Dubai's Emirates Islamic comes up with its highest ever half-yearly profit

Dubai: The Dubai-headquartered Emirates Islamic bank hit its highest ever half-year profit tally of Dh1.7 billion in the first-half of 2024.

This resulted from a sharp 37 per cent gain year-on-year, brought on by ‘superior levels’ of funded and non-funded income. On the top-line, Emirates Islamic closed H1-2024 with Dh2.7 billion, up by 15 per cent. Operating profits shot up by 40 per cent.

These were enough to have the bank’s total assets cross the Dh100 billion mark.

“Strong capital and liquidity, combined with a healthy deposit mix, enabled the Bank to continue supporting customers as customer financing increased by 15 per cent to Dh62 billion,” said Farid AlMulla, CEO, in a statement.

“Reinforcing our digital-first approach, Emirates Islamic became the first Islamic bank in the UAE to introduce a Shariah-compliant digital wealth and equity trading platform on our EI+ mobile banking app.

“Digital wealth provides a valuable opportunity as an investment tool in global and local Shariah-compliant stocks and mutual funds.”