Reseach Paper
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
7
k
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
9
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
(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
k
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
7
k
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
9
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