Latest news with #Sukuk
Sharjah 24
a day ago
- Business
- Sharjah 24
SIB reports AED 697.2 million net profit in H1 2025
Income from investments in Islamic financing and sukuk grew by AED 113.6 million, or 6.4%, reaching AED 1.9 billion in the first half of 2025, compared to AED 1.8 billion in the first half of 2024. Meanwhile, total distributions to depositors and Sukuk holders amounted to AED 1.1 billion, compared to AED 1.0 billion, reflecting the Bank's stability in net income and its ability to balance financing growth with an equitable profit distribution mechanism that aligns with Sharia principles. It also demonstrates SIB's resilience in maintaining consistent income even in the face of volatile funding costs and competitive pricing pressures in the market . Sharjah Islamic Bank continues to emphasize the diversification of its revenue base, as evidenced by a significant growth in the net fee and commission income which rose sharply by 53.5% to AED 276.0 million in the first half of 2025, up from AED 179.8 million in the first half of 2024. As a result, the Bank recorded total operating income of AED 1.2 billion, an increase of AED 133.5 million, or 13.0%, compared to AED 1.0 billion in the same period last year. This upward trend reflects SIB's ability to maintain stable operating income in a challenging economic environment while effectively capitalizing on opportunities across various economic sectors . Total general and administrative expenses for the first half of 2025 amounted to AED 405.4 million, an increase of 16.9% compared to AED 346.9 million in the same period of 2024. This rise is mainly attributed to the Bank's continued investment in human capital, technology, and operational infrastructure to support business expansion and improve customer service. Despite the increase in expenses, the Bank's net operating income before impairment provisions reached AED 757.2 million, compared to AED 682.1 million in the first half of 2024, reflecting a 11.0% increase, which shows the Bank's ability to absorb cost pressures while maintaining stable profitability, reinforcing its operational efficiency and sound financial management . The Bank recorded a net reversal of impairment provisions of AED 9.3 million during the first half of 2025, compared to an impairment provision of AED 67.3 million in the first half of 2024, reflecting a significant improvement in the quality of the financing portfolio as well as prudent credit risk management and successful recovery efforts. This positive development contributed significantly to the 25% increase in profit after tax, which reached AED 697.2 million, compared to AED 558.7 million in the same period last year. These results confirm the effectiveness of the Bank's risk mitigation strategies and its commitment to preserving asset quality amid a changing global economic environment . On the balance sheet side, total assets increased by AED 5.5 billion, or 6.9%, to reach AED 84.7 billion as of June 30, 2025 compared to AED 79.2 billion at the end of the previous year. This is backed by increase in total customer financing to AED 43.0 billion, compared to AED 38.1 billion at the end of 2024, marking a 12.9% increase . Customer deposits amounted to AED 52.7 billion, compared to AED 51.8 billion at the end of the previous year. As a result, the financing to deposit ratio stood at 81.5%, compared to 73.6% at the end of the previous year . SIB continued to maintain a strong liquidity ratio of 21.1% of total assets, amounting to AED 17.8 billion, compared to 21.6% at the end of the previous year . The return on assets and return on equity also increased, reaching 1.70% and 14.88%, respectively, compared to 1.44% and 12.76% for the previous year .
Zawya
2 days ago
- Business
- Zawya
National Bonds adds RAKBANK onto Al Manassah Sukuk Trading Platform
In a strategic move to broaden the reach of Al Manassah Sukuk Trading Platform in the UAE, National Bonds has onboarded the National Bank of Ras Al Khaimah (RAKBANK) onto Al Manassah Sukuk Trading Platform. Al Manassah is among the region's first Sharia-compliant electronic platforms for trading Mudaraba-based Sukuk for partner financial institutions. Since its inception in 2013, the platform has processed over AED199 billion worth of transactions, including more than AED33 billion in 2024 alone. The platform enables licensed financial institutions to subscribe, transfer, and redeem Sukuk through a secure, fully automated process 24/7. Mohammed Qasim Al Ali, Group CEO of National Bonds, stated, 'We are pleased to welcome RAKBANK to Al Manassah. This partnership is another step forward in our mission to empower wider access to the Sharia-compliant platform through fintech and digital innovation.' Raheel Ahmed, Group Chief Executive Officer of RAKBANK, said, "This partnership with Al Manassah is a natural extension of our commitment to deliver innovative, Sharia-compliant solutions that empower our customers. By leveraging advanced digital capabilities, we can offer greater accessibility and flexibility to individuals and businesses alike."
