Emirates Islamic Bank Approves 2024 Financials
Emirates Islamic Bank's 49th General Assembly has approved key financial reports for 2024, reflecting a robust performance.
Summary
Emirates Islamic Bank's 49th General Assembly Meeting approved the 2024 financial statements, external auditor's report, Shari’ah compliance, and board remuneration.
The 49th General Assembly Meeting of Emirates Islamic Bank PJSC, a significant event in the UAE's financial sector, marked a pivotal moment as shareholders approved the bank's financial statements and reports for the year ending December 31, 2024. This approval underscores the bank's commitment to transparency and adherence to both financial and Shari’ah standards.
During the meeting, the assembly resolved to approve the Board of Directors' report on the bank's activities, reflecting a year of strategic growth and robust financial performance. The external auditor's report was also sanctioned, ensuring that the bank's financial practices meet the highest standards of accuracy and accountability.
In line with its Islamic banking ethos, the Internal Shari’ah Supervision Committee's report was approved, affirming the bank's compliance with Islamic laws and principles. This is a critical aspect for the bank's stakeholders, as it reinforces the bank's dedication to ethical and Shari’ah-compliant financial practices.
Furthermore, the audited balance sheet and profit and loss account were approved, highlighting the bank's financial health and operational success over the past year. These documents are crucial for investors and stakeholders as they provide a transparent view of the bank's fiscal status and future potential.
Another key resolution was the approval of the Board of Directors' remuneration, amounting to AED 7 million, along with a sitting fee of AED 20,000 for each board committee meeting attended. This decision reflects the bank's recognition of its leadership's role in steering the bank through a successful year.
Considering the bank's solid performance and strategic direction, the outlook for Emirates Islamic Bank appears optimistic. Investors may find this a compelling opportunity to hold their positions in the bank or consider buying, given the bank's adherence to financial integrity and growth potential.
In conclusion, Emirates Islamic Bank's recent General Assembly resolutions highlight a year of strong governance, financial performance, and commitment to Shari’ah principles, making it a potentially attractive proposition for investors looking to engage with a leading Islamic financial institution in the UAE.
Source
Summary
The document is a formal communication from Emirates Islamic Bank to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, summarizing the resolutions adopted during the 49th General Assembly Meeting held on 24 February 2025. The resolutions include the approval of the Board of Directors' report on the bank's activities and financial statements for the year ending 31 December 2024, the external auditor's report, the Internal Shari’ah Supervision Committee's report, and the bank's audited balance sheet and profit and loss account for the same period. Additionally, the remuneration for the Board of Directors was set at AED 7 million, with a sitting fee of AED 20,000 for each attendance at the Board Committee meetings.
