Dubai Islamic Bank's first quarter net profit increases 28 per cent to AED 424 million

Total income rose to AED 1.23 billion, an increase of 38 per cent compared AED 894 million for the corresponding period in 2006.

Customer deposits showed strong growth of 46 per cent, reaching AED 51.6 billion at the end of the first quarter of 2007, compared to AED 35.3 billion in the first quarter of 2006. The bank's total assets increased by 55 per cent to AED 68.8 billion, compared to AED 44.5 billion in the first quarter of 2006, and financing activities increased 42 per cent to AED 39.4 billion, compared to AED 27.8 billion in the same period of 2006, with both figures excluding IPO-related financing.

Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and Chairman of DIB, said:

: "DIB continues to consolidate its leadership position in the banking and financial sectors. I'm truly delighted to present yet another sterling performance by DIB during the first quarter, supported by an expansion plan in the local, regional, and international markets. On the local level, DIB continued to roll out new and innovative products and to diversify its financing and investment portfolio."

He added: "After having successfully lead-managed high-profile Sukuk for others in the region, DIB successfully completed the issuance of its own inaugural US$750 million Sukuk, which was listed on the Dubai International Financial Exchange (DIFX) and London Stock Exchange (LSE). This Sukuk witnessed significant interest across the globe with 45 per cent placed with investors in the Middle East, 30 per cent in Europe and the balance in Asia."

He noted: "The bank consolidated its role in the financing sector as it continued to provide financial solutions, products and services that helped large government organisations and semi-government entities as well as private organisations to benefit from such deals."

He added: "DIB has joined hands with strategic partners to launch special purpose vehicles in fields such as investment, real estate development, advisory and private equity funds, offering services and products that cater to both local and regional markets."

DIB has been continuously awarded the highest international accolades, including "Best Islamic Bank in the Middle East" by Euromoney Magazine, in addition to a host of other prestigious regional and international awards.

DIB's immense contribution to the development of national talent was also recognised with the "Dubai Human Development Award, Gold category." DIB's Chief Executive Officer, Saad Abdul Razak, also received the "Best Emiratisation CEO Award" as part of the 9th National Careers Exhibition held in March 2007.

Finally, Dr. Khirbash highlighted the ongoing investment in national human capital and Emiratisation programme at the bank: "In the UAE, we are rated as the employer of choice not only among UAE nationals, but also across the industry. We proud to be the number one bank in terms of Emiratisation among top UAE banks, with a record 45 per cent of staff composed of UAE nationals."