Emirates Islamic, formerly Middle East Bank, was incorporated in 1975 and converted to Islamic banking in 2004. Emirates Islamic is a subsidiary of Emirates NBD, which owns 99.9% of the bank. Emirates Islamic now operates through 40 branches in the U.A.E. In April 2024, Emirates Islamic closed a $500 million Shariah-compliant financing facility to further strengthen the bank’s balance sheet and support its growth ambitions.