Emirates Islamic Bank PJSC
Ticker/ISIN
EIB
AEE000501016
Market/Country
Dubai Financial Market
United Arab Emirates
About Emirates Islamic Bank PJSC
Country of Origin: United Arab Emirates (U.A.E)
Emirates Islamic Bank formerly Middle East Bank (the “Bank”) was incorporated by a decree of His Highness the Ruler of Dubai as a conventional Bank with limited liability in the Emirate of Dubai on 3rd of October 1975. The Bank was re-registered as a Public Joint Stock Company in July 1995 and is regulated by Central Bank of United Arab Emirates.
At an extraordinary general meeting held on 10th of March 2004, a resolution was passed to transform the Bank’s activities to be in full compliance with the Islamic Sharia’. The entire process was completed on 9th of October 2004 (the “Transformation Date”) when the Bank obtained UAE Central Bank and other UAE authorities’ approvals. The Bank is a subsidiary of Emirates NBD PJSC, Dubai (the “Group Holding Company”). The ultimate parent company of the Group Holding Company is Investment Corporation of Dubai, the company in which the Government of Dubai is the major shareholders. The Bank is listed at Dubai Financial Market.
Latest Pressrelease Summaries from Emirates Islamic Bank PJSC
Emirates Islamic Bank PJSC has announced an extension for nominations to its Board of Directors until December 10, 2024. Shareholders who meet the nomination criteria can apply by emailing BODElection@EmiratesNBD.com, including their profile, required documents, and the type of membership they seek (Non-Executive or Independent Director). Seven board members will be elected, and nominations are open for ten days from the announcement date, per Article 9 of the governance guidelines. Applications submitted after the deadline will not be accepted. Candidates must comply with various regulations and standards, and once submitted, nominations cannot be transferred to another person. All nominations are subject to evaluation and approval by the Central Bank of the UAE. The Bank will publish nominees' details on its website two days before the Annual General Assembly Meeting. Required documents must be submitted within the nomination period, or the application will be void.
Emirates Islamic reported a record profit of AED 2.5 billion for the first nine months of 2024, marking a 52% year-over-year increase. The bank's income rose by 16% to AED 4.1 billion, driven by growth in funded and non-funded income and a 24% increase in customer financing. In the third quarter of 2024, profits rose by 92% to AED 835 million, with income up 16% to AED 1.4 billion. Key performance highlights include a 16% increase in total income, a 10% decrease in expenses, and a 31% improvement in operating profit. The bank maintains a strong capital and liquidity position, with total assets at AED 107 billion and customer deposits at AED 74 billion. The non-performing financing ratio stands at 4.9% with a coverage ratio of 135%.
Emirates Islamic Bank, a public joint stock company based in Dubai, has released its unaudited group condensed consolidated interim financial statements for the nine-month period ending on September 30, 2024. The bank's head office is located on the 3rd floor of Building 16 in Dubai Health Care City, Dubai, United Arab Emirates. For more information, the bank can be contacted via phone at +971 600599995, fax at +971 4 3582659, or through their website at www.emiratesislamic.ae.
The Board of Directors of Emirates Islamic Bank (P.J.S.C) held a meeting on 16 October 2024. During the meeting, they approved the minutes from the previous board meeting held on 17 July 2024, approved the financial results for the three-month period ending on 30 September 2024, and discussed normal business activities. The letter is addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, and is signed by Dr. Ahmed Alkhalfawi, the Group Company Secretary of Emirates NBD Bank (P.J.S.C). A copy of the letter was also sent to the Securities & Commodities Authority.
The Board of Directors of Emirates Islamic Bank (P.J.S.C) is scheduled to meet on Wednesday, 16 October 2024, at 3:00 pm. The agenda includes approving the minutes of the previous board meeting, reviewing the financial results for the three-month period ending 30 September 2024, and discussing normal business activities. The communication is addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, and is sent by Dr. Ahmed Saeed Alkhalfawi, the Group Company Secretary of Emirates NBD Bank (P.J.S.C). A copy of the communication is also sent to the Securities & Commodities Authority.
Emirates Islamic reported a record profit of AED 1.7 billion for the first half of 2024, marking a 37% increase from the previous year. The bank's total assets surpassed AED 100 billion, reflecting a 16% growth. Total income rose by 15% to AED 2.7 billion, while operating profits increased by 40%. Expenses decreased by 20%, and impairment allowances dropped by 46%. The bank's net profit margin stood at 4.56%, and the cost-to-income ratio was 28.8%. Emirates Islamic's capital and liquidity remained strong, with a Common Equity Tier 1 ratio of 18.4% and a capital adequacy ratio of 19.6%. The bank received several awards, including 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024.
Emirates Islamic Bank (Public Joint Stock Company) has released its unaudited group condensed consolidated interim financial statements for the six-month period ending on 30 June 2024. The bank's head office is located on the 3rd floor of Building 16 in Dubai Health Care City, Dubai, United Arab Emirates. Contact information includes a telephone number (+971 600599995), fax number (+971 4 3582659), and the website www.emiratesislamic.ae. The bank's P.O. Box number is 6564.
Emirates Islamic reported a record profit of AED 811 million ($220.7 million) for Q1 2024, a 35% increase year-on-year. The bank's total income grew by 19%, driven by higher funded and non-funded income streams. Operating expenses increased by 1% as the bank invested in future growth. Impairment allowances decreased by 56% and operating profit grew by 28%. The bank's total assets increased by 8% to AED 95.0 billion, customer financing increased by 6% to AED 57.0 billion, and customer deposits increased by 9% to AED 66.7 billion. The bank's non-performing financing ratio improved to 5.8% and its capital adequacy ratio reflected a strong capital position at 19.9%.
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News Update From Emirates Islamic Bank PJSC
Disclosure: Resolutions of General Assembly
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