Emirates Islamic holds Annual General Meeting
March 04, 2015
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its Annual General Meeting (AGM) in Dubai. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic presented a review of the financial year ended 31 December, 2014.
Commenting on the bank's performance in 2014, Al Qassim said: "The bank has delivered strong top-line performance for the third year running. Within a competitive environment, we have performed exceptionally across our three core customer segments of Corporate, Small Medium Enterprises (SME) and Personal Banking."
The AGM reviewed and approved the Board of Directors' report on the bank's activities and its financial position as at 31 December 2014, and reviewed and approved the bank's auditors' report on the bank's activities and its financial position as at 31 December 2014.
In addition, the AGM reviewed the Fatwa and Sharia Board's report and discussed and approved the bank's financial results as at 31 December 2014.
Key Financial Highlights of the year ended 31 December, 2014
- Net profit up 161 per cent to AED 364 million
- Net income up 28 per cent to AED 1.95 billion
- Financing and investing receivables up 20 per cent to AED 26.1 billion
- Fee income up 54 per cent to 521 million
- Non-performing financing ratio reduced to 10 per cent, down 6 percent from 2013
Al Qassim concluded, "Emirates Islamic has successfully embarked on a journey to emerge at the fore-front of Islamic Banking growth. In support of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to establish Dubai as the global capital of Islamic economy, and driven by a solid leadership team, we are poised to be a key contributor to this thriving sector."