5.4 billion half-profits of 6 Islamic banks, a growth of 15%

Abu Dhabi: Ali Asaad

The Islamic banking sector continued to gain more success, as well as increasing performance indicators in the first half of this year and increased investment in modern digital banking technologies. According to the half-yearly results for 2019, revealed by the management of the banks, six national banks operating in accordance with the provisions of the Islamic Sharia achieved a net profit of 5.409 billion dirhams in the first half of 2019, representing a growth of 14.77% against a profit of 4.712 billion dirhams over the same period in 2018.
Dubai Islamic Bank was the most profitable national Islamic bank with a profit of 2.729 billion AED, an increase of more than 14% compared to the same period of last year. The Islamic Bank of Abu Dhabi comes in second with a profit of 1.229 billion AED, a growth of 5.78%.
Emirates Islamic Bank is ranked in third place with a net profit of 673 billion from AED, with growth of 38.79%, becoming the first national Islamic bank in the first half of 2019, followed by Noor Bank in second place among the best Islamic banks; The earnings growth rate was 29% to reach 409 million AED in the first half of this year. Islamic bank Sharjah reported a net profit of 290.5 million AED in the first half of the year, an increase of 2.65%. The profit of Ajman Bank reached 87.9 million AED.