Press releases, Reports & Disclosures for Emirates Islamic Bank PJSC

On 8 April 2025, Emirates Islamic Bank (EIB) received a notification from Emirates NBD Bank (ENBD) about a mandatory acquisition of all EIB shares not accepted by EIB shareholders, as per the Offer Document dated 27 February 2025, to achieve 100% ownership. The objection period for this acquisition ended on 7 June 2025, with no objections received. On 10 June 2025, the Dubai Financial Market suspended EIB share trading in preparation for the settlement of this acquisition. As of 16 June 2025, the mandatory acquisition procedures were settled in accordance with Article 11 of the SCA Board of Directors' Decision No. 18/R.M.

On 8 April 2025, Emirates Islamic Bank (EIB) announced it received a notification from Emirates NBD Bank (ENBD) regarding the mandatory acquisition of all EIB shares from shareholders who did not accept ENBD's offer, aiming for 100% ownership of EIB's share capital. The notice period for this mandatory acquisition ended on 7 June 2025. As of 9 June 2025, neither EIB nor ENBD received any objections to the acquisition. EIB will instruct the Dubai Financial Market (DFM) to suspend trading of its shares starting 10 June 2025. All remaining EIB shares not already held by ENBD will be re-registered in ENBD's name around 13 June 2025, and ENBD will settle any cash payments due to the remaining EIB shareholders.

Emirates Islamic Bank, a public joint stock company, has released its unaudited group condensed consolidated interim financial statements for the three-month period ending March 31, 2025. The bank's head office is located on the 3rd Floor of Building 16 in Dubai Health Care City, Dubai, United Arab Emirates. For inquiries, they can be contacted via telephone at +971 600599995 or fax at +971 4 3582659. Their website is www.emiratesislamic.ae, and their mailing address is P.O. Box 6564, Dubai, United Arab Emirates.

Emirates Islamic reported a record net profit of AED 1 billion for the first quarter of 2025, marking a 24% increase compared to the same period last year. The bank's total income rose by 8% year-on-year to AED 1.45 billion, driven by increases in both funded and non-funded income. Operating profit improved by 5% year-on-year, while expenses grew by 15% as the bank continued to invest in growth. The bank's capital position remains strong, with a Tier 1 ratio of 17.8% and a capital adequacy ratio of 18.9%. Total assets increased by 11% to AED 123 billion, and customer deposits rose by 8% to AED 83 billion. The non-performing financing ratio improved to 4%, with a strong coverage ratio of 146%. The bank's net profit margin stood at 3.85%.

On 21st April 2025, the Board of Directors of Emirates Islamic Bank (P.J.S.C) held a meeting where they approved the minutes from the previous meeting on 28th January 2025, approved the financial results for the three-month period ending 31st March 2025, and discussed normal business activities. The communication was addressed to Mr. Hamed Ahmed Ali, Chief Executive Officer of the Dubai Financial Market, and was sent by Dr. Ahmed Alkhalfawi, Group Company Secretary of Emirates NBD Bank (P.J.S.C). A copy was also sent to the Securities & Commodities Authority.

On 16 April 2025, Emirates Islamic Bank (P.J.S.C) announced that its Board of Directors will meet on Monday, 21 April 2025, at 3:00 pm. The agenda includes approving the minutes of the previous board meeting, approving the financial results for the three-month period ending 31 March 2025, and discussing normal business activities. The communication was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and copied to the Securities & Commodities Authority. The letter was signed by Dr. Ahmed Saeed Alkhalfawi, Group Company Secretary of Emirates NBD Bank (P.J.S.C).

On April 8, 2025, Dr. Ahmed Alkhalfawi, the Head of Legal at Emirates Islamic Bank (EIB), sent a notification to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. The notification informed that EIB received a notice from Emirates NBD Bank addressed to EIB shareholders about the mandatory acquisition of EIB shares.

On 28 March 2025, Emirates NBD Bank made a mandatory cash offer to acquire all shares of Emirates Islamic Bank, aiming to own 100% of its issued and paid-up ordinary shares at AED 11.95 per share. Emirates Islamic Bank received an update on 27 March 2025 regarding the results of this offer. Further details are provided in an attached letter, and Emirates Islamic Bank will issue additional announcements about any significant developments in due course. The communication was signed by Dr. Ahmed Alkhalfawi, Head of Legal at Emirates Islamic Bank.

On 12 March 2025, the Board of Directors of Emirates Islamic Bank (P.J.S.C.) reviewed a valuation report by KPMG, the bank's financial advisor, regarding a mandatory cash offer from Emirates NBD Bank (P.J.S.C.) to acquire all shares of Emirates Islamic Bank. The offer proposes a cash consideration of AED 11.95 per share, leading to Emirates NBD owning 100% of the bank's issued and paid-up ordinary shares. The valuation report suggests a fair value for 100% of the shares ranges between AED 3.68 and AED 4.06 per share. The Board unanimously decided to recommend the offer to the bank's shareholders and to publish a shareholders' circular with the Board's recommendation and a summary of the valuation report.