Emirates Islamic holds its 42nd General Assembly Meeting

2 Min | 27 March 2018

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its 42nd General Assembly Meeting in Dubai.

Dubai, 27 March 2018: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its 42nd General Assembly Meeting in Dubai.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD presented a review of the financial year ended 31 December 2017.

Commenting on the bank’s performance, Al Qassim said: “2017 marked a significant year for Emirates Islamic. I am pleased to announce that we recorded the highest ever net profit of AED 702 million and the highest ever recorded total assets of AED 61.9 billion since our establishment in 2004. We have significantly increased returns to shareholders with a Return on Equity of 10% in 2017, up from 2% in 2016. As a leading financial institution in the UAE, we continue to contribute to the growth and development of the overall Islamic Finance sector.”

Emirates Islamic Full Year 2017 Financial Highlights:

Net profit for the year increased 565% reaching AED 702 million.
Total Income for 2017 (net of customers’ share of profit and distribution to Sukuk holders) declined by 4% to AED 2.4 billion.
Total Assets at AED 61.9 billion, increased by 4% from end 2016.
Financing and Investing Receivables at AED 33.8 billion, declined by 7%.
Customer Deposits at AED 41.8 billion, increased by 2% from end 2016. Current and Saving account balances increased by 1% from end 2016 and represent 68% of total deposits.
Headline Financing to Deposits ratio at 81%, remains healthy and within the management’s target range.
Capital ratios, as calculated under the Basel III framework, were strong with the Common Equity Tier 1 ratio at 16.2% and the Total Capital ratio at 17.4%.

Al Qassim concluded: “We will continue with our efforts in driving innovation in Islamic Banking and to support the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai to make Dubai the global capital of Islamic economy.”

The following resolutions were passed at the 42nd General Assembly Meeting:

Review and approval of the Directors’ Report for the year ending 31 December 2017.
Review and approval of the Auditors’ Report for the year ending 31 December 2017.
Review and approval of Fatwa & Sharia Supervisory Board Report.
Review and approval of the Consolidated Financial Statements of the bank for the year ending 31 December 2017.
Absolving the Board of Directors and the Auditors from responsibility for the year ending 31 December 2017.
Appointing Ernst & Young as Auditors of the bank for the year 2018 and determining their remuneration.

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