Emirates Islamic Bank ties up exclusively with Al Habtoor Motors

Emirates Islamic Bank announced its new “Intaleq” vehicle finance promotion in association with Al Habtoor Motors. Under this plan, individual customers will have the opportunity of owning any brand new Mitsubishi vehicle in an easy and convenient way.

This special offer consists of many key features which are aimed at providing maximum customer satisfaction. Offering extremely competitive profit rates coupled with 50% reduction on the processing fee makes the promotion a truly unique one. In addition there is an installment holiday for 90 days and a maximum tenor of up to 72 months is being offered. The bank will also provide financing for Islamic insurance. The promotion is up to 30th September 2010 and is subject to terms and conditions. Read more

IBQ announces Ramadan credit card promotion

• Banking offshore could offer you tax efficient accounts and investments, depending on your situation.

IBQ announced today its new credit card promotion for the holy month of Ramadan. This is IBQ’s fourth consecutive promotion since the launch of its merchant partner programme in 2009. The programme brings together a cross section of retail merchants offering customers choice as well as value. Read more

UK Islamic mortgages set for growth after Qatari Investment

Shareholders of Islamic Bank of Britain (IBB or the “Bank”) yesterday approved a £20million capital injection from founding shareholder Qatar International Islamic Bank (QIIB). Read more

NBAD renews Escrow Agreement with RERA

The National Bank of Abu Dhabi (NBAD) will continue to manage escrow accounts for real estate developers after the Bank renewed its Account Trustee Agreement with Dubai Lands Department (DLD) and Real Estate Regulatory Agency (RERA). Read more

DIB announces second quarter 2010 net profit of AED 301 million, up 50 per cent from previous quarter

Dubai Islamic Bank (DIB) announced today its financial results for the three months ending June 30, 2010, demonstrating the bank’s operational resilience, as well as the success of its conservative and prudent approach of building strong cushion through a deliberate provisioning policy. Read more

Emirates Islamic Bank launches Ramadan Promotion

Emirates Islamic Bank get into the spirit of Ramadan by launching INTALEQ (Vehicle Finance) Promotion. This new Sharia-compliant vehicle finance promotion will run until the end of September 2010, giving its customers an easier way to gift themselves a car during this auspicious time of the year. Read more

United Arab Bank Launches Islamic Credit Card

United Arab Bank (UAB) announces the launch of its first global Islamic Credit Card with a distinctive vertical design that makes it unique to the Islamic Credit Card arena in the UAE. Read more

Abu Dhabi Commercial Bank reports first half 2010 financial results

Abu Dhabi Commercial Bank (ADCB) announced its financial results for the first half of 2010 (“1H’10″).

1H’10 key highlights over 1H’09

• Customer deposits up 12% vs. loan growth of 3% over December 2009.
• Loan to deposit ratio down from 135% to 123% over December 2009.
• Net interest income up 11% at Dhs1,772m.
• Operating income up 7% at Dhs2,480m.
• Net interest margin up by 8 bps at 2.58%.
• Cost to income ratio dropped to 32% from 33% over 1H’09.
• Pre- provision profit up by 8% at 1,680m.
• Net loss of Dhs306m, negatively impacted by provisions of Dhs2bn. Read more

First Gulf Bank PJSC Q2 profit rose 2 percent

First Gulf Bank (FGB) announced its financial results for the second quarter of 2010, reporting a Net Profit of AED 787 million. This represents an increase of 2% over its Net Profit for the same quarter of last year. For the first half of 2010, the Net Profit amounted to AED 1,707 million which represents a 12% increase over the same period of 2009.
“FGB has maintained its top line momentum for the second quarter of 2010, consolidating its solid start of the year,” said Andr Sayegh, Chief Executive Officer, FGB.
“The results of our continued focus on efficiently managing both the balance sheet as well as the revenue stream, whilst redeploying resources to optimize growth in our core business, is testimony to FGB board’s vision and strategy”, Sayegh added. Read more

NBAD’s first half profits up 21.1 per cent

National Bank of Abu Dhabi (NBAD) reported a net profit of Dh2.03 billion in the first half of 2010, 21.1 per cent up compared with Dh1.67 billion in the same period last year.

Net profit for the second quarter was up 10.4 per cent at Dh 1 billion compared with Dh907 million reported in the corresponding quarter of 2009. Read more

Next Page »