Dubai Islamic Bank wins Dubai Human Development Award

Notes and media contacts

About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market.

The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

The bank reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47% compared to AED1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at AED 3.3 billion, an increase of 65% compared to AED 2 billion for the year ended December 31, 2005. Total assets in 2006 reached to AED 64.5 billion reporting an increase of 50% compared to AED 43 billion in 2005.

In the retail area, DIB launched a wide range of products including "Al-Islami Personal Finance" - ; "Al Islami Credit Cards"; and many others. DIB also launched a series of investment funds including the 3-year Capital Protected DFM Note, the Capital Protected CLIP Note, Al Islami Shipping Fund, Al Islami Capital Protected CROCI Note, GCC Equity Fund, Al Islami Saving Scheme, Pan European Real Estate Fund, US Real Estate Fund and two French Real Estate Funds

DIB has been in an expansion mode and its branch network in the UAE will reach 53 branches by the end of 2007. By the end of 2007, DIB's branch network will have grown by 340% since 2002, when it had only 12 branches, which makes it the fastest growing branch network in the UAE. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB).

The bank has recently announced the breaking of another world record by raising US$3.52 billion Sukuk for the Nakheel Group. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history.

Investment in human capital has always been on DIB's priority list. DIB's ongoing Emiratisation programme and investment in human capital have led to 45 per cent of the bank's workforce being UAE national. This makes DIB achieve the highest percentages of Emiratisation in the industry.

For further information, please contact:
Nicholas Nesson / Tarek Fleihan
Mobile: (+97150) 4785324 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556