Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate, said that its second quarter profit gained 1 per cent, boosted by income from investment and foreign exchange.
Net income increased to D507.5 million versus Dh502.6m in the same period the previous year, the bank said. Investment income jumped by 28 per cent to Dh123.7m in the second quarter from Dh96.5m in the same period last year. Profit from foreign exchange rose 16 per cent to Dh43.7m.
Despite the modest rise in profit, the bank’s chief executive sounded a note of caution, saying that the rate of new financing would probably slow amid a lower rate of economic growth. He said that the bank would not take on too many risks when it comes to lending amid an increasing number of defaults.
“We remain concerned about the current level of economic activity and growth in the region and the major markets around the world,” said Tirad Al Mahmoud, the bank’s chief executive.
“Our concern is further exacerbated by the rising level of defaults in an increasing number of client segments and industry sectors in the markets in which we operate.”
The UAE non-oil economy continued to expand last month, though still at the slower pace of recent months, and with cost pressures on producers increasing, according to the latest survey of purchasing managers by Emirates NBD.
The purchasing managers index (PMI), which tracks views in the non-oil private sector on a range of business climate indicators, was at 53.4 last month, down from 54 in May. Though a reading above 50 indicates expansion, the PMI in recent months has been well below the 56.3 average of the past three years as the cooling effect of lower oil prices continues.
mkassem@thenational.ae
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Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”