islamic finance

July 7, 2020

The Islamic Development Bank Group (IsDB Group) has announced that it is combatting the effects of the Covid-19 pandemic with the launch of a $2.3 billion package, along with three initiatives that are in partnership with the UAE Ministry of Economy and AIM.

Speaking at a recent webinar, experts noted that the prime goal behind the initiative is to promote and provide a robust platform for investment and trade opportunities. The three online initiatives were to help the OIC member countries with their economies and to support the private sector, trade, exports, and FDI.

Bandar"...

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July 6, 2020

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has recorded high levels of digital adoption across its retail and corporate banking services in the first half of 2020.

Nearly 60% of ADIB’s retail customers have used digital channels, registering more than 2 million transactions every month as customers conduct a wide range of banking activities, such as applying for cards and financing or paying bills, all from the comfort and convenience of their own home, said a statement.

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July 1, 2020

DUBAI, 30th June, 2020 (WAM) -- Nasdaq Dubai has announced that it welcomed the listing today of a US$300 million Sukuk issued by Dubai Islamic Bank, DIB.

The issuance was a tap on a US$1 billion Sukuk that listed on Nasdaq Dubai on 16th June, 2020. DIB earmarked the funds raised to support its customers and the business community as economies start to overcome challenging market conditions.

DIB is the leading UAE-based Sukuk issuer by value on the region’s international exchange with a total of US$6.3 billion including the latest US$300 million listing.

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March 12, 2020

DUBAI, 11th March, 2020 (WAM) -- Emirates Islamic has announced that its net profit increased by 15 percent, reaching AED1.061 billion in 2019, the highest ever in the bank’s history.

A review of the year ended 31st December 2019 was presented at the General Assembly Meeting of the bank, where it was announced that total income increased by eight percent to AED2.7 billion, and financing and investing receivables were at AED37.5 billion, increased by four percent from end 2018.

Emirates Islamic reported that customer deposits stood at AED45.3 billion, showing"...

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March 10, 2020

DUBAI, 9th March, 2020 (WAM) -- The Dubai Islamic Economy Development Centre, DIEDC, and the United Nations Development Programme, UNDP, signed a Memorandum of Understanding, MoU, to enhance their collaboration and align the DIEDC’s stakeholders with the Sustainable Development Goals, SDGs.

The agreement provides a framework to leverage the natural synergy between the two organisations with a focus on generating knowledge and research related to the Islamic economy and the SDGs, as well as on using the UNDP’s SDG expertise in the DIEDC's initiatives across the Islamic economy sectors and helping the DIEDC’s stakeholders"...

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February 24, 2020

SHARJAH, 23rd February, 2020 (WAM) -- During the 44th General Assembly of the Sharjah Islamic Bank, SIB, held on Saturday, 10 percent of the profits were distributed to shareholders, including five percent in cash and five percent of bonus shares, approved after the bank reported a net profit of AED545.5 million last year, an increase of seven percent compared to 2018, when profits reached AED510.4 million.

The meeting was headed by Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors, in the presence of the members of the board and the executive management of the bank.

The"...

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February 17, 2020

DUBAI, 16th February, 2020 (WAM) -- The Secretary-General of International Halal Accreditation Forum, IHAF, highlighted the importance of developing ISO-level halal standards to capitalise on the Islamic economy, which is projected to reach AED11.7 trillion ($ 3.2 trillion) by 2024, according to the Global Islamic Economy Report 2019/2020.

In her speech at the 5th Global Halal Industry Platform, which gathered hundreds of governments, experts and stakeholders from all around the world to discuss the key challenges and opportunities in the international halal economy, Dr. Rehab Al Ameri noted the importance of facilitating the development of"...

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February 13, 2020

Abu Dhabi Islamic Bank (ADIB) net profit for 2019 grew four per cent to Dh2.6 billion, mainly due to cost discipline.

Operating Profit increased 4.4 per cent to Dh3.2 billion, driven by a 3.1 per cent growth in customer financing to Dh81.1 billion, a 30.7 per cent increase in investment income to Dh687 million and a 23.6 per cent rise in foreign exchange income to Dh317.5 million.

Group net revenues increased by 2.5 per cent in 2019 to Dh5.9 billion. Total assets as of 31 December 2019 were Dh125.9 billion, representing an increase of 0.6 per cent from Dh125.2 billion"...

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February 12, 2020

The first overseas branch of Maybank Islamic Berhad, the largest Islamic bank in Malaysia, has opened in Dubai.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and president of Dubai International Financial Centre (DIFC) attended the official opening at DIFC.

Maybank Islamic is the Shariah-compliant division of Malaysia’s largest lender Malayan Banking Berhad and one of the leading arrangers in Bloomberg’s Global Sukuk League Table.

Maybank Islamic’s"...

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February 11, 2020

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), attended the official opening of the first overseas branch of Maybank Islamic Berhad (Maybank Islamic), the largest Islamic Bank in Malaysia and the Asean region by assets size, in Dubai at DIFC.

Maybank Islamic is the Shariah-compliant division of Malaysia's largest lender Malayan Banking Berhad (Maybank), and one of the leading arrangers in Bloomberg's Global Sukuk League Table. Maybank Islamic's total assets stood at more than $57.35 billion as at September 30,2019.

Sheikh"...

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