Emirates Islamic achieved a remarkable milestone in 2024, recording a record-breaking profit of AED 3.1 billion before tax, reflecting a significant 46% increase compared to the previous year. This exceptional growth was driven by a strong upward trajectory in both funded and non-funded income, showcasing the bank’s robust business performance.

Net profit surged to an all-time high of AED 2.8 billion, marking a 32% increase.

Total income grew by 13% to reach AED 5.4 billion, while total assets increased by 27% to AED 111 billion. Customer financing also saw a substantial rise of 31%, reaching AED 71 billion, and customer deposits grew by an impressive 25% to AED 77 billion in 2024. These outstanding results highlight the strength of the regional economy and underline the bank’s resilience and expertise in responding to the growing demand for Islamic banking.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, commented:
*"Emirates Islamic has delivered its strongest financial performance ever in 2024, reinforcing its position as the fastest-growing Islamic bank in the UAE. Pre-tax profits surged by 46% to AED 3.1 billion, while total income grew by 13%, driven by higher funded and non-funded income. Throughout 2024, we focused on enhancing our products and services to meet the evolving needs of our customers. Accelerating digital transformation remains a key pillar of our strategy, with significant investments in technology to offer fast, secure, and convenient banking solutions.

We also marked a milestone in our sustainability journey with the launch of our first sustainable Sukuk worth $750 million for five years, reaffirming our commitment to sustainable Islamic finance."*

Farid Al Mulla, CEO of Emirates Islamic, added:
*"Emirates Islamic exceeded all expectations in 2024, achieving record-breaking profits. This success is attributed to strong growth in both funded and non-funded income, leading to solid net profit margins and a lower cost of risk.

With our strong capital and liquidity base, we remain well-positioned to enhance customer confidence and capitalize on opportunities presented by the thriving economy. We look forward to maintaining our positive momentum into 2025.

Looking ahead, Emirates Islamic will continue focusing on its strategic objectives to drive growth, deliver added value to stakeholders, and enhance customer experience, operational efficiency, risk management, and sustainability.