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Emirates Islamic, one of Dubai’s leading financial institutions, has reported its highest-ever profit of Dh2.5 billion for the first nine months of 2024. This remarkable achievement represents a 52% year-on-year increase, setting a new benchmark in the UAE’s Islamic banking sector.

Record-Breaking Performance: By the Numbers

• Profit: Dh2.5 billion (52% increase)
• Income: Dh4.1 billion (16% surge)
• Total assets: Dh107 billion
• Customer financing: 24% increase to Dh67 billion
• Customer deposits: 21% rise to Dh74 billion

Q3 2024: A Quarter of Exceptional Growth

The third quarter of 2024 saw Emirates Islamic‘s profit skyrocket by 92% to Dh835 million, with total income growing by 16% to Dh1.4 billion. These figures underscore the effectiveness of the bank’s strategic initiatives and operational efficiencies.

Driving Factors Behind the Success

1. Robust growth in funded and non-funded income
2. Significant increase in customer financing
3. Stable profit rates maintaining a healthy 4.5% net profit margin
4. 10% year-on-year decrease in expenses
5. 31% improvement in operating profit

Leadership Insights

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, attributes the bank’s success to:

“Our consistent focus on providing innovative financial solutions to our customers, combined with a superior customer service experience backed by the latest technology and automation.”

Farid AlMulla, CEO of Emirates Islamic, highlights the bank’s solid foundation:

“Strong capital and liquidity combined with a healthy deposit mix enabled the bank to better support customers.”

Pioneering Digital Innovation in Islamic Banking

Emirates Islamic continues to lead the charge in digital banking innovation within the Islamic financial services sector:

1. First UAE Islamic bank to launch a Digital Wealth platform on its mobile banking app
2. First Islamic bank in the region to introduce fractional sukuks for investors

Al Qassim emphasises the bank’s commitment to innovation:

“Emirates Islamic continues to lead in digital banking innovation within the Islamic financial services sector. This is evident from our many firsts.”

Looking Ahead: Supporting Regional Growth

AlMulla outlines the bank’s vision for the future:

“With our track record of pioneering innovation, we are always at the forefront of exciting developments in the UAE’s Islamic banking sector to support the needs of individuals, entrepreneurs, corporates and SMEs in the region.”

Implications for the UAE Banking Sector

Emirates Islamic’s record-breaking performance sends a strong signal about the health and potential of the UAE’s Islamic banking sector. As the bank continues to innovate and grow, it’s setting new standards for financial institutions across the region.

For customers, investors, and stakeholders, this news highlights the robust nature of Islamic banking in the UAE and suggests a bright future for those engaged with this sector of the financial market.