Another Shariah-Compliant bank turns in a dismal quarter of performance. We won’t hold our breath waiting for the promoters of Shariah to stop touting their economic system as the savior from the economic crisis…
“Abu Dhabi Islamic Bank reported on Wednesday a 30-percent drop in its second-quarter net profit, dragged down by provisions against credit losses and its real estate unit.”
“The credit environment remains weak and we expect the rest of this year to remain challenging with further provisioning necessary,” said chief executive Tirad Mahmoud.
