Emirates Islamic Bank PJSC logotype

Emirates Islamic Bank PJSC

EIB

1 week

0.32 %

1 month

0.32 %

3 months

0.32 %

OverviewInsightsDisclosures

Emirates Islamic Bank PJSC

Logotype for Emirates Islamic Bank PJSC
Ticker/ISIN
EIB
AEE000501016
Market/Country
Dubai Financial Market
United Arab Emirates

About Emirates Islamic Bank PJSC

Country of Origin: United Arab Emirates (U.A.E)

Emirates Islamic Bank formerly Middle East Bank (the “Bank”) was incorporated by a decree of His Highness the Ruler of Dubai as a conventional Bank with limited liability in the Emirate of Dubai on 3rd of October 1975. The Bank was re-registered as a Public Joint Stock Company in July 1995 and is regulated by Central Bank of United Arab Emirates.

At an extraordinary general meeting held on 10th of March 2004, a resolution was passed to transform the Bank’s activities to be in full compliance with the Islamic Sharia’. The entire process was completed on 9th of October 2004 (the “Transformation Date”) when the Bank obtained UAE Central Bank and other UAE authorities’ approvals. The Bank is a subsidiary of Emirates NBD PJSC, Dubai (the “Group Holding Company”). The ultimate parent company of the Group Holding Company is Investment Corporation of Dubai, the company in which the Government of Dubai is the major shareholders. The Bank is listed at Dubai Financial Market.

Latest Pressrelease Summaries from Emirates Islamic Bank PJSC

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.
On 27 February 2025, Emirates Islamic Bank (P.J.S.C.) announced it received a formal offer document from Emirates NBD Bank (P.J.S.C.) concerning a mandatory cash offer. This offer aims to acquire all shares of Emirates Islamic Bank, resulting in Emirates NBD owning 100% of the bank's ordinary shares for AED 11.95 per share. The terms of the offer are detailed in the attached offer document. The Board of Directors of Emirates Islamic Bank will review the offer and will issue further announcements, including a circular to shareholders, in accordance with their decision.

Threads

Previous
Page 5
Next
DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Results of BOD meeting

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Board Meeting Notification

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: BOD Results

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: BOD Meeting

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: BOD Result

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Emirates Islamic Bank PJSC Board Meeting

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Press release regarding financial results for the 3rd QTR of 2023

Emirates Islamic bank reported a 56% surge in profit to AED 1.65 billion for the first nine months of 2023, marking its highest ever 9-month profit. The increase was driven by higher funded and non-funded income due to improved business sentiment. Q3 income grew 46% year-on-year to AED 1.2 billion, resulting in a 23% increase in profit to AED 435 million. The bank was named the 'Most Innovative Islamic Bank in the UAE' and 'Best Islamic SME Bank in the UAE' at the International Finance Awards 2023. The bank's total assets increased to AED 86 billion, customer financing rose 7% to AED 52 billion, and customer deposits also grew 7% to AED 61 billion.

1. Attached Document

FinanceMan profile image

FinanceMan

Nice to see that the bank is making a great profit!
DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Financial Statements for period ended 30 September 2023

The text provides the contact information for the Emirates Islamic Bank, including its address in Dubai, telephone and fax numbers, and website. It also mentions the bank's Group Condensed Consolidated Interim Financial Statements, which are unaudited and cover the nine-month period ending on 30 September 2023.

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Results of Board Meeting

1. Attached Document

DFM News profile image

DFM News

News Update From Emirates Islamic Bank PJSC

Disclosure: Board Meeting

1. Attached Document

Previous
Page 5
Next