Arab Islamic Bank financial statements June 2023
The Arab Islamic Bank released its financial statements for the period ending on June 30th, 2023. The bank reported a net profit after tax of approximately 8.5 million dollars, compared to profits of about 7.4 million dollars on June 30, 2022, representing a growth of 16%.
As for other financial indicators, the bank's assets reached $1,710,339,818 compared to $1,660,725,735 for the year ending on December 31st, 2022, achieving a growth of 3%, resulting in a market share of 8.5%. The direct credit facilities amounted to $1,078,607,299 at the end of the period, compared to $1,028,339,808 at the end of 2022, registering a growth of 5% and securing a market share of 9.5%. Customer deposits reached $1,431,676,886 as of June 30, compared to $1,392,048,763 at the end of 2022, with a growth rate of 2.8% and a market share of 8.5%. In addition, the bank has maintained adequate credit provisions to cover any potential credit losses, either at the level of direct financing or other financial instruments.
Mr. Rushdi Al-Ghalayini, the Chairman of the Board, remarked on these results, asserting that they underscore the bank's commitment to a balanced and sustainable strategy in managing finances and investments. This commitment is exemplified by a dedicated focus on fortifying relationships with clients and delivering distinctive, Sharia-compliant financial solutions tailored to both individual and business needs. He further highlighted the ongoing dedication to innovating products and investment programs, aligning with the bank's vision of achieving sustainable growth and maximizing benefits for clients. Al-Ghalayini expressed gratitude for the pivotal role and unwavering support of the bank's shareholders and partners in the successes achieved, emphasizing their indispensable role as collaborative partners in realizing future aspirations. He reaffirmed the bank's dedication to persistently working towards delivering the highest standards of service and value to both customers and the community. With a sense of pride and unwavering confidence in the bank's capabilities, Al-Ghalayini anticipated even greater successes. He affirmed that these results serve as compelling evidence of the efficacy of the bank's strategic plans and the ongoing commitment to achieving robust performance, thus supporting growth and expansion initiatives.
Mr. Hani Nasser, the General Manager of Arab Islamic Bank, affirmed that while the bank has achieved commendable growth rates, the pursuit of even greater growth remains a top priority in the coming years. This commitment is grounded in the strategic plan, aligning with the aspirations of our customers and the ambitions of our shareholders. He attributed the bank's outstanding performance primarily to the growth of operational revenues, stemming from both direct and indirect credit facilities, as well as the bank's diverse investments. Mr. Nasser expressed gratitude to the executive management and all bank employees for their efforts and exceptional performance, highlighting the collaborative team spirit that enabled the bank to achieve these results. He added that the bank's asset growth reflects its continued strength and growth in the market. He emphasized the bank's commitment to executing its digital transformation strategy to meet evolving customer requirements and provide top-notch digital banking services following global best practices. The bank remains dedicated to safeguarding the interests of its shareholders and delivering the best services and products to its customers. Mr. Nasser also underscored the bank's ongoing contribution to supporting the community through initiatives targeting various segments of society. The bank engages in multiple partnerships with relevant community institutions, actively working towards adopting sustainability principles in all its operations and activities.
In concluding his remarks, Nasser expressed optimism for the future, affirming our ongoing commitment to delivering excellence in the realm of Islamic banking services.
The Arab Islamic Bank holds the distinction of being the first Islamic bank to operate in Palestine since the inception of 1996. The bank extends a unique array of Islamic banking products and services to its clients, including individuals, companies, and projects through a network comprising 31 branches and offices strategically located across all regions of the country. This includes a representative office in Dubai and a mobile branch named “Banki Ala-Tareeq”.