Emirates Islamic, marking its 20th anniversary, reported its highest-ever half-year profit, soaring by 37% to AED 1.7 billion in the first half of 2024.
This remarkable performance underscores the bank's robust growth trajectory driven by enhanced income streams. Total income surged by 15% to AED 2.7 billion, complemented by a 40% increase in operating profits.
The bank's solid capital and liquidity foundation facilitated a landmark achievement, surpassing AED 100 billion in total assets. Customer financing and deposits also saw significant upticks, rising by 15% and 14% respectively compared to the previous year-end figures.
Farid AlMulla, CEO of Emirates Islamic, attributed the stellar results to strategic investments in technology and customer-centric initiatives. He highlighted the bank's pioneering role in digital banking with the introduction of innovative financial solutions, including the region's first Shariah-compliant digital wealth and equity trading platform.
Emirates Islamic's commitment to sustainability was underscored by the issuance of a USD 750 million Sustainability Sukuk, reinforcing its leadership in sustainable Islamic financing. The bank's efforts were recognized with multiple accolades, including 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024 and Euromoney Islamic Finance Awards 2024.
The bank continues to innovate, recently revamping its Emarati Visa Signature Credit Card and launching Fractional Sukuk, broadening investment horizons for customers and reaffirming its dedication to ethical banking solutions.
Emirates Islamic remains steadfast in its mission to deliver superior service and value-driven propositions, cementing its position as a preferred banking partner in the UAE.
News Source: Dubai Media Office
