Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has reported a 71% increase in net profits to Dh 2.12 billion, driven by financing growth, a low-cost funding base and increased transaction volumes.
The bank reported its total income for 2023 increased by 50% to reach Dh4.77 billion. Meanwhile, its total income for the fourth quarter of 2023 was Dh1.2 billion, marking a 24% year-on-year growth.
“Emirates Islamic delivered the most impressive financial performance in our history
in 2023,” said Hesham Abdulla Al Qassim, Chairman, of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD.
Over the course of the year, Emirates Islamic’s total assets increased by 18% to Dh88 billion in 2023 and customer financing grew by 11% to Dh 53.7 billion in 2023.
“As the flagship Islamic banking arm of the Emirates NBD Group, we exceeded all expectations in 2023, including our highest-ever profit,” said Farid Al Mulla, Chief Executive Officer of Emirates Islamic.
“Our deep expertise and awareness of the demand for Islamic banking provided the opportunity to develop existing products and introduce new services, making Shariah-compliant banking more beneficial for institutional clients and more accessible for individual customers,” he added.
The bank has highlighted its commitment to sustainable development and its core Islamic principles stressing its Dh50 million contribution to a range of charitable initiatives in 2023 through the Emirates Islamic Charity Fund, focused on food, shelter, health, education and social welfare contributions.
Last year, Emirates Islamic marked a first, by issuing a Dh1 billion public Sukuk, which was oversubscribed 2.5 times.