JobXDubai

Emirates Islamic, the Dubai-based Islamic banking arm of Emirates NBD Group, has reported its highest ever half-yearly profit of AED 1.7 billion for the first six months of 2024. This remarkable achievement represents a 37% year-on-year increase, driven by superior levels of both funded and non-funded income.

Key Financial Highlights

• Net Profit: AED 1.7 billion (up 37% year-on-year)
• Total Income: AED 2.7 billion (up 15% year-on-year)
• Operating Profit: Up 40% year-on-year
• Total Assets: Exceeded AED 100 billion milestone
• Customer Financing: Increased by 15% to AED 62 billion

Factors Contributing to Growth

1. Strong capital and liquidity positions
2. Healthy deposit mix
3. Continued customer support
4. Digital-first approach

Digital Innovation

Emirates Islamic has reinforced its commitment to digital banking by becoming the first Islamic bank in the UAE to introduce a Shariah-compliant digital wealth and equity trading platform on its EI+ mobile banking app.

Management Commentary

Farid AlMulla, CEO of Emirates Islamic, stated, “Strong capital and liquidity, combined with a healthy deposit mix, enabled the Bank to continue supporting customers as customer financing increased by 15% to AED 62 billion.”

Market Implications

This record-breaking performance by Emirates Islamic reflects the growing strength of Islamic banking in the UAE and the wider region. It also demonstrates the bank’s ability to adapt to changing market conditions and customer needs through digital innovation and strong financial management.

As Emirates Islamic continues to expand its digital offerings and maintain strong financial growth, it is well-positioned to capture a larger share of the Islamic banking market in the UAE and beyond.

The bank’s success story serves as a testament to the resilience and potential of the Islamic banking sector, particularly in the face of global economic challenges. It also highlights Dubai’s growing importance as a hub for Islamic finance and banking innovation.