IslamicFinance.de

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.