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Emirates Islamic (DFM: EIB), a leading Islamic bank in the region, held its forty-third General Assembly Meeting at the Emirates NBD Bank Head Office in Deira.
At the General Assembly Meeting, a review of the year ended 31 December, 2018 was presented. Commenting on the bank's performance, Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, said, "Emirates Islamic reinforced its position as a leading financial institution in the UAE in 2018, playing an instrumental role in the development of the overall Islamic finance sector. We delivered strong results for the year, demonstrated by a 32% increase in net profit to AED 924 million."
Emirates Islamic Full Year 2018 Financial Highlights:
Net profit for the year increased by 32%, reaching AED 924 million.
Total Income for 2018 increased by 3% to AED 2.5 billion.
Financing and investing receivables at AED 36.2 billion, increased by 7% from end 2017.
Customer Deposits at AED 41.6 billion, remained stable compared to end 2017 with Current and Saving accounts balances representing 66% of total Customer Deposits.
Headline Financing to Deposits ratio at 87%, remains healthy and within the management's target range.
Capital ratios, as calculated under the Basel III framework, were strong with the Common Equity Tier 1 ratio at 17.1% and the Capital Adequacy ratio at 18.2%.
Impaired Financing ratio improved to 8.2% whilst Coverage ratio strengthened to 120.5%.
Al Qassim added, "With one year to go until the much-awaited Expo 2020 Dubai, the United Arab Emirates maintains its impressive pace of growth by excelling in every sector of public development, from economic policy to technological infrastructure, serving as a model of progress throughout the region. The UAE government's diversification policy has been instrumental in solidifying the country's position as a regional financial centre and international trading hub. As the UAE's Islamic banking partner of choice, Emirates Islamic is proud to be a contributor to this success story."
The following resolutions were passed at the AGM:
Review and approval of the Directors' Report for the year ending 31 December 2018.
Review and approval of the Auditors' Report for the year ending 31 December 2018.
Review and approval of the Internal Shari'a Control Committee for the year ending 31 December 2018.
Review and approval of the Consolidated Financial Statements of the bank for the year ending 31 December 2018.
Review and approval of the Board of Directors' remuneration.
Absolving the Board of Directors from responsibility for the year ending 31 December 2018.
Absolving the Auditors from responsibility for the year ending 31 December 2018.
Re-appointing the Internal Shari'a Control Committee members.
Board of Directors Election.
Appointing Deloitte & Touche as Auditors of the bank for the year 2019 and determining their remuneration.
Special Resolutions:
11. Approval of the Directors' Proposals with respect to Shari'a Compliant non-convertible securities to be issued by the Bank subject to obtaining the necessary approvals from the relevant regulatory authorities, as detailed below:
i. undertake an update of the EI Sukuk Company Ltd. U.S.$2,500,000,000 trust certificate issuance programme (the "Sukuk Programme");
ii. establish any Shari'a-compliant funding programme in addition to the Sukuk Programme (the "New Programmes" and, together with the Sukuk Programme, the "Programmes") and undertake any subsequent update of the New Programmes;
iii. issue Shari'a-compliant instruments under any of the Programmes from time to time;
iv. issue Shari'a-compliant instruments on a standalone basis (including, without limitation, through the issuance of sukuk, structured sukuk/trust certificates or other similar Shari'a-compliant instruments or, as the case may be, through collateralised arrangements in Shari'a-compliant format, as the same may be listed and/or admitted to trading on a stock exchange or any other trading platform and/or unlisted) ("Islamic Funding");
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