In 2023, Emirates Islamic achieved impressive milestones, signaling its unwavering commitment to excellence and innovation in the UAE’s banking landscape. The year witnessed a surge in net profit by an impressive 71%, reaching an extraordinary high of AED 2.12 billion.
This surge in net profit was propelled by a buoyant trajectory in both funded and non-funded income streams, reflecting enhanced business sentiment across sectors. The bank’s total income surged by 50% YOY, reaching AED 4.77 billion, an evidence to its adeptness in navigating evolving market dynamics.
Emirates Islamic strategically focused on bolstering core capabilities while investing in future growth. Operating profit surged by 82% YOY, underlining its profound expertise in identifying and capitalizing on market demand for Islamic banking solutions.
Furthermore, the bank’s solid capital and liquidity position, alongside a healthy deposit mix, underscore its commitment to supporting customers and driving sustainable growth. Total assets witnessed a robust 18% increase, reaching AED 88 billion, while customer financing surged by 11% to AED 53.7 billion.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, highlighted the bank’s pivotal role in shaping the Islamic banking landscape, fostering financial inclusion, and spearheading sustainable initiatives. Farid Al Mulla, Chief Executive Officer, emphasized Emirates Islamic’s commitment to digital transformation, talent development, and environmental stewardship.
The bank’s landmark AED 1 billion public Sukuk issuance underscored its commitment to deepening liquidity in the local currency Sukuk market, garnering overwhelming investor confidence. As a stalwart of Emirati talent development, Emirates Islamic remains dedicated to advancing the UAE’s vision of prosperity and sustainability.
