You have to read carefully to glean this information from the cheerleading article linked below, but profits at the various Islamic banks in the UAE which trade on the stock exchange are reported down (though you’d never know it from the headline):

The Islamic banks listed, on the local stock markets, posted net profits of Dhs738.481 million during the second quarter of this year compared with Dhs778.207 million in the first quarter of this year, down by 5.1 per cent. 

…the Emirates Islamic Bank’s profits declined by 46.3 per cent to Dhs35.26 million in the second quarter of this year compared with Dhs65.77 million in the first quarter.

Abu Dhabi Islamic Bank’s profits fell by 27.9 per cent to Dhs139 million in the second quarter of this year, down from Dhs268.79 million in the first quarter, while Sharjah Islamic Bank’s profits declined by 13.4 per cent to Dhs73.53 million in the second quarter of this year, down from Dhs84.97 million in the first quarter.

Meanwhile, Ajman Bank continued to make losses in the second quarter of this year. The bank’s total losses touched Dhs11.6 million in the first quarter of this year and plunged to Dhs13.6 million in the second quarter.

This should merely be regarded as evidence that, despite what the promoters of Shariah may claim, Shariah-Compliant Finance and banking are just as subject to the laws of economics as any other financial system or institution.

http://www.godubai.com/gulftoday/article.asp?AID=18&Section=Business

 

 

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