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

On 16 April 2025, Emirates Islamic Bank (P.J.S.C) announced that its Board of Directors will meet on Monday, 21 April 2025, at 3:00 pm. The agenda includes approving the minutes of the previous board meeting, approving the financial results for the three-month period ending 31 March 2025, and discussing normal business activities. The communication was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and copied to the Securities & Commodities Authority. The letter was signed by Dr. Ahmed Saeed Alkhalfawi, Group Company Secretary of Emirates NBD Bank (P.J.S.C).

Disclosure: BOD meeting

4 days ago

On April 8, 2025, Dr. Ahmed Alkhalfawi, the Head of Legal at Emirates Islamic Bank (EIB), sent a notification to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. The notification informed that EIB received a notice from Emirates NBD Bank addressed to EIB shareholders about the mandatory acquisition of EIB shares.

Disclosure: Notification from the company

13 days ago

On 28 March 2025, Emirates NBD Bank made a mandatory cash offer to acquire all shares of Emirates Islamic Bank, aiming to own 100% of its issued and paid-up ordinary shares at AED 11.95 per share. Emirates Islamic Bank received an update on 27 March 2025 regarding the results of this offer. Further details are provided in an attached letter, and Emirates Islamic Bank will issue additional announcements about any significant developments in due course. The communication was signed by Dr. Ahmed Alkhalfawi, Head of Legal at Emirates Islamic Bank.

Disclosure: Notification from the company

24 days ago

On 12 March 2025, the Board of Directors of Emirates Islamic Bank (P.J.S.C.) reviewed a valuation report by KPMG, the bank's financial advisor, regarding a mandatory cash offer from Emirates NBD Bank (P.J.S.C.) to acquire all shares of Emirates Islamic Bank. The offer proposes a cash consideration of AED 11.95 per share, leading to Emirates NBD owning 100% of the bank's issued and paid-up ordinary shares. The valuation report suggests a fair value for 100% of the shares ranges between AED 3.68 and AED 4.06 per share. The Board unanimously decided to recommend the offer to the bank's shareholders and to publish a shareholders' circular with the Board's recommendation and a summary of the valuation report.

Disclosure: Notification from the company

a month ago

On 27 February 2025, Emirates Islamic Bank (P.J.S.C.) announced it received a formal offer document from Emirates NBD Bank (P.J.S.C.) concerning a mandatory cash offer. This offer aims to acquire all shares of Emirates Islamic Bank, resulting in Emirates NBD owning 100% of the bank's ordinary shares for AED 11.95 per share. The terms of the offer are detailed in the attached offer document. The Board of Directors of Emirates Islamic Bank will review the offer and will issue further announcements, including a circular to shareholders, in accordance with their decision.

Disclosure: Notification from the company

2 months ago

The general assembly meeting of Emirates Islamic Bank (Public Joint Stock Company) is scheduled for 3:30 PM on Wednesday, March 19, 2025, at Dubai CommerCity, UAE, and online. The meeting will consider a special resolution to amend the Bank's Articles of Association by adding a new article, 14 (bis), which allows any person acquiring at least 90% plus one share of the company's issued share capital to make a mandatory offer requiring minority shareholders to sell or swap their shares. Electronic registration and voting will be available, with a registration link sent by text on March 18, 2025, to investors who have updated their KYC information with DFM. Investors are advised to update their KYC details before this date to receive the link automatically. If not received, investors can request it via email.

Disclosure: Invitation of General Assembly

2 months ago

Emirates Islamic Bank (P.J.S.C.) has received a notification from Emirates NBD (P.J.S.C.) regarding a mandatory cash offer to acquire all of its shares. This acquisition would result in Emirates NBD owning 100% of the issued and paid-up ordinary shares of Emirates Islamic Bank for AED 11.95 per share. The matter has been presented to the Board of Directors of Emirates Islamic Bank, and necessary procedures will be followed according to the Securities and Commodities Authority's regulations on mergers and acquisitions. The Board has considered the offer through a resolution passed by circulation.

Disclosure: Notification from the company

2 months ago

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.

Disclosure: Resolutions of General Assembly

2 months ago