ENBD to launch Islamic lending products
Dubai, October 25, 2013
Emirates NBD, the largest lender in Dubai, said it plans to launch new Islamic lending products by the end of this year for corporate clients and small and medium-sized enterprises (SMEs).
A focus on the SME sector is part of Dubai's plans to become a global center for Islamic business.
ENBD, 55.6-per cent owned by state fund Investment Corp of Dubai, said it would introduce Islamic overdraft and receivable finance products as it expanded in the sector.
The lender's Islamic banking unit has benefited from a strengthening local economy in recent months. The unit made a net profit of Dh129 million ($35.1 million) in the nine months to September 30, compared to a net loss of Dh206 million in the same period last year.
ENBD's total net profit for the nine months climbed 34 per cent to Dh2.6 billion.-Reuters