Emirates Islamic announces increased profit rates on Investment Term Deposits for Q2
September 04, 2017
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced increased profit rates of up to 2.35% on its Investment Term Deposits. After a strong financial quarter, the bank aims to share its profits with its customers.
Emirates Islamic’s net profit for the first half of 2017 stood at AED 387 million compared to AED 137 million for the same period last year, reflecting this success in its investment deposits. One-year deposits offered 1.95% p.a. in the second quarter of 2017, up by 50 bps since the end of 2016, while two-year deposits offered 2.35% p.a. The Investment Term Deposit is a distinctive profit-bearing product in which profits are generated and distributed from the common Mudaraba pool, which is a joint investment pool between depositors and shareholders.
Jamal Bin Ghalaita, Chief Executive Officer at Emirates Islamic, commented: “Emirates Islamic continues to move forward on its path of profitable growth and after announcing positive results for the first half of 2017, we would once again like to share the success with our customers. The Investment Term Deposit Account is a superior financial planning tool that helps our customers achieve their long-term goals. Committed to raising the value of this product for our customers and shareholders, Emirates Islamic is determined to continue this performance into the rest of the year.”
Available for individuals, including minors, as well as sole proprietorships, partnerships and Joint Stock and Limited Liability organisations, Emirates Islamic Investment Term Deposits are available in USD and AED currencies. The easy-to-manage deposit can be opened with a minimum requirement of AED 10,000 only and is available for various flexible tenures. The announcement from the bank today is aligned with its ongoing commitment to providing customers with an unparalleled Islamic banking proposition in the UAE.
In the first half of this year, Emirates Islamic announced the ‘Cashback Plus Visa Signature Credit Card’ which rewards customers with up to 10% cash back on domestic and international household spends, and the ‘Booster Wakala Deposit,’ offering higher expected profit rates up to 2.57% per annum.