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Date: Thursday 04 Sep 2008

LONDON (ShareCast) - European Islamic Investment Bank said despite challenging market conditions it has continued to progress in the first half of 2008 as it swung back into profit for the period.

Operating profit for the half year came in at £2.8m versus the loss of £3.65m last year, which was hindered by the impairment on its investment properties. Revenues increased to £7.3m, up 14%.

“This was achieved despite the significant turmoil in the credit markets, with low volumes, widening credit spreads, and the evaporation of positive sentiment in the interbank market,” said the group.

The group said GCC Sukuk (Islamic bonds) issuance has become a casualty of the state of the international debt capital markets with dirham and dollar denominated primary market issuance during the first half of 2008 halving compared to the same period in 2007. Secondary Sukuk trading volumes were also low, reflecting general investor apathy.

But the group said despite these challenges, it has continued to develop and make progress during the first six months of 2008.

“The bank remains well positioned to deliver on its business objectives through 2008 and beyond,” it added.

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