Emirates Islamic Declares Higher Pprofit Rates on Investment Term Deposits
Emirates Islamic, among the leading Islamic financial institutions in the UAE, revealed boosted revenue rates of up to 2.25 per cent on its Investment Term Deposits, up by 25 bps for the very first quarter of 2017. After a strong monetary quarter, the bank aims to share its profits with customers.
Emirates Islamic's net profit for the initial quarter of 2017 stood at AED 221 million compared to AED 45 million for the very same period in 2014, reflecting this success in its financial investment deposits. The Financial investment Term Deposit is a distinctive profit-bearing product where earnings are created and dispersed from the common Mudaraba pool, which is a joint investment pool in between depositors and shareholders.
Commenting about the statement, Jamal Bin Ghalaita, Chief Executive Officer at Emirates Islamic, said: "Emirates Islamic has worked hard throughout 2016 to strengthen its balance sheet and we would like to take this possibility to share the success with our customers. The Investment Term Bank account is a high-value conserving product that can be made use of to conserve for long-term objectives and future preparation. With a confident expectation for the remainder of the year, Emirates Islamic is dedicated to enhancing the advantages of this item for both our valued shareholders and customers."
Offered for individuals, including minors, as well as sole proprietorships, partnerships and Joint Stock and Limited Liability organisations, Emirates Islamic Financial investment Term Deposits are offered in USD and AED moneys. The easy-to-manage deposit could be opened up with a minimum requirement of AED 10,000 only and is readily available for various adaptable tenures. The news from the bank today is straightened with its ongoing dedication to supplying customers with an unequaled Islamic banking proposition in the UAE.
Previously this year, Emirates Islamic was acknowledged for its varied series of innovative products at the Banker Middle East Item Awards 2017, with the Kunooz savings account acknowledged as the Best Islamic Premium Card. and the Flex Elite Card called as the Best Islamic Premium Card. The Bank likewise won the 'Service Hero' award for customer care excellence in the Islamic Banking category.
