Sharjah Islamic Bank, the largest Sharia-compliant lender in the emirate, said that its second-quarter income increased 28.5 per cent, boosted by investments, fees and commissions.
The gain came despite a decline in income from murabaha and leasing, the Islamic banking equivalent of the interest conventional banks make.
Net income rose to Dh125.6 million compared to Dh97.7m a year earlier, the Sharjah-based bank said yesterday. Investment, fees, commission and unspecified other income increased to Dh159.4m from Dh82.9m. Meanwhile, income from murabaha and leasing decreased to Dh204.5m from Dh208.2m.
Elsewhere, Bank of Sharjah said its net income for the first six months of this year was unchanged at Dh176m from the same period last year.
Ahmed Al Noman, the chairman of the bank’s board, said that the UAE banking industry is likely to be subject to further consolidation. His comments come after National Bank of Abu Dhabi and FGB said earlier this month that pending shareholder approval, they planned to merge with each other.
The combination of the emirate’s two biggest banks by assets will create a lender that can more than compete with Dubai’s largest lender, Emirates NBD, giving the new bank access to cheaper borrowing, improving its growth prospects, cutting costs and hopefully boosting its bottom line.
More than 50 banks and financial institutions serve 9 million customers in the UAE, making it one of the most crowded banking markets in the region.
Local banks have had a difficult couple of years amid the crash in oil prices and the introduction of a new crisis, such as the exit of the UK from the EU, which may cut global growth even more and reduce demand for oil and other hydrocarbons.
mkassem@thenational.ae
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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