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Aafaq Islamic Finance: 68% growth in net profits during 2020 – Economy – Local

The “Afaq Islamic Finance Company” announced the holding of the annual general meeting of shareholders for the fiscal year 2020, which was held remotely recently, 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.

And it stated in a statement yesterday that the second vice-chairman of the board of directors, Matar Hamdan Al-Amri, chaired the meeting, and in turn announced positive financial results achieved by “Afaq Islamic Finance” during the year 2020, despite the great challenges that the markets faced as a result of the “Covid-19” pandemic. ». According to the statement, the company achieved a net profit of 170.1 million dirhams, an increase of 68% compared to 2019, which recorded a net profit of 101.4 million dirhams. It was emphasized during the meeting that increasing shareholders ’equity is the main pillar of the“ Afaq Islamic Finance ”strategy, as it was recommended during the General Assembly for the year 2020 to distribute 15% cash dividends, subject to the approval of the UAE Central Bank.

The CEO of “Afaq Islamic Finance”, Rashid Mahboob Al Qubaisi, said: “We have achieved exceptional performance, despite the challenges posed by the (Covid-19) pandemic, and we continue to follow our strategy to focus on building a strong financing portfolio, in addition to offering more products. And innovative services that simulate the aspirations of individuals and companies, and the conclusion of new strategic partnerships that benefit both dealers and partners. ”

He pointed out that the results achieved during 2020 are due to the increase in financing revenues, fees, income from investments, treasury activities, and the growth of the financing portfolio and the customer deposits portfolio, which more than doubled compared to 2019, in addition to the launch of new innovative and diversified products.

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