Emirates Islamic announces third quarter 2015 Results

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, delivered strong results for the period ending September 30th, 2015, recording its 15th consecutive quarter of top line growth.

For the first nine months of 2015, Emirates Islamic announced a net profit of AED534 million, an increase of 109 percent over the same period in 2014. Total operating income (net of customers’ share of profit) grew to AED1,801 million, an increase of 27 percent compared to the same period last year. The bank’s financing book receivables grew by 24 percent to AED32 billion from AED26 billion as of December 31st, 2014.

Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, said, "Emirates Islamic’s strong results for the fourth year running is a successful culmination of our transformation journey. With a firm focus on innovation, we are at the forefront of exciting developments in the UAE’s Islamic Banking sector as the industry grows in strength and influence to support the needs of individuals, entrepreneurs, corporates and SMEs in the UAE."

Bin Ghalaita said, "Islamic Banking is clearly continuing on the growth journey, evidenced by our recent survey into the banking habits of UAE consumers. The first Islamic Banking Index by Emirates Islamic revealed that more than half of people in the UAE have an Islamic banking product and more interestingly, almost 60% of non-Muslims would consider a Shari’a compliant banking product in the next six months. These figures indicate a clear opportunity for further growth in Islamic banking.

"Backed by our strong financials and a solid management team, I am confident that Emirates Islamic is poised to take a leadership position in the sector and continue to support Dubai in its aim of becoming the global capital of Islamic economy," concluded Bin Ghalaita.

Emirates Islamic has recently received a long term Issuer Default Rating (IDR) of ‘A+’ with a Stable Outlook by Fitch, the global ratings agency. Fitch has also affirmed the bank’s support rating of '1'.