Dubai Islamic Bank launches 4-year Principal Protected Water Note

Dubai Islamic Bank (DIB) announced today the launch of its 4-year Principal Protected Water Note, which offers participation in a basket of 10 stocks linked to the water industry, including activities such as purification, desalination and waste management.

United Arab Emirates: Wednesday, April 25 - 2007 at 14:12
PRESS RELEASE

Saeed Al Qatami, Head of Wealth Management, DIB.

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The Sharia-compliant note, structured in partnership with ABN AMRO, requires a minimum investment of US$10,000 and offers capital protection upon maturity.

The note offers a minimum guaranteed annual return of two per cent and maximum potential annual return of 11 per cent. The Fatwa and Sharia Supervisory Board of DIB will oversee Sharia compliance.

DIB's 4-year Principal Protected Water Note, the first of its kind in the region, reinforces the bank's commitment to socially responsible investment (SRI), which combines the intention to maximise both financial return and social good. In the United States alone, SRI currently accounts for more than US$2 trillion in assets.

Saeed Al Qatami, Head of Wealth Management, DIB, said:

'On the heels of the launch of the bank's 4-year Capital Protected Global Real Estate Income Trust (REIT) Note, the launch of the DIB Water Note signals the bank's ongoing commitment to innovation and excellence. Indeed, DIB is determined to provide balanced wealth management solutions across asset classes, allowing our clients to achieve strong returns with a diversified portfolio that is balanced across sectors and geographies.'

He added: 'Today more than ever, and nowhere more so than here in the Middle East, investing in the water industry is vital to our shared future. Consider that just 2.7 per cent of the water on earth is fresh water - and more than two-thirds of that is locked away in glaciers and polar ice caps. By investing in DIB's Water Note, investors not only gain the opportunity to participate in a high-growth industry, they also demonstrate their personal dedication to preserving the environment.'

Naveed Ahmad, Head of Investments - Wealth Management, DIB, said: 'The bank continues to work extremely hard to develop a solid infrastructure for its Retail Investment platform and offer our clients a wide range of innovative investment options. DIB's Water Note is another unique opportunity for regional investors to realise strong returns while also benefiting from the peace of mind that comes with principal protection. All of us at DIB are extremely pleased to be able to provide this investment opportunity to our clients.'

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» Dubai Islamic Bank (DIB) company profile

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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 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.

Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at AED 38.8 billion, an increase of 28% over last year. Customer deposits also showed an aggressive growth of 43% over last year reaching AED47.7 billion in 2006.

DIB 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. The Nakheel Sukuk brings the total Sukuk raised by DIB in the UAE to more than US$9 billion (AED33 billion), an unprecedented amount in the history of Islamic Banking.

The bank has been proactive in creating partnerships and alliances at local and international level. 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 steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.

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

Posted by Anne-Birte Stensgaard, Senior News Editor
Wednesday, April 25 - 2007 at 14:12 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

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