Emirates Islamic Bank PJSC

Emirates Islamic Bank (P.J.S.C.) has received a notification from Emirates NBD (P.J.S.C.) regarding a mandatory cash offer to acquire all of its shares. This acquisition would result in Emirates NBD owning 100% of the issued and paid-up ordinary shares of Emirates Islamic Bank for AED 11.95 per share. The matter has been presented to the Board of Directors of Emirates Islamic Bank, and necessary procedures will be followed according to the Securities and Commodities Authority's regulations on mergers and acquisitions. The Board has considered the offer through a resolution passed by circulation.

The document is a formal communication from Emirates Islamic Bank to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, summarizing the resolutions adopted during the 49th General Assembly Meeting held on 24 February 2025. The resolutions include the approval of the Board of Directors' report on the bank's activities and financial statements for the year ending 31 December 2024, the external auditor's report, the Internal Shari’ah Supervision Committee's report, and the bank's audited balance sheet and profit and loss account for the same period. Additionally, the remuneration for the Board of Directors was set at AED 7 million, with a sitting fee of AED 20,000 for each attendance at the Board Committee meetings.

The disclosure clarifies the approval process for proxies attending the General Meeting as per Article 40 of the Corporate Governance Manual. Shareholders can delegate someone, excluding Board members, company staff, or securities brokerage employees, to attend and vote at the general assembly on their behalf through a written delegation. The delegated person should not represent more than 5% of the company's issued capital. Persons without legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be verified by a Notary Public, a chamber of commerce or economic department, a licensed bank or company where the agent has an account, licensed financial markets, or any other licensed attestation entity.

The Emirates Islamic Bank P.J.S.C. Annual Report 2024 highlights 20 years of collective progress.

Emirates Islamic reported a significant achievement in 2024 with a record profit before tax of AED 3.1 billion, marking a 46% increase from the previous year. This growth was attributed to strong performance in both funded and non-funded income. The bank's total income rose by 13% to AED 5.4 billion, with assets increasing by 27% to AED 111 billion. Customer financing grew by 31% to AED 71 billion, and customer deposits rose by 25% to AED 77 billion. The results reflect the strength of the regional economy and the bank's ability to meet the rising demand for Islamic banking. Key highlights include a 7% decrease in expenses, a 28% reduction in impairment allowances, and a 24% improvement in operating profit. The bank maintained a robust capital position with a Tier 1 ratio of 18% and a capital adequacy ratio of 19.1%. The non-performing financing ratio improved to 4.4% with a strong coverage ratio of 142%.