Emirates Islamic

#Emirates #Islamic fosters #innovation in #Islamic #Finance

The Emirates Islamic Bank recently organised an ‘Innovation Day’ where various internal teams shared and showcased their innovations with working prototypes, to the bank’s management.
Emirates Islamic staff across business units participated in the event, designed to ideate and showcase innovative solutions in banking and financial technology. Emirates Islamic’s Innovation Day was aligned with the National Innovation Strategy launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai as a primary tool to achieve UAE Vision 2021 in the finance and banking sector.
Commenting on the bank’s push toward innovation, Jamal Bin Ghalaita, CEO of Emirates Islamic said: “Banking today demands an innovative and fresh approach to keep pace with the evolving needs of our customers. Tapping into our internal talent pool for ideas allows us benefit from their varied skills and experience to create products that match customers’ expectations and needs.

Emirates NBD's Islamic arm cuts over 100 jobs - sources

Emirates Islamic, the sharia-compliant arm of Dubai's largest bank Emirates NBD (ENBD), has laid off more than 100 people to adjust to a cooler economy. Growth in much of the United Arab Emirates (UAE) has slowed this year because of low oil prices. Earlier this year, Emirates Islamic cut around 200 jobs. Most of the latest jobs to go were in the department servicing small and medium-sized enterprises (SMEs). Chief Executive Shayne Nelson said the bank continued to focus on cost control. The bank had already made cuts in April when it made around 100 people redundant from its subsidiary Emirates Money to save costs. National Bank of Ras Al Khaimah said in January it would cut up to 250 jobs, while Abu Dhabi-based First Gulf Bank and the UAE operations of HSBC have reduced their headcounts since late 2015.

Emirates Islamic #charity fund launched

Emirates Islamic announced the launch of the Emirates Islamic charity fund, to govern and manage the bank’s strategy for charitable donations and giving. The fund’s activities will be managed by Awatif Al Harmoudi. The fund has been set up with the primary objective of allocation of financial aid to large charities, public and private institutions, as well as individuals in need.

Emirates Islamic net profit up 76 per cent in 2015

Emirates Islamic has announced its full-year financial results for 2015, with the bank reporting strong growth for the fourth consecutive year. For the twelve months ending December 31, 2015, the bank reported a net profit of AED 641 million, a 76 per cent year-on-year increase. The bank's total net income (net of customers' share of profit) during the period rose to AED 2.43 billion, up 25 percent compared to AED 1.95 billion in 2014. The bank recently launched the ISLAMIC BANKING INDEX by EMIRATES ISLAMIC™, a consumer focused survey on Islamic Banking in the UAE. In addition, Emirates Islamic introduced EI Trade, a customised Shari'a-compliant online trade and supply chain platform for its business and corporate customers.

Emirates Islamic celebrates International Women’s Day

Emirates Islamic marked International Women’s Day by celebrating female achievement across the organisation. Jamal Bin Ghalaita, Chief Executive Officer, Emirates Islamic and other senior management of the bank honoured 32 women employees at Emirates Islamic, who are seen as an inspiration to the rest of the organization. The women were presented a trophy and certificate of recognition at a special ceremony held at Emirates Islamic’s Healthcare City headquarters. The ceremony was part of Emirates Islamic’s initiative to commemorate International Women’s Day.

Emirates Islamic announces CSR partnership with Dubai Health Authority's MOSA' ADAH charity programme

Emirates Islamic has announced a philanthropic community initiative to collect donations on behalfof Dubai Health Authority (DHA) for their MOSA'ADAH charity programme. MOSA'ADAH aims to help patients and familieswho cannot afford medical treatment,as well as contribute to projects in support of hospital equipment and medical facilities. As part of this initiative, Emirates Islamic customers can donate funds to MOSA'ADAH under a specially created charity account: Emirates Islamic 0384 540010 001 under 'MOSA'ADAH'. Donations can be made through any Emirates Islamic branch, ATM or CDM across the UAE or via online banking and by SMS. Previously the Bank made contributions to DHA to support Dubai Hospital and Rashid Hospital in purchasing new medical equipment.

Emirates Islamic organises school visits to teach children importance of savings

Emirates Islamic recently held interactive sessions at five schools in Dubai aimed at teaching children the importance of savings. The initiative, in partnership with Dubai Educational Zone (DEZ), is part of Emirates Islamic’s strategy to instil a savings culture in the community, and in particular create awareness amongst youth on the importance of savings. The bank plans to visit several other schools across the seven emirates to spread awareness in the coming months. Last year, Emirates Islamic created a special ‘Child Savings Account,’ to promote a savings habit for youngsters. The account is free for children and includes a hassala, the traditional Emirati savings pot, and a complimentary pre-paid card with Dhs100 credit.

Emirates Islamic launches five year Wakala Investment option

Emirates Islamic has launched of a five year Wakala investment option, with an expected profit rate of 2.5 per cent per annum. Launched with the objective of encouraging customers to focus on long term savings, Emirates Islamic’s five year Wakala investment option is available on amounts starting from AED100,000 up to AED25 million. By offering an annual profit rate similar to what is to be paid for Zakat, Emirates Islamic is enabling Muslim customers to use their funds wisely to meet their Zakat obligations. Meanwhile all customers can benefit from the attractive profit rates. The five year Wakala requires customers to ensure that the amount invested remains locked-in for a period of five years, as early liquidation would mean loss of profit.

Syndicate content