EIIB-Rasmala nets solid profit
Dubai, May 8, 2014
EIIB-Rasmala, one of the largest financial institutions focused on the GCC markets, has registered a net profit of £140,000 million ($237,570 million) after tax expenses and a loss on discontinued operations.
The venture between London-based European Islamic Investment Bank and Dubai's Rasmala Group said its operating income increased strongly to £10.2 million in 2013. The profit before tax from continuing operations increased to £1.5 million, said a statement from the company.
The assets under management including capital seeded by the group increased by 25 per cent to £712 million, it added.
The group maintained its strong capital adequacy, regulatory and liquidity ratios. The Regulatory Capital of the Group at December 31, 2013 stood at £101 million.
The European Islamic Investment Bank said its boosting of the total shareholding in Rasmala to 76.3 per cent and the successful restructuring of the Rasmala business with operational synergies yielding greater than expected cost savings and benefits.
The growth was attributed to the repositioning of EIIB-Rasmala into a unique and specialist investment banking and asset management group offering access to capital from the GCC markets and a growing range of Islamic investment products to clients.
Zak Hydari, the chief executive of EIIB-Rasmala, said: "2013 saw the delivery of a number of important strategic milestones in the transformation of EIIB-Rasmala. These results clearly highlight the effectiveness of our transformation programme over the last two years."
"Our business is now well positioned to build momentum and focus on the significant and compelling growth opportunities into 2014 and beyond," he added.-TradeArabia News Service