Emirates Islamic, a leading Islamic financial institution in the region, has reported a net profit of Dh641 million ($174.5 million) for 2015, marking a 76 per cent year-on-year increase.

The bank’s total net income during the period rose to Dh2.43 billion, up 25 per cent compared to Dh1.95 billion in 2014, reflecting strong growth for the fourth consecutive year.

Hesham Abdulla Al Qassim, chairman of Emirates Islamic said: “With consistently strong results and solid double-digit growth rates, Emirates Islamic continues to drive the expansion of the Islamic banking sector in UAE.”

“In just a short span of time, the bank has asserted its position as a leading financial institution in the UAE, with strong contribution to the development of the Islamic finance sector.

“Going forward, I see Islamic banking playing an increasingly significant role in the UAE’s economy as we create the solutions that support the evolving needs of individuals, corporates and SMEs,” he added.

Jamal Bin Ghalaita, chief executive officer of Emirates Islamic said: “Emirates Islamic’s performance in 2015 is the result of our relentless pursuit of excellence, whether in providing innovative financial solutions to our customers or furthering the growth of Islamic banking in the UAE.”

“We launched our transformation strategy in 2011 with a clear objective to become a leader in the Islamic financial sector and our achievements in 2015 are another milestone on this road to success. Our strong performance was achieved on the back of robust growth and high customer acquisition across our three core segments, namely Corporate, Individual and SME resulting in a 26 per cent increase in our customer base, a key testament to our winning offering.

“Through product and service innovation, we have continued to drive the growth of Islamic banking in the UAE and we will continue to strengthen our product proposition, invest in the latest technology and deliver outstanding customer experience, making Emirates Islamic a preferred banking partner for customers,” added Bin Ghalaita. – TradeArabia News Service