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.