Dubai PR Network, Online Press Release from Dubai and Middle East
Filter PR by
aafaq Islamic Finance approves cash dividend of 30% during general assembly

UAE, April 26, 2015 - aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has approved a cash dividend of 30% during its recent regular general assembly. The company, which achieved a strong financial performance in 2014, said the amount is still subject to the final approval of the Central Bank of the UAE.

Last year, aafaq attained substantial financial growth and significant operational improvement. It registered an unprecedented net profit increase of 101 per cent to reach AED 85.25 million from AED 42.43 million in 2013. The company’s 2014 revenues also climbed by 75 per cent to AED 103.765 million compared with 2013’s AED 59.302 million. 

During the same period, aafaq’s liquid assets jumped by 55 per cent to reach AED 1.325 billion from AED 857 million, while total assets increased by an average of 37 per cent to AED 2.191 billion  from 2013’s AED 1.594 billion. Additionally, property rights surged by 18 per cent to reach AED 325 million from AED 275 million in 2013.

Dr. Mahmoud Abdalaal, CEO, aafaq Islamic Finance, said: “Our strong financial performance in 2014 was the result of our exceptional initiatives and ambitious strategic goals aimed at solidifying our position as a leading financial corporation in the UAE. We also attribute the company’s 100 per cent profit growth to the implementation of revenue generation and operational cost reduction measures as well as managerial and operational improvements. Diversification of cash resources also helped increase our cash reserves last year. All these factors played a major role in improving our overall performance and raising our revenues despite global financial and economic challenges.”

Dr. Abdalaal added: “The value of our total assets and revenues has been rising over the past few years but 2014 was one of our best years by all accounts. Our total assets and revenues achieved growth rates of 37 per cent and 75 per cent, respectively, last year compared with 23 per cent and 72 per cent recorded between 2010 and 2013. Effective resource investments in high-yielding assets led to these positive results.”
“Inspired by our achievements, we will further intensify our efforts to ensure our continuous success. We will invest heavily in our human capital and other resources for further improvement. We will also remain steadfast in our objectives to provide top and high-quality Islamic financial services to meet our customers’ expectations. By continuously implementing exceptional services and initiatives, we are contributing to Dubai’s efforts to become the capital of the Islamic Economy,” he concluded.

Posted by : GoDubai PR Dept, -
Viewed 11797 times
PR Category : Banking & Investments
Posted on : Sunday, April 26, 2015  12:48:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Email this article Print this article

Share this article with your friends and followers
Back to

Related Stories

Most Viewed Press Release posted in the last 7 days
Korea's Number One Beauty Brand Innisfree All Set to Celebrate the Grand Opening at the Du... [9925-Views]
Sephora: Are You Ready to Join the #SephoraSquad? [9077-Views]
Emirates Post Issues Set of Commemorative Stamps for the New Logo for People of Determinat... [8760-Views]
How to Beat Pigmentation with DERMAdoctor [8516-Views]
Introducing Zeitun Premium Face Care Collection [8400-Views]
Spoil her this Mother's Day with gifts from Marks & Spencer [8046-Views]
Rate Hawk is Live with Global Innovations Flagship Product TassPro and Itinerary [7918-Views]
Cerruti 1881 - Special Product Launch for Mother's Day [7875-Views]
Enjoy a Selection of Anti-Aging Products from Beauty Solutions [7259-Views]
Achieve Gorgeous and Radiant Skin in Only 90 Seconds [7125-Views]
Swatch X 007 Introducing the New James Bond Collection and Limited Special Edition [6387-Views]
Ferragamo Sapphire Collection [6039-Views]
Tag Heuer Opens Boutique at Mall of the Emirates [5905-Views]
Dubai Chamber Honours Top-performing Trading Companies [5795-Views]
HRH the Prince of Wales Officially Opens the National Automotive Innovation Centre [5704-Views]
TBO Holidays Hotel XML API Integrated with TassPro and Itinerary HomePR & EventsTBO Holida... [5618-Views]
Get Great Hair Naturally With HASK's Latest Haircare Collections This Spring! [4929-Views]
HH Sheikh Mansour bin Mohammed Visits Dubai Sports Council [4734-Views]
Marks & Spencer Unveils its All New Menswear [4435-Views]
Mall of Oman Onboards a Host of Global Lifestyle, Fashion, and F&B Brands Ahead of Its 202... [4404-Views]
Etihad Airways to Operate Special Flights From Al Ain to Jeddah During Ramadan [4252-Views]
Visit of Punjab Minister at Al Maya Stand @ Gulfood 2020 [4081-Views]
Statement Stilettoes from Steve Madden [4075-Views]
GEMS Global Innovation Showcase 2020 Sees 1,500 Student Innovators and Entrepreneurs Exhib... [3989-Views]
Dubai Cares Donates 2,000 Books to Wanna Read? Initiative to Instill the Habit of Reading ... [3959-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories