Emirates Islamic Achieves Record-Breaking Profits in 2024, Cementing Its Leadership in Islamic Banking
In a landmark achievement, Emirates Islamic has reported record-breaking profits of 3.1 billion dirhams before taxes in 2024, marking a staggering 46% increase compared to the previous year. This exceptional performance underscores the bank’s robust financial health and its pivotal role in the growing demand for Islamic banking services in the United Arab Emirates.
The bank’s total income surged by 13% to 5.4 billion dirhams, driven by important growth in both funded and non-funded income. Meanwhile, total assets expanded by 27% to 111 billion dirhams, reflecting the bank’s ability to adapt to market demands and maintain a strong financial position.
Key Financial Highlights for 2024
| Metric | 2024 Performance | year-on-Year Change |
|—————————–|—————————-|————————-|
| Profit Before Tax | 3.1 billion dirhams | +46% |
| Total Income | 5.4 billion dirhams | +13% |
| total Assets | 111 billion dirhams | +27% |
| Customer Financing | 71 billion dirhams | +31% |
| Customer Deposits | 77 billion dirhams | +25% |
| Costs | Reduced | -7% |
| Low-Value Allocations | Improved | -28% |
Driving Factors Behind the Success
The bank’s remarkable growth can be attributed to its strong operating performance, characterized by a 24% increase in operating profits and a 32% rise in net profit, wich reached 2.8 billion dirhams. Additionally, costs fell by 7%, and low-value allocations decreased by 28%, thanks to improved credit quality.
Hisham Abdullah Al Qasim,Chairman of Emirates Islamic,highlighted the bank’s achievements,stating,“The Islamic Emirates has achieved its best financial performance ever during the year 2024,which strengthened its position as the fastest-growing Islamic bank in the United Arab Emirates.”
Customer-Centric Growth
Emirates Islamic has also demonstrated its commitment to supporting its customers, with customer financing increasing by 31% to 71 billion dirhams and customer deposits rising by 25% to 77 billion dirhams. Notably, current account balances and savings accounts now represent 70% of total deposits, showcasing the bank’s ability to attract and retain a diverse customer base.
The bank’s credit quality remains strong,with the low-value financing ratio improving to 4.4% and a coverage rate of 142%. Furthermore, its capital adequacy ratio stands at 19.1%, reflecting a robust financial foundation.
A Legacy of Excellence
As Emirates islamic celebrates its 20th anniversary, it continues to play a vital role in advancing the Islamic banking sector. Al Qasim emphasized, “While we celebrate the 20th anniversary of the establishment of the Emirates Islamic and look at the past two decades, we are very happy with the important role that the Emirates Islamic played in the advancement of the Islamic banking sector.”
The bank’s funding-to-deposits ratio of 92% further highlights its strong liquidity position, ensuring it remains well-equipped to meet the evolving needs of its customers and the broader economy.
Looking Ahead
With its record-breaking performance in 2024, Emirates Islamic has solidified its reputation as a leader in Islamic banking. Its ability to deliver exceptional financial results while maintaining a customer-centric approach positions it for continued success in the years to come.
For more insights into the bank’s achievements and its impact on the UAE’s financial landscape, explore the latest updates on Emirates Islamic.Emirates Islamic Achieves Record-Breaking Success in 2024, Sets Sights on Future Growth
In a year marked by unprecedented achievements, Emirates Islamic has solidified its position as a leader in Islamic banking, delivering record profits and innovative financial solutions.Under the visionary leadership of CEO Farid Al Mulla, the bank has not only surpassed expectations but also laid a robust foundation for sustained growth in the years to come.
A Year of Milestones
2024 was a transformative year for Emirates Islamic. The bank achieved its highest-ever profits, driven by strong growth in both funded and non-funded income. “the islamic Emirates surpassed all expectations in 2024,” said Farid Al Mulla. “This success is due to the strong growth in both funded and non-funded income, which led to a net of good profit margin with a low cost of risk.”
The bank’s total assets surged by 27% to AED 111 billion, while funds provided to customers increased by 31% to AED 71 billion. Customer deposits also saw a significant rise, growing by 25% to reach AED 77 billion. These figures underscore the bank’s ability to attract and retain customers while maintaining financial stability.
Innovation and Digitization
Emirates Islamic has consistently prioritized innovation and digitization, investing heavily in technology to provide fast, secure, and seamless banking services. In 2024, the bank launched a range of innovative products, including “partial instruments,” which simplify Sharia-compliant investments and allow customers to diversify their portfolios at lower costs. Additionally,the introduction of pre-profit and phased profit structures has provided greater flexibility for a broader audience of investors.
The bank also developed the Emirati Card Siksrtera, a market-leading credit card offering exclusive privileges for UAE citizens. These initiatives reflect Emirates Islamic’s commitment to meeting the evolving needs of its customers while advancing the principles of Islamic finance.
