Following the conclusion of its Annual General Assembly Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 15 per cent cash dividend for the year 2012.
The bank’s 2012 financial statements were also approved during the AGM. For the 12 months ended December 31, 2012, DIB reported a net profit of AED 1.19 billion, compared to AED 1.05 billion in 2011, an increase of 13 per cent. The assembly also reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed Deloitte as the bank’s external auditors.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “DIB’s strong financial performance in 2012 is a reflection of the overall vibrancy of the UAE economy. Over the past year, the bank has enjoyed healthy growth in net profit, customer deposits and total assets, and we are delighted to share this success with our shareholders.”
Among the highlights for DIB in 2012 was its successful return to the International Capital Markets with the launch of a USD 500 million five-year Sukuk, which was oversubscribed more than four times, a notable achievement in light of volatile market conditions.
The bank also pressed ahead with its strategy of concurrently expanding its branch network and range of alternative banking channels. In 2012, DIB added nine additional branches to its UAE-wide network, while also introducing new services such as Al Islami Business Online, a portal enabling companies to access more than 75 services at the click of a button.
DIB Successfully Issues Debut Sustainability-Linked Financing Sukuk
DIB and HCLTech Forge Strategic AI Innovation Partnership
