islamic finance

January 26, 2020

Sharjah Islamic Bank's (SIB) 2019 annual net profit grew seven per cent to Dh545.5 million in 2019, as compared to Dh510.4 million recorded in the previous year.

Total assets reached Dh46.4 billion at the end of 2019, a 3.7 per cent increase in comparison to the Dh44.7 billion achieved at the end of 2018. Total operating income reached Dh1.9 billion in 2019, compared to Dh1.7 billion in 2018. An 11 per cent or Dh187.3 million increase brought the net operating income to Dh1.3 billion in 2019, compared with Dh1.1 billion as compared to last year, or 19.9 per cent with an increase of Dh216.1 million.

General"...

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January 25, 2020

(WAM) -- Dubai Islamic Bank, DIB, today announced the completion of the acquisition of Noor Bank in a transaction structured through a share swap. As part of this agreement, DIB has issued 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares.

In a press statement issued by DIB on Thursday, the Bank said that in line with the acquisition process, Noor operations will be completely integrated into DIB. As the acquirer, DIB is fully committed to ensuring that the transition is seamless for customers of both banks and that they continue to enjoy the best possible banking experience throughout the integration.

Commenting"...

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January 23, 2020

DUBAI, 22nd January, 2020 (WAM) -- SHUAA Capital today announced that along with other parties, it had successfully priced and issued GFH Financial Group’s five-year sukuk at $300 million. The sale of the sukuk, held 21st January, was more than twice oversubscribed, with orders of over $700 million.

Mustafa Kheriba, Deputy CEO and Group Head of Asset Management at SHUAA, commented, 'SHUAA played an integral role in the successful issuance of the GFH Financial Group’s five-year sukuk. For SHUAA, this is another landmark deal that demonstrates the Group’s strong investment banking capabilities and experience from having managed"...

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January 6, 2020

ABU DHABI, 5th January, 2020 (WAM) -- The Abu Dhabi Islamic Bank, ADIB, a leading financial institution, has signed an agreement to provide a US$80 million Shariah-compliant Ijara facility to the Oman Shipping Company SAOC, OSC, a member of the ASYAD Group, for the financing of two VLCC (Very Large Crude Carriers) tankers within the OSC group.

The transaction represents the OSC's first Sharia-based leasing 'Ijarah', as well as the ADIB's ongoing commitment and ability to finance significant assets in the marine and energy sectors.

'The ADIB has"...

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