Aafaq Islamic Finance Announces 68% Increase in Profits in 2020

Despite the repercussions of the current global pandemic, Aafaq Islamic Finance, the leading institution in the financial sector across the UAE and the region, revealed profitable results of the Annual General Meeting of shareholders held for the fiscal year 2020.

The meeting was held remotely in the presence of members of the company's board of directors, representatives of the Ministry of Economy, the Fatwa and Sharia Supervisory Board, external auditors and the Central Bank last Wednesday.

At the meeting which was chaired by Mr. Matar Hamdan Al Ameri, Second Vice Chairman of the Board of Directors, he announced the positive financial results for the year 2020 achieved by "Aafaq Islamic Finance", despite the great challenges that the markets faced as a result of the pandemic. Aafaq achieved net profits of AED 170.1 million, an increase of 68% compared to the year 2019, which recorded a net profit of AED 101.4 million.

During the meeting, Mr. Mohammed Al-Bzaia was voted and appointed as the reporter for the meeting and the Dubai Financial Market. The shareholders also approved the agenda of the general assembly. Increasing shareholders ’equity as the main pillar of the Aafaq Islamic Finance strategy was emphasized and it was recommended during the General Assembly to distribute 15% cash dividends, subject to approval by the Central Bank of UAE.

Mr. Rashid Mahboob Al Qubaisi, CEO of "Aafaq Islamic Finance" said: "We achieved exceptional performance despite the challenges posed by the pandemic. We will continue following our strategy to focus on building a strong financing portfolio by offering more products, services and innovative solutions that simulate the aspirations of individuals and companies.  We will establish new strategic partnerships that benefit both customers and partners.  Our results for 2020 are due to an increase in financing revenues, fees and income from investments, treasury activities, growth of the financing portfolio, customer deposits and the launch of new, innovative and diversified products.

Mr. Al Quabaisi thanked members of the Board of Directors, the honorable shareholders, and the company's employees for their continuous support and success achieved through their dedicatin and efforts.