Emirates Islamic to lay off 200 staff members

Emirates Islamic Bank, the Sharia-compliant branch of Dubai’s Emirates NBD, reportedly plans to lay off 200 employees in an effort to cut costs, The National reported, citing unnamed banking sources.

A spokesperson for Emirates NBD declined to comment when contacted by Argaam as the bank is in a closed period before Q1 results.

Emirates Islamic joins a list of banks operating in the UAE planning staff cuts, including RAK Bank, Barclays, and First Gulf Bank.

The bank reported a net profit of AED 641 million for fiscal year 2015, marking a 76 percent climb compared to the previous year.

UAE banks have faced lower deposits in 2016 as oil prices continue to slump.