Zawya
3 days ago
- Business
- Zawya
RAKBANK joins National Bonds' Fintech Al Manassah Platform
Strategic agreement enables seamless Sukuk issuance, subscription, and redemption via a Shari'a-compliant digital platform Partnership aims to drive financial inclusion, operational efficiency, and customers empowerment across the UAE's Islamic finance ecosystem Dubai, United Arab Emirates — In a strategic move to broaden the reach of Al Manassah Sukuk Trading Platform in the UAE, National Bonds, the UAE's leading Sharia-compliant savings and investment company has onboarded RAKBANK (The National Bank of Ras Al Khaimah) onto Al Manassah Sukuk Trading Platform. This collaboration marks a significant milestone in expanding access to one of the country's most established Sharia-compliant digital platforms for Sukuk issuance and trading. Al Manassah is among the region's first Sharia-compliant electronic platforms for trading Mudaraba-based Sukuk for partner financial institutions. Since its inception in 2013, the platform has processed over AED 199 billion worth of transactions, including more than AED 33 billion in 2024 alone; underscoring National Bonds' commitment to enhancing the appeal of Islamic banking while addressing liquidity challenges and lack of a full fintech solution faced by financial institutions through a Sharia-compliant alternative. With 13 partner banks and financial institutions onboard, including two of the UAE's largest Islamic banks, Al Manassah has played a pivotal role in shaping a more agile and inclusive Islamic finance infrastructure. The platform offers a wide range of Sharia-compliant investment tools, supported by bespoke fintech solutions tailored to the needs of modern Islamic finance. Its seamless integration and high-end technology continue to set new standards for operational efficiency and ethical financial practice. The platform enables licensed financial institutions to subscribe, transfer, and redeem Sukuk through a secure, fully automated process 24/7. With RAKBANK now integrated into the platform, more UAE customers will benefit from streamlined Sukuk financial options supported by operational transparency, regulatory compliance, and digital ease. This partnership brings together two institutions with a strong track record in delivering Sharia-compliant financial solutions. RAKBANK will leverage Al Manassah to enhance its Islamic banking offering and execute transactions in real time. Mohammed Qasim Al Ali, Group CEO of National Bonds, stated: 'We are pleased to welcome RAKBANK to Al Manassah. This partnership is another step forward in our mission to empower wider access to the Sharia-compliant platform through fintech and digital innovation. As the UAE continues to lead in digital transformation and inclusive finance—and with the country's ambition to become a global centre for the Islamic economy—collaborations like this are instrumental in turning that vision into reality. By working with like-minded institutions, we are making it easier for individuals and corporates to trade in Sukuk with confidence, efficiency, and peace of mind'. Raheel Ahmed, Group Chief Executive Officer of RAKBANK, said:"This partnership with Al Manassah is a natural extension of our commitment to deliver innovative, Sharia-compliant solutions that empower our customers. By leveraging advanced digital capabilities, we can offer greater accessibility and flexibility to individuals and businesses alike. We are proud to support the UAE's vision to be a global leader in Islamic finance, while further strengthening our Islamic banking proposition and deepening our connection with the Emirati community." National Bonds continues to scale the reach of Al Manassah across the UAE's financial ecosystem. The platform's growing network of partners, automated workflows, and unified trade standards are all underpinned by National Bonds' deep expertise in Islamic finance and commitment to financial empowerment. About National Bonds Corporation Sole Proprietorship PSC: National Bonds Corporation is a Sharia-compliant savings and investment company owned by the Investment Corporation of Dubai, established in 2006. It is licensed and supervised by the Securities and Commodities Authority and is audited by the Dubai Government Audit Department, Sharia Supervisory Board as well as reputable International external auditors. The company provides UAE nationals, UAE residents, and non-residents with an opportunity to build and fortify their savings safety net, as well as invest in programs that offer competitive returns with lower risk. Its goal is to encourage disciplined savings habits for people across the 7 Emirates, in line with the UAE Government's Vision for a financially secure and sustainable future. National Bonds offers an exciting AED 36 Million Rewards Program to all savers, with monthly and quarterly prizes ranging from AED 1 million to various luxury cars. About RAKBANK: RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX). RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKIslamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
Al Etihad
3 days ago
- Business
- Al Etihad
Securities and Commodities Authority Board reports record first-half milestones
