15 February 2016

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, 2015.

Commenting on the bank's performance in 2015, Al Qassim said: "I am proud to announce that the Bank has recorded another year of record-breaking success, emerging as one of the fastest growing banks in the UAE. Despite challenging market conditions, Emirates Islamic achieved a net profit of AED 641 million, a 76 per cent year-on-year increase."

The AGM reviewed and approved the Board of Directors' report on the bank's activities and its financial position as at 31 December 2015, and reviewed and approved the bank's auditors' report on the bank's activities and its financial position as at 31 December 2015.

In addition, the AGM reviewed the Fatwa and Sharia Supervisory Board's report and discussed and approved the bank's financial results as at 31 December 2015.

Key Financial Highlights of the year ended 31 December, 2015

• Net profit up 76 per cent to AED 641 million
• Net income up 25 per cent to AED 2.43 billion
• Financing and investing receivables up 31 per cent to AED 34 billion
• Deposits up 25 per cent to AED 39.3 billion

Al Qassim concluded, "We strongly believe that the current market situation provides a unique opportunity for Islamic banking. I see Islamic banking playing an increasingly significant role in the UAE's economy as we create the solutions that support the evolving needs of individuals, corporates and SMEs. With a clearly defined roadmap for the future, I am confident that Emirates Islamic will continue to be a key driving force in fulfilling the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai in making Dubai the global capital of Islamic economy."