• HSBC

Emirates Islamic Bank tops in profit distribution

  • United Arab Emirates: Sunday, January 20 - 2008 at 12:52
  • PRESS RELEASE

Emirates Islamic Bank announced its profits on investment and savings accounts for the 4th quarter of 2007, recording the highest profit rates in the market on deposits.

The Bank paid the most attractive returns on deposits. The annual rate of 6.75% on the two-year investment accounts is considered the highest return declared in the UAE. The one year, 9 months, 6 months, and three months investment accounts annual rates of 6.00% , 5.62%, 5.25%, and 4.87% respectively, are also considered to be among the highest return in the local banking industry.

Commenting on the results, Mr. Faisal Aqil, General Manager Retail Banking at Emirates Islamic Bank stated:

"The year 2007 witnessed even greater success for Emirates Islamic Bank on all fronts, from new product innovations, product enhancement, network expansion, innovative customer service concepts and on top of all this we maintained our leading position as the highest profit distributor on deposits in the market. Giving such high profit rates to our depositors is our way of saying thank you to them for their support and to also say that we will always aim to help them maximize their returns or benefits on all products & services they take from us."


Emirates Islamic Bank has 22 branches and is expected to open several other new branches in different areas of the UAE in the coming months.
 
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Issued on behalf of Emirates Islamic Bank by tamra C2. For additional information, please contact Randa Gharzeddine or Suzan Barhoush. Tel: 009714 295 11 77
Fax: 00971 4 295 11 88.

About Emirates Islamic Bank:
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari'a-compliant financial solutions.

The Bank offers a range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.

On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region.

The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients.
Emirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within almost three years of its inception Emirates Islamic Bank has managed to position itself as one of leading financial players in the UAE's banking sector. The bank's rapid growth and success is mainly due to its continued successful launch of Shari'a compliant products, services and other key business initiatives.

EIB is headquartered in Dubai and employs more than 800 staff.

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