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9 Annual Report 2009

(Public Joint Stock Company)

Head Office
Deira, Dubai Festival City, Festival Tower, Floor 13 Tel: + 971 (4) 228 7474 Fax:+ 971 (4) 222 7321 Call Center “TAWASAL”: +971 4 316 0330 P.o. Box: 6564, Dubai, United Arab Emirates Website: www.emiratesislamicbank.ae

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9 Annual Report 2009

Table of Contents
Vision & Mission Boards’s Message CEO’s Message Board of Directors The Management Team Board of The Directors’ Report Fatwa and Sharia Supervisory Board’s Report The due Zakat on Shares Independent Auditors’ Report Consolidated Statement of Income Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Branches Network 9 10 11 12 15 16 19 21 22 23 24 25 26 27 28 68 Emirates Islamic Bank Annual Report 2009

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9 Annual Report 2009

Our Vision:
To be the leading provider of high standard Sharia compliant innovative financial products, quality service and superior value for its customers, shareholders, employees and the community.

Our Mission:
Providing innovative & high standard financial products & services governed by Islamic Sharia provisions to enrich the society.

Emirates Islamic Bank Annual Report 2009

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Emirates Islamic Bank
Board’s Message
The turbulent times of 2008 continued in 2009 as the aftershock of the global financial crisis. As such, “Survival of the Fittest” syndrome marked the shape of things to come. As expected, only Institutions characterized by flexibility and the ability to adapt, and have the vision and efficiency were able to cope with the winds of change and achieved profits in spite of all odds. We take great pride in saying that Emirates Islamic Bank was one of the organizations which didn’t only held their ground but also churned out profit despite the global turmoil in the financial sector. The decision of the Bank’s management to invest in human resources, as one of its priorities, achieved great results enabled the Bank to navigate seamlessly from the growth phase to the support and reinforcement stage in 2009 which the Bank planned for in its strategic plan in line with the rapid growth rates of the past years. This stage witnessed adherence to the policies and procedures to further strengthen the current business structure that already existed. This vision which was adopted during the first nine months of the year enabled the Bank to enhance and improve its internal operations as a step for the new growth. A great part of 2009 was devoted for the support and reinforcement stage planned for year, to establish the initial steps for the targeted growth in 2010. We are pleased to report that the last quarter of 2009 witnessed the launching of new innovative products such as “Super Savings”. This product was very well received and broke all records. In the same way, the Bank put in force “FinnOne” the financing system (“YUSR”) a new automated developed system which ensures a unique technical stand for the Bank in the next few years. There were a number of steps taken by the Bank in 2009 such as, the continuous expansion of branches network (now 30 branches) and opening its own call center (Tawasal). Such achievements are merely part of the Bank’s initiatives during the year. The 2009 financial results could have been richer had the Bank taken a rather liberal view of risk management. The Bank is always proud of its strong financial position and adherence to the standards to face the future based on solid foundations ensuring its pioneer role. Accordingly, the Bank’s management chose the accounting for more adequate provisions which may exceed the market practices. Similarly the Bank’s management revalued the investments in a more conservative manner. We share the view that the brighter future built on strong foundations put on, rather than just today›s Sunrise and murky...
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