Presight AI announces start of subscription period for IPO
Presight AI Holding, a G42 company, today announced the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) First Market. The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters. The opening of the subscription period for the Offering commences on […]
First Abu Dhabi Bank raises $500m through Islamic bond
First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised $500 million through a sukuk or Islamic bond, marking the first global sukuk issuance in 2023. The five-year sukuk was priced at 90 basis points over the US treasury rate which is the equivalent of a profit rate of 4.58 per cent and is listed […]
ADIB enhances Emiratisation drive at Tawdheef 2022
Abu Dhabi Islamic Bank (ADIB) today participated in the Tawdheef 2022 career fair. As the platinum sponsor of the event, ADIB has taken an active role in the development and recruitment of local Emirati talent. Tawdheef is the UAE’s leading event for employment for Emirati professionals. The platform is designed to help nationals […]
Memphis Pharmaceutical’s approves loan from ADIB to settle $15.83mln debt
The board of directors of Memphis Pharmaceutical (MPCI) approved the financing package provided from Abu Dhabi Islamic Bank (ADIB) to settle the EGP 300 million debts of El-Gomhouria Company for Drugs, according to a statement published on September 14th. El-Gomhouria for Drugs’ debts have reached EGP 294.29 million so far. Memphis is one of […]
Dar Al Takaful, Watania complete another milestone in merger process
Dar Al Takaful (DAT) and Watania have completed another condition precedent in the merger process aiming to create one of the leading Takaful providers in the UAE with the end of the 45-day policyholders’ notice period with no objections received. The transaction is at the final stages of obtaining regulatory approvals from the Central […]
Emirates NBD REIT’s 2021 net income drops 18% to $9.5mln
The net rental income of ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Ltd., fell by nearly 18 percent to $9.5 million for the full year of 2021. The company attributed the drop in net income to a 15 percent drop in gross income due mainly to the renegotiation of […]
Ithmaar Holding’s profits down 87% in Q1-22
The net profits attributable to the equity holders of Ithmaar Holding retreated by 87.2% to $1.13 million in the first quarter (Q1) of 2022, compared to $8.86 million in the same quarter of 2021, according to the company’s interim consolidated financials. The company’s operating income increased by 14.7% to $55.30 million in Q1-22 from $48.23 […]
Amlak Finance sees higher profits in Q1-22; accumulated losses hit 86% of capital
Amlak Finance has achieved net profits worth AED 13.08 million in the first quarter (Q1) of 2022, higher than AED 6.38 million in Q1-21. In the first three months (3M) of 2022, the income from Islamic financing and investing assets declined to AED 34.49 million from AED 40.84 million in the same period a […]
Salama’s profits exceed $2.58mln in Q1-22; dividends, accumulated losses announced
The Islamic Arab Insurance Company (Salama) has achieved net profits attributable to the shareholders worth AED 9.92 million during the first quarter (Q1) of 2022, compared to AED 22.22 million in Q1-21. The company’s net underwriting income reached AED 32.01 million in the January-March 2022 period, lower than AED 41.07 million in the year-ago […]