Emirates Islamic Bank announces results for the first half of 2008

Total income for the first half of 2008 grew to Dhs780m from Dhs401m in the same period last year, reflecting strong growth of 95%. As for depositors' share of profit, it reached an outstanding amount of Dhs266m.

The EIB's total assets increased by 100% to Dhs26bn compared to the end of June 2007.

The bank's customer accounts grew 95% to Dhs22.3bn, with an increase of Dhs10.9bn compared to the same period last year.

Shareholder equity reached Dhs1.5bn at the end of the period, recording an increase of 25% compared to end of June 2007. Meanwhile return on capital has reached 68.5% per annum.

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 Skywards Emirates Islamic Bank Credit Card, the first airline co-branded Islamic card in the UAE tailor made to suit the needs of the frequent traveller customer.

Furthermore, the bank has won the prestigious Mohammed Bin Rashid Al Maktoum (MRM) Business Award for Finance category.

On the corporate level, EIB along with other Gulf and Arab financial institutions headed by Gulf Finance House have incepted "First Energy Bank in Bahrain" with a capital of $1bn, as well as "Cemena holding" for cement industries in Bahrain with a capital of $500m.

As for investment, the bank has launched a number of successful funds such as " Jawhara Greens RIA" with a value of $250m which is designed to help investors capitalize on the Real Estate sector in Qatar. Also to capitalize on the booming Real Estate sector in India, the bank have launched "Danat India RIA" with a value of $163m, also it is expected to launch "Global Logistics Navi Mumbai" with a value of $450m.

Together with other financial institutions, EIB has entered into a strategic agreement with "Energy City Development Company" to finance partially the prestigious Energy City project in Qatar. In addition to signing an Dhs1.5bn syndication facility with Amlak finance. EIB jointly lead a syndication for expansion of existing Sahara mall with a total value of Dhs600m with participation from other local and international banks.

Commenting on the results, Mr. Ebrahim Fayez 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 maintained our position as 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."