Islamic economy a new push towards sustainable growth. Dynamic Islamic"...

Continue Reading >

March 20, 2019

ABU DHABI, 19th March, 2019 (WAM) -- The Abu Dhabi Islamic Bank, ADIB, and the Dubai Islamic Bank, DIB, stressed the continuing their cooperation with the 'Debt Relief Fund' will help UAE citizens address their debts and provide them with a decent life and stability.

They made this statement after yesterday’s reception organised by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for a delegation representing banks that participated in the 'Debt Relief Fund Initiative', which aims to release 3,310 citizens from their debts, accompanied by members"...

Continue Reading >