Emirates Islamic Bank profits leap to 68%

Total income for 2008 grew to Dhs1.5bn from Dhs961m in previous year, reflecting strong growth of 56%.

As for depositors' share of profit, it reached an outstanding amount of Dhs634m. The Bank's total assets increased by 56% to Dhs26bn compared to the end of December 2007.

The customers' accounts (including banks and government accounts) grew by 60% to Dhs23.7bn, with an increase of Dhs8.8bn than that at the end of December 2007. Shareholders' equity reached Dhs1.6bn at the end of 2008, recording an increase of 19% compared to end of December 2007. Meanwhile, return on capital has reached 43% for 2008.

Commenting on the results, Mr. Ebrahim Al Shamsi, CEO, Emirates Islamic Bank, said:

"Our success in achieving our strategies led us, Praise be to Allah, to strengthening our stand as one of the fastest growing and developing Islamic banks. The impressive financial results and winning two prestigious awards (The MRM and Ethos Awards) are the best evidence of the ability of the Bank to achieve its targets."

The CEO has further added: "This has ensured that our customers as well as our shareholders and employees get their due rewards from this success which, with the Blessing of Allah, would not have been possible without them. I take this opportunity to thank them all and would like to say with confidence that we will grow from success to success in the future."

Among the Bank's key initiatives in 2008 was the launch of "Skywards Emirates Islamic Bank Credit Card", the first air miles credit card in full compliance with Islamic Sharia in the region, tailored to suit the needs of frequent travelling customers.

The Emirates Islamic Bank had won the 2008 Mohammed Bin Rashid Al Maktoum Business Award for Finance category which is considered one of the most sought-after categories within the MRM Business Awards. Furthermore, the bank had won the prestigious Ethos Consultancy Award as the Best Islamic Bank for 2008.

Also during 2008, the Bank along with other Gulf and Arab financial institutions, as Gulf Finance House, have incepted "First Energy Bank" in Bahrain with a capital of $1bn (Our share is $103m), as well as "Cemena Holding" for cement industries in Bahrain with a capital of $500m (Our share is $60m).

In addition, the Bank launched a number of successful funds such as "Jawhara Greens" with a value of $250m (Our share is $30m) and "Danat India" with a value of $163m (Our share is $ 10m).

Apart from achieving these outstanding results, the Bank's management spares no effort in offering innovative products and services that cater to the different customers' needs.