Islamic banks prove resilient in face of economic headwinds

Islamic banks in the UAE have proved that they are better equipped to deal with a difficult operating environment than their conventional peers, with all leading institutions reporting strong growth in assets, profits and asset quality in 2015. Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by total assets, reported a group net profit of Dh3.83 billion, up 37 per cent compared Dh2.8 billion in 2014. Total income increased to Dh7.54 billion, up 21 per cent compared with Dh6.23 billion for 2014. Net revenue increased to Dh6.48 billion, up 19 per cent compared with Dh5.43 billion for the year 2014. Meanwhile, Abu Dhabi Islamic Bank’s (ADIB) full-year net profit stood at Dh1.93 billion in 2015, growing 10.5 per cent on the previous year.