DUBAI (ALETIHAD)

Emirates Islamic reported a strong performance for the first half of 2026, achieving an 8% year-on-year increase in total income driven by growth in both funded and non-funded income.

The bank delivered a 10% year-on-year increase in operating profit, supported by healthy net profit margin of 3.1%, continued asset growth and disciplined cost management. It recorded a net profit of Dh1.7 billion for the first six months of the year, while continuing to maintain a strong coverage ratio.

The bank's balance sheet growth remained robust, with total assets growing 5.5% on the year-to-date to Dh153.8 billion, while customer financing increased 9.1% year-to-date to Dh97 billion and customer deposits rose 8.3% year-to-date to Dh110.6 billion, supported by a strong CASA mix of 65%.

Hesham Abdulla Al Qassim, Chairman, Emirates Islamic said: "Emirates Islamic’s first-half 2026 results reflect the strength of the UAE economy, with total income up 8% year-on-year, driven by higher funded and non-funded income, and operating profit increasing 10%.

"The UAE’s continued growth is a testament to the visionary leadership of our nation’s leaders and their steadfast commitment to progress and prosperity. Guided by the principles of Islamic finance, Emirates Islamic remains committed to supporting the nation’s economic ambitions and delivering sustainable, long-term value for our customers, businesses and communities.

"We continue to lead innovation in Islamic banking, launching the UAE’s first Shariah-compliant Certificate of Deposit Programme to diversify investor opportunities, strengthen our funding base and expand our international reach.
Sustainable finance remains a key growth area, with several ESG-linked financing facilities completed in H1 2026, reinforcing our commitment to supporting clients’ sustainability ambitions.

"Our leadership in sustainable Islamic finance has been globally recognised, with Emirates Islamic winning ‘Sustainable Finance Deal of the Year – Middle East’ at the Global Finance Sustainable Finance Awards 2026 for issuing the world’s first Sustainability-Linked Financing Sukuk in 2025.”

Farid AlMulla, Chief Executive Officer, Emirates Islamic said: “Emirates Islamic maintained a robust growth trajectory during the first half of 2026, demonstrating the resilience of our business model. Total assets increased by 5.5% to Dh153.8 billion, underscoring our continued ability to deliver sustainable growth in the current environment.

"Our strong capital, liquidity and diversified funding base continue to support customer growth, driving a 9.1% increase in financing and an 8.3% increase in deposits during the period.

"The quality of our funding franchise remains a key strength, with CASA balances accounting for 65% of total deposits, reflecting deep customer relationships, strong trust and our market-leading digital proposition.

"We continue to lead innovation in Islamic banking, becoming the first Islamic bank in the UAE to offer digital gold and silver investments through the EI + App, providing customers with seamless access to Shariah-compliant wealth diversification solutions.

Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic said: “As a trusted Islamic banking partner, we continue to help businesses thrive and create lasting value. Our new Shariah-compliant Commodity Hedging solutions, including profit-rate hedging and FX options, enable clients to manage commodity price volatility, mitigate risks and protect cash flows through tailored risk-management solutions.

"Our strategic partnership with FC Barcelona reflects our commitment to innovation and customer engagement, bringing fans closer to the club through the Emirates Islamic Barça Cashback Card while rewarding everyday spending.

"Supporting the UAE’s SME ecosystem remains a key priority, with our latest Business Banking campaign helping over 40,000 SMEs build resilience, drive growth and contribute to the nation’s economic development.

"Looking ahead, we remain well-positioned for sustainable growth, leveraging our strong financial fundamentals to expand our leadership in Islamic banking, enhance customer experiences and create long-term value for customers, shareholders and the wider community.”