Emirates Islamic declares higher profit rates on Investment Term Deposits
May 15, 2017
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced increased profit rates of up to 2.25 per cent on its Investment Term Deposits, up by 25 bps for the first quarter of 2017. After a strong financial quarter, the bank aims to share its profits with customers.
Emirates Islamic’s net profit for the first quarter of 2017 stood at AED 221 million compared to AED 45 million for the same period last year, reflecting this success in its investment deposits. The Investment Term Deposit is a distinctive profit-bearing product in which profits are generated and distributed from the common Mudaraba pool, which is a joint investment pool between depositors and shareholders.
Commenting on the announcement, Jamal Bin Ghalaita, Chief Executive Officer at Emirates Islamic, said: “Emirates Islamic has worked hard over the course of 2016 to strengthen its balance sheet and we would like to take this opportunity to share the success with our customers. The Investment Term Deposit Account is a high-value saving product that can be utilised to save for long term goals and future planning. With an optimistic outlook for the rest of the year, Emirates Islamic is committed to increasing the benefits of this product for both our valued shareholders and customers.”
Available for individuals, including minors, as well as sole proprietorships, partnerships and Joint Stock and Limited Liability organisations, Emirates Islamic Investment Term Deposits are available in USD and AED currencies. The easy-to-manage deposit can be opened with a minimum requirement of AED 10,000 only and is available for various flexible tenures. The announcement from the bank today is aligned with its ongoing commitment to providing customers with an unparalleled Islamic banking proposition in the UAE.
Earlier this year, Emirates Islamic was recognised for its diverse range of innovative products at the Banker Middle East Product Awards 2017, with the Kunooz savings account recognised as the ‘Best Savings Account’ and the Flex Elite Card named as the ‘Best Islamic Premium Card’. The Bank also won the ‘Service Hero’ award for customer service excellence in the Islamic Banking category.