Emirates Islamic Bank announces results for the first half of 2007

Total income in the first half of 2007 grew to AED 401 million from AED 207 million in the same period last year, reflecting strong growth of 94 percent. This has contributed to a 126% increase in the profits of the depositors' share compared to the same period of 2006, which was estimated at AED 167 million.

The EIB's total assets increased by 26 percent to AED 13 billion compared to the end of December 2006.

The Bank also reported a 22 percent growth in Islamic Financing and Investments to AED 11.8 billion, exceeding the performance at the close of last year.

The bank's customer deposits grew 26 percent to AED 11.4 billion, with an increase of AED 2.4 billion compared to December of last year.
Total shareholder equity reached AED 1.2 billion at the end of the period, recording an increase of 20 percent compared to the end of 2006. Meanwhile return on capital has reached 20 percent per annum, compared to 18 percent in December 2006.

The first half of the year saw EIB launch its debut Sukuk International offering under its new AED 1.3 billion Sukuk issuance programme. The five-year Sukuk issue was priced at LIBOR + 30 bps. Furthermore, the entire Sukuk was subscribed in record time.

Apart from achieving these outstanding results, the bank's management has continued its strive to offer innovative products and services that cater to different customers' needs.

Among the bank's key initiatives this year was the launch of Al Reem, a specialised banking service designed to fulfil the unique banking and financial needs of women in the UAE.

Furthermore, the bank was the first in the UAE to launch the Visa Infinite credit card, designed to reflect the lifestyle and distinctive needs of the ultra high net worth individuals.

In line with its commitment to introduce innovative banking with the highest security standards, Emirates Islamic Bank became the first Islamic bank in the country to introduce an un-embossed MasterCard chip debit card, one of the card industry's latest innovations.

Commenting on the results, Mr. Ibrahim Al Shamsi, CEO, Emirates Islamic Bank, said: "These proven results demonstrate our progress. Although the bank was only founded towards the end of 2004, we have become one of the UAE's fastest growing and most highly developed banks. And currently we are one of the highest profit distributors on customer deposits in the UAE as well."

He continued: "The bank is moving ahead, developing banking services according to Shari'ah values with a modern and state-of-the art products & services to cater to the individual needs of our diverse community."