Emirates Islamic’s net profit jumped to AED 823 million ($224 million) for 2021 on higher non-funded income and a significant reduction in the cost of risk reflecting the strong economic recovery, the bank said.
The bank, which is one of four Islamic banks in Dubai, said in a statement that its total income rose by 15 percent due to higher non-funded income. Operating expenses increased by 10 percent during this year on year.
The total assets remained at AED 65 billion, while customer financing at AED 42.6 billion increased 4 percent from 2020.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said one of Emirates Islamic’s major achievements was the successful issuance of a $500 million 5-year Sukuk.
Emirates Islamic was the official Islamic banking partner of Expo 2020 Dubai and showcase the ethical values of Islamic Banking, the world’s oldest and most relevant banking system.
Salah Mohammed Amin, CEO Emirates Islamic, said that as the official Islamic banking partner of Expo 2020 Dubai, Emirates Islamic launched its limited-edition, free-for-life co-branded Mastercard World Credit Card with unique benefits to enhance the Expo experience for UAE residents.