14 July 2025 11:51 ABU DHABI (WAM) The Securities and Commodities Authority (SCA) Board of Directors convened its third meeting of 2025 and reviewed the authority's key performance indicators for the first half of the meeting, the Board approved a series of strategic decisions that reaffirm the SCA's commitment to accelerating the development of the financial markets sector and aligning its regulatory framework with global best practices. These decisions are intended to enhance the UAE's market competitiveness and support the country's broader vision for economic meeting was chaired by Mohamed Ali Al Shorafa and attended by Deputy Chairman Faisal Yousef Sulaitin, CEO Waleed Saeed Al Awadhi, and Board Members Dr. Ali Mohammed Al Rumaithi, Hamad Sayah Al Mazrouei, Rashed Abdulkarim Al Blooshi, Arif Mohammed Amiri, and Rashid Ali Al Shorafa commented on this milestone, 'Our vision is grounded in a firm belief in the UAE's role as a global hub for future economic transformation, driven by the development of an integrated financial ecosystem built on innovation and regulatory excellence. This approach strengthens the UAE's role as a key financial player actively shaping the global economic landscape.'Al Awadhi reaffirmed the SCA's commitment to driving a transformative shift in the global economic system, positioning the UAE as a benchmark for regulatory innovation and investor H1 2025, The SCA recorded exceptional growth, with a 55 percent increase in newly issued licences and a 60 percent rise in the total number of licensed companies compared to the same period in 2024. Licensed local investment funds increased by 79 percent, driving a record 230 percent growth in total assets under registered foreign investment funds grew by 54 percent, and the value of registered bond and Sukuk programmes rose by 35 percent compared to H1 2024. These figures highlight the SCA's capacity to attract global investment and solidify the UAE's strategic position on the global investment part of its ongoing commitment to investor protection and market transparency, the Board reviewed progress on unclaimed dividends and dormant account balances held by brokerage the end of the second quarter of 2025, approximately Dh190 million had been disbursed to rightful Board also approved the formation of a coordinating Committee chaired by the SCA, with members from the Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA), Dubai Virtual Assets Regulatory Authority (VARA), and a distinguished group of industry experts, namely Bryan Stirewalt, Sahar Badran, and Saeed Mansour Al committee is tasked with reviewing draft legislation, evaluating existing regulatory frameworks, and proposing amendments to enhance harmonisation between regulatory initiative strengthens the resilience and agility of the financial ecosystem and positions the UAE as a leading strategic hub in international financial meeting also reviewed key outcomes from the landmark launch of the region's first-ever Finfluencer registration and authorisation framework, marking a transformative milestone in the digital economy's regulatory framework. This groundbreaking initiative is designed to reinforce transparency and safeguard investors, aligning with the rapid evolution of the digital financial the Board approved a new regulatory framework governing goodwill in public joint-stock companies, recognising it as an intangible asset that includes brand strength and corporate reputation. The framework aims to promote compliance with international accounting standards and establish clear valuation principles to support boards of directors, audit committees, and external auditors, while enhancing transparency and investor disclosure practices. These decisions underscore the SCA's impactful regulatory leadership and its role in advancing the integration of the global financial system through innovative practices that promote transparency and sustainability.
Daily Express
7 days ago
- Business
- Daily Express
Sabah must start leading in oil and gas: Azis
Published on: Thursday, July 10, 2025 Published on: Thu, Jul 10, 2025 By: Abbey Junior Text Size: Azis (left) also dismissed the claim that working quietly has brought results for Sabah. Masidi (right). Kota Kinabalu: Warisan on Wednesday hit out at Sabah Finance Minister Datuk Seri Masidi Manjun for saying the State is not ready to bid for upstream oil and gas projects, calling the statement a reflection of poor political will rather than capacity. Its Information Chief Datuk Mohd Azis Jamman said Sabah can no longer afford to remain on the sidelines while others profit from its resources. 'If we claim we lack expertise, then bring in real experts — not loyalists whose only skills are to plunder and pander,' he said in a statement, Wednesday. He said Sabah must stop relying on sub-contracts and concessions handed out by external parties, and instead take the lead in building its own capacity and control. On Tuesday, Masidi told the State Assembly that state-owned firms Sabah International Petroleum (SIP) and SMJ Energy were not bidding for oil and gas blocks due to a lack of technical know-how and capital. He was responding to Warisan President Datuk Seri Mohd Shafie Apdal (Senallang), who had questioned why Sabah firms were left out of the Mutiara Cluster project off Sandakan. The contract was recently awarded to Dialog Resources Sdn Bhd, a wholly-owned subsidiary of Dialog Group Berhad based in Peninsular Malaysia. Azis questioned the rationale behind the State's passive approach and said experience can only come if Sabah starts participating actively. 'Every million starts with one. If we wait forever, we will always be excluded from our own wealth,' he said. He pointed out that the State had previously issued nearly RM1 billion in Sukuk to settle debts, including for vessels that remain unaccounted for. 'So, don't tell us it's impossible to raise funds for SMJ Energy to participate both upstream and downstream,' he said. He added that Sabah can form strategic partnerships with credible investors, provided the State retains control over the management of its natural resources. Azis also dismissed the claim that working quietly has brought results for Sabah. 'Our oil wealth continues to leave Sabah, yet our people see very little of the benefit,' he said. He stressed that the core issue is not Sabah's readiness, but whether its leaders are bold enough to prioritise the State's future over political convenience. 'True leadership isn't about waiting. It's about taking action — and ensuring that Sabah finally gets what it deserves.' * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
