Dubai: The Emirates Islamic Bank announced Tuesday that its operating profits rose to 138 million dirhams (about $16 million) at the close of the first quarter of 2012.

This is 68 percent growth over Q1 and Q4 2011. Total net income rose to 228 million dirhams for Q1 2012, a 21 percent increase from the same period one year ago.

Likewise, customer accounts grew by 5 percent during the first quarter of 2012, while assets grew by 13 percent from year-end, 2011.

Following its change of management in October 2011, the bank has embarked on an aggressive three-year growth strategy, which has started to pay off.

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Picture of the Day

Dr Shariq Nisar, Director of Research and Operations of India’s premier shariah advisory firm TASIS and one of the senior most professionals of Islamic Finance in India, was in Malegaon on Sunday to address a seminar on "Prospects of Islamic Finance in India".

(Photo: ummid.com)