IslamicFinance.de

Islamic banks made big gains in financing growth and profitability in 2017 while keeping their operating costs and cost of risks under control. Dubai Islamic Bank (DIB), reported a net profit Dh4.5 billion for 2017, up 11% compared to 2016. Total income increased to Dh10.19 billion, up 18% compared to Dh8.63 billion for 2016. Net revenue for 2017 amounted to Dh7.68 billion, an increase of 14% compared with Dh6.76 billion in 2016. DIB Managing Director, Abdullah Al Hamli, says the UAE continues to be one of the leading Islamic finance markets, with assets now reaching around $150 billion, a 7% growth this year. Emirates Islamic reported a net profit of Dh702 million, up 565% compared to 2016. Decline in operating costs and impairments boosted net profits last year. Sharjah Islamic Bank (SIB) reported a full-year 2017 net profit of Dh477.7 million compared with Dh462.9 million in 2016.

Dubai Islamic Bank (DIB) has appointed Adnan Chilwan as chief executive. Chilwan, who was previously deputy CEO at the bank, replaces Abdullah Al Hamli who was named managing director. The management reshuffle at DIB comes when the bank is preparing for renewed growth, after it set aside about 5 billion dirhams ($1.36 billion) against bad loans following the 2009-2010 crash of Dubai's real estate market. According to Chilwan and Al Hamli, the bank has dealt with much of its balance sheet weakness and should see profits for 2013 grow in the double digits, allowing it to eye acquisitions in new markets in Asia. DIB, which is in the process of acquiring Islamic mortgage lender Tamweel , became the second Gulf bank to issue a hybrid perpetual sukuk when it priced in March a $1 billion Islamic bond to boost its Tier 1 capital ratio.