Media ININ Economy We Trust
Media iN / Dubai25-03-2019 / WAM
Afaq Islamic Finance has made a profit of AED 117 million and 600,000 for 2018 including one-time gains from the acquisition of the National Bank of Sudan.
The company’s net profit for the year stood at 75.4 million dirhams, an increase of 74.5 percent from last year. The company’s assets reached AED 340 million, a 5 percent increase.
This was announced at the shareholders’ general assembly meeting for the fiscal year ended 31 December 2018, which was chaired by Abdul Jalil Al-Balooki, Vice Chairman of the Board of Directors and attended by members of the Board of Directors of the Company and representatives of the Ministry of Economy, Fatwa and Shariah Supervisory Board and external auditors.i
The company’s final accounts were reviewed and votes on the previously announced items on the agenda of the association were voted on and many items were voted on to support the company’s expansion strategy.
Sheikh Sultan bin Mohammed bin Khalid Al Nahyan, Abdul Jalil Abdulrahman Mohammed Al Baluki, Hamdan Sultan Al Ameri, Mansoor Ishaq Sulaiman, Saif Ali Mohammed Al Shehhi, Jamal Ibrahim Al Mutawa Al Nuaimi and Abdullah Abdulrahman Abdullah Sharafi were elected to the next term of office for a period of three years.
Afaq Islamic Finance is a private joint stock company established in 2006 as a Shariah-compliant financing company headquartered in Dubai. It offers all Shariah-compliant financing and investment segments as well as other fee-based financial services through its business outlets. The state.
