Dubai Islamic Bank announces 2011 net profit of AED 1.01 billion

• Total assets stand at AED 90.59 billion
• Customer deposits grow to AED 64.77 billion
• Income from financing and investing assets and investment sukuks reaches AED 3.96 billion
• Capital adequacy ratio of 18.2 per cent

Dubai Islamic Bank (DIB) announced today its financial results for the year ending December 31, 2011, demonstrating sustained growth across the bank’s core operations.

For the 12 months ending December 31, 2011, DIB reported an operating profit of AED 1.03 billion. Net profit for 2011 increased to AED 1.01 billion, compared to a net profit before restatement of AED 806 million in 2010. DIB’s net profit for 2010 has been adjusted due to the restatement of the results of an associate company. Read more

First Gulf Bank Net Profit exceeds one billion dollar mark

• Net Profit for the 4th quarter was at AED 1,022 million, 18% higher than same quarter of last year
• Positive growth in Net Profit and Assets for the tenth successive year, consistent Net Profit growth for the sixth consecutive quarter
• Full year 2011 Net Interest and Islamic Financing Income at AED 5,079 million, 19% higher than 2010
• Liquid assets ratio at 13.9%, loan to deposit ratio at 101.2% down from 106.2% by end of previous quarter
• Capital adequacy at 21.5% and cost to income ratio at 18.9%
• By end of 2011, 90 days non-performing loans (NPLs) to gross loans ratio at 3.4% down from 3.7% by end of 2010 and provision coverage at 98.4% up from 89.4% by end of 2010
• Board of Directors recommends 100% cash dividend and 100% bonus shares Read more

Tawdheef Recruitment Show: Careers in banking and finance

• National Bank of Abu Dhabi, Emirates NBD, Abu Dhabi Islamic Bank, among major banks using recruitment show to boost Emiratisation initiatives

During the 2012 Tawdheef Recruitment Show, banking and finance companies will be on the lookout for a quick start towards their goals of hitting their Emiratisation targets for the year.

National Bank of Abu Dhabi (NBAD), Abu Dhabi Islamic Bank (ADIB), and Emirates NBD will be among the headline banks using Tawdheef Recruitment Show taking place at Abu Dhabi National Exhibition Centre from 31 January to 2 February to fill hundreds of positions with suitably qualified Emirati candidates. Both NBAD and ADIB are platinum sponsors at the show. Read more

ADIB and Etisalat partner to launch Co-Branded Card

• ADIB-Etisalat Co-branded Card is UAE’s First Islamic Telecom Card

Abu Dhabi Islamic Bank, a top-tier Islamic financial services institution, announced today that it had partnered with Etisalat, the largest telecommunications company in the UAE, to bring the first Islamic telecom reward payment card to the UAE.

• Read more

Al Islami Business Online for companies

• Over 75 services can be accessed online
• Free set-up until March 31, 2012

As part of its strategy to provide innovative banking services, Dubai Islamic Bank (DIB) announced today the launch of Al Islami Business Online, a portal enabling companies to access over 75 services at the click of a button. Read more

UAE Islamic banks account for 30% of global Islamic Banking industry

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, highlighted the important role played by the Islamic banking sector in promoting economic and financial growth in the UAE. This was revealed in Abu Dhabi 2011 Report unveiled by Oxford Business Group in collaboration with ADIB. Read more

UAE most competitive banking market in GCC

Abu Dhabi Islamic Bank (ADIB) reports today that the UAE remains the most competitive banking market in the GCC, a key finding from its proprietary “GCC Banking Competitiveness Report.”

The recent issue of the report confirms that the UAE remains the most competitive banking market in the region. The country’s population of approximately 8 million is served by 51 banks with more than 840 branches and over 4,000 ATMs, delivering high levels of service, yet lower profitability than its GCC counterparts. ADIB further notes that UAE banks’ net interest margin, which is the spread between what banks pay for deposits and what they charge for financing and loans remains the lowest among the GCC, at an average of 2.9%. Saudi banking spreads are currently closer to 3.5%, Qatar at 3.4% those of Kuwait banks are at around 3.2%. Read more

FGB issues Sukuk Transaction

• Islamic bond to be set at around USD 500 million for 5 years
• Citi, HSBC, NBAD and Standard Chartered Banks assigned as Joint Lead Managers
• Subscription to start on January 11, 2012

First Gulf Bank PJSC (FGB), leading financial partner of choice in the UAE, announced mandating each of Citi, HSBC, NBAD and Standard Chartered banks as Joint Lead Managers for its 5-yr USD 500 million Sukuk under the FGB Sukuk Company Limited U.S. $3,500,000,000 Trust Certificate Issuance Programme. Subscription is set to begin on January 11, 2012. Read more

AED 55 billion worth of bounced cheques in 2011

UAE central bank reports AED 55 billion worth of bounced cheques in 2011.

Developing story, please check later for updates.

 

GCC Central Bank procedures in final phases

Kuwaiti Finance Minister Mustafa Al-Shemali reiterated on Sunday that the establishment of the GCC Central bank is in its final phases, pointing out that the concerned states which joined the GCC union are implementing this agreement.

Al-Shemali told reporters following a meeting of the GCC finance ministers that the GCC Customs union procedures are proceeding well and that a timetable has been set as of next year till 2015 to activate the union’s agreement. Read more

Next Page »