Emirates Islamic’s net profit for the first half of 2017 stood at Dh387 million ($105.3million) compared to Dh137 million for the same period last year, reflecting the success of its investment deposits.

One-year deposits offered 1.95 per cent per annum in the second quarter of 2017, up by 50 bps since the end of 2016, while two-year deposits offered 2.35 per cent per annum, reported Wam, the Emirates official news agency.

 The Investment Term Deposit is a distinctive profit-bearing product in which profits are generated and distributed from the common Mudharaba pool, which is a joint investment pool between depositors and shareholders.

Jamal Bin Ghalaita, chief executive officer at Emirates Islamic, said: "Emirates Islamic continues to move forward on its path of profitable growth and after announcing positive results for the first half of 2017, we would once again like to share the success with our customers. The Investment Term Deposit Account is a superior financial planning tool that helps our customers achieve their long-term goals. Committed to raising the value of this product for our customers and shareholders, Emirates Islamic is determined to continue this performance into the rest of the year."

Available for individuals, including minors, as well as sole proprietorships, partnerships and joint stock and limited liability organisations, Emirates Islamic Investment Term Deposits are available in US dollar and dirham currencies.

The easy-to-manage deposit can be opened with a minimum requirement of Dh10,000 and is available for various flexible tenures. The announcement from the bank on Monday is aligned with its ongoing commitment to providing customers with an unparalleled Islamic banking proposition in the UAE.