Emirates Islamic’s net profit rises

Emirates Islamic holds its 49th General Assembly Meeting

Dubai, 24 February 2025: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its forty-ninth General Assembly Meeting, on 24 February 2025.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, and Vice Chairman and Managing Director of Emirates NBD, presented a comprehensive review of the financial year ended 31 December 2024.

Commenting on the Bank’s performance, Hesham Abdulla Al Qassim said: “Emirates Islamic delivered its best-ever financial performance in 2024, cementing our position as the fastest-growing Islamic bank in the UAE. Today, we stand as a leader in Islamic banking, consistently achieving outstanding financial performance, pioneering cutting-edge digital initiatives in our sector, and creating sustainable value.”

Emirates Islamic Full year 2024 Financial Highlights:

Very strong operating performance on higher funded and non-funded income

  • Total income up 13% y-o-y to AED 5.4 billion driven by higher funded and non-funded income
  • Expenses decreased 7% y-o-y
  • Impairment Allowances decreased 28% y-o-y on improved credit quality
  • Operating profit improved 24% y-o-y
  • Profit before tax increased to a record AED 3.1 billion, up by 46%
  • Net profit increased to a record AED 2.8 billion, up by 32%

Extremely solid capital and liquidity combined with a healthy deposit mix enables the Bank to continue supporting customers

  • Total assets increased by 27% to AED 111 billion in 2024
  • Customer financing increased by 31% to AED 71 billion in 2024
  • Customer deposits increased by 25% to AED 77 billion in 2024 with Current Account and Savings Account balances at 70% of total deposits
  • Credit Quality: Non-performing financing ratio improved to 4.4% with strong coverage ratio at 142%
  • Capital: Tier 1 ratio of 18% and 19.1% Capital adequacy ratio reflect Bank’s rock-solid capital position
  • Headline Financing to Deposit ratio at 92%, underlines healthy liquidity in the UAE

Al Qassim added: “As we celebrate 20 years since the founding of Emirates Islamic and look back over the past two decades, I am delighted by the significant role that Emirates Islamic played in transforming the Islamic banking landscape. We remain grateful for the leadership, trust and support of the rulers of Dubai and the UAE, who inspire us each day to strive for more and fulfil our ambitions. Looking ahead, we are determined to build on our success, fostering resilience, innovation and collective progress for the next 20 years and beyond.”

The following resolutions were passed at the GAM:

  1. To approve the report of the board of directors (‘the Board’) on the Bank’s activities and the financial statements for the year ended 31 December 2024.
  2. To approve the report of the external auditor of the Bank for the year ended 31 December 2024.
  3. To approve the report of the Internal Shari’ah Supervision Committee for the year ended 31 December 2024.
  4. To approve the audited balance sheet and the profit and loss account of the Bank for the year ended 31 December 2024.
  5. To approve the remuneration of the Board for the year ended 31 December 2024.
  6. To approve the recommendation of the Board not to pay dividend to the shareholders of the Bank for the year ended 31 December 2024, based on the justifications presented by the Board in its report to the shareholders.
  7. To absolve members of the Board from liability for their work during the year ended 31 December 2024.
  8. To absolve the external auditor from liability for work conducted during the year ended 31 December 2024, or to dismiss and pursue the external auditor, as the case may be.
  9. Ernst & Young Middle East (Dubai Branch) were appointed as auditors for the year 2025.
  10. Approval of membership renewal for Internal Shari’ah Supervision Committee members. And appointment of new member.
  11. To elect the members of the Board of Directors in accordance with the requirements of the Bank’s Articles of Association.

    12. Special Resolutions:

  12. To approve the Directors’ proposals with respect to Shari’ah Compliant non-equity securities to be issued by the Bank subject to obtaining the necessary approvals from the relevant regulatory authorities, as detailed below, and to authorise the Bank to:
    • undertake an update of the EI Sukuk Company Ltd. U.S.$2,500,000,000 trust certificate issuance programme (the "Sukuk Programme");
    • increase the size of the Sukuk Programme from U.S.$2,500,000,000 to U.S.$4,000,000,000; and
    • establish any Shari'ah-compliant funding programme up to a maximum amount of U.S.$4,000,000,000 (or its equivalent in any other currencies) in addition to the Sukuk Programme, (the "New Programmes" and, together with the Sukuk Programme, the "Programmes") and undertake any subsequent update of the New Programmes;
    • issue Shari'ah-compliant instruments under any of the Programmes from time to time up to a maximum amount of U.S.$4,000,000,000 (or its equivalent in any other currencies); with the terms of any issuance decided by the relevant committee to which the Board of Directors has delegated such decisions;
    • issue Shari'ah-compliant instruments on a standalone basis up to a maximum amount of U.S.$4,000,000,000 (or its equivalent in any other currencies); with the terms of any issuance decided by the relevant committee to which the Board of Directors has delegated such decisions (including, without limitation, through the issuance of sukuk, structured sukuk/trust certificates or other similar Shari'ah-compliant instruments or, as the case may be, through collateralised arrangements in Shari'ah-compliant format, as the same may be listed and/or admitted to trading on a stock exchange or any other trading platform and/or unlisted) ("Islamic Funding");
    • in respect of:
      • instruments issued or to be issued under any of the Programmes; and/or
      • instruments issued or to be issued under Islamic Funding,
      undertake any liability management exercise with respect thereto (including, without limitation, by way of consent solicitation, exchange offer, tender offer, buyback or any combination thereof);
    • prepare and enter into such finance agreements and related documents as may be necessary (including, without limitation, any offering documents, relevant programme agreements, subscription agreements, dealer manager agreements, guarantees, hedging arrangements and all related and ancillary documents) in respect of the foregoing;
    • establish one or more special purpose vehicles incorporated in suitable jurisdictions anywhere in the world, with the specific purpose of acting as the issuers of any sukuk or securities issued under any of the Programmes or, as the case may be, any securities issued by way of Islamic Funding; and
    • enter into any document(s) and to take such further steps as may be necessary in connection with the Actions.
  13. To authorize the Board of Directors of the Bank, and/or any person so authorised by the Board of Directors, to adopt any resolution or take any action as may be necessary to implement the ordinary and Special Resolutions to be adopted by the general assembly in this meeting.