The Islamic lender Tamweel yesterday announced a 43 per cent rise in net profit for last year, thanks to cost reductions and lower impairment provisions.
The lender, 86.45 per cent owned by Dubai Islamic Bank, announced net profit of Dh103.9 million for 2013, equivalent to 10 fils per share, compared with Dh72.5m the previous year.
Tamweel has proposed a dividend of 5 fils per share, unchanged on the previous figure.
The increase in profits comes despite a decrease in the lender’s Islamic financing and investing assets to Dh7.68 billion, a year-on-year fall of 17.7 per cent, and a 9 per cent fall in operating profit.
Net profit increased as Tamweel trimmed its depositors’ and investors’ share of profit and related costs by 17 per cent as DIB settled about Dh4bn worth of liabilities two years ahead of schedule.
The outstanding obligations comprised liabilities that were part of a five-year moratorium agreed with the lender’s creditors in late 2010 that were due to mature in 2015.
DIB increased its stakeholding in the bank to 86.45 per cent in March last year, taking the company private in October.
jeverington@thenational.ae
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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Antonio Muñoz Molina
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Tuskar Rock Press (pp. 310)
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Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star