Commitment to Sustainability
Sustainability remains a cornerstone of Emirates Islamic’s strategy. In 2024, the bank launched its first sustainable sukuk, valued at $750 million, reaffirming its dedication to sustainable Islamic financing.This milestone aligns with the bank’s broader efforts to integrate environmental, social, and governance (ESG) principles into its operations.
Emirates Islamic also demonstrated its commitment to social obligation by contributing AED 5 million to the “Stopping Mother” campaign, an initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum to honor mothers and support global education. Through its charitable fund,the bank donated over AED 37 million to various initiatives in 2024,further cementing its role as a socially responsible institution.
Awards and recognition
Emirates Islamic’s exceptional performance in 2024 was recognized with several prestigious awards. The bank was named the Best Islamic Bank for Small and medium Companies and received accolades for its bond issuance at the Financial Sector Awards in the Middle East and Africa. At the “World Finance” Awards for Islamic Finance, Emirates Islamic was honored as the Best Islamic Bank in the UAE and recognized for its innovation in mobile banking and ESG practices.
Looking Ahead to 2025
As Emirates Islamic looks to the future, the bank remains focused on enhancing its strategic goals to drive growth and deliver value to all stakeholders. “Given the year 2025, the Emirates Islamic will continue to focus on enhancing its strategic goals to advance growth and provide added value to all stakeholders,” said Al Mulla. The bank is committed to improving customer experience, operational efficiency, risk management, and sustainability, ensuring it remains at the forefront of Islamic banking.
Key Highlights of 2024
| Metric | 2024 Performance |
|—————————|—————————-|
| Total Assets | AED 111 billion (+27%) |
| Funds Provided to Customers | AED 71 billion (+31%) |
| Customer Deposits | AED 77 billion (+25%) |
| Sustainable Sukuk Issued | $750 million |
| Charitable Contributions | AED 37 million |
Emirates Islamic’s remarkable achievements in 2024 are a testament to its unwavering commitment to innovation, sustainability, and customer-centricity. As the bank continues to build on this success, it is poised to shape the future of Islamic banking in the UAE and beyond.Emirates Islamic Bank Sweeps Major Awards in 2024, Cementing Its Leadership in Sharia-Compliant Banking
Emirates Islamic Bank, a subsidiary of the Emirates NBD Group and a key player in the Dubai Financial Market under the symbol (DFM:EIB), has once again proven its dominance in the Islamic banking sector. The bank, established in 2004, has been recognized with multiple prestigious awards in 2024, highlighting its excellence in innovation, customer service, and Sharia-compliant financial solutions.
A Year of Accolades
Emirates Islamic Bank’s commitment to innovation and customer-centric services has earned it top honors at several international award ceremonies.here’s a breakdown of its achievements:
| Award Ceremony | Awards won |
|—————————————-|——————————————————————————-|
| Islamic Finance News Awards 2024 | Best Islamic bank in General, Most Innovative Islamic Bank |
| Euromoni Islamic Finance Awards 2024 | Most innovative Islamic Bank |
| International Finance Awards 2024 | Best Islamic Bank for Individuals, Best Islamic Bank for Small and Medium Companies |
| Digital Banker International Awards 2024 | Best Islamic Card – Cash switch Cash Card |
These accolades underscore the bank’s ability to blend customary Islamic finance principles with cutting-edge technology, setting a benchmark for the industry.
Pioneering Innovation in Islamic Banking
Emirates Islamic Bank has consistently been at the forefront of digital conversion in the banking sector. it was the first Islamic bank to launch a mobile banking submission, revolutionizing how customers access financial services. The bank also introduced the rapid payment service “Apple Bay” in the UAE and pioneered customer service via WhatsApp, making banking more accessible and convenient.
With a network of 40 branches and 229 ATMs/cash deposit devices across the UAE, Emirates islamic Bank ensures that its customers have seamless access to its services. Its focus on electronic banking has been particularly impactful, catering to the growing demand for digital solutions.
Commitment to Community and Sharia Compliance
Beyond its financial services, Emirates Islamic Bank is deeply committed to supporting Emirati society. Through its charitable fund, the bank provides financial aid to those in need, focusing on essential areas such as food, shelter, health, education, and social contributions. This dedication to social responsibility aligns with its mission to uphold the principles of Islamic Sharia in all its operations.
A Legacy of Excellence
Emirates Islamic Bank’s award-winning streak is a testament to its unwavering focus on performance and innovation. As part of the Emirates NBD Group, one of the UAE’s leading banking institutions, the bank has consistently delivered exceptional value to its customers while adhering to the highest standards of ethical banking.For more information about Emirates Islamic Bank and its services, visit www.emiratesislamic.ae.
Final thoughts
Emirates Islamic Bank’s remarkable achievements in 2024 highlight its role as a trailblazer in the Islamic banking sector. By combining innovation, customer-centricity, and a commitment to Sharia principles, the bank continues to set new standards for excellence in the financial services industry. Whether you’re an individual, a small business, or a large corporation, Emirates Islamic Bank offers tailored solutions to meet your needs.
Explore their award-winning services today and experience the future of Islamic banking.