This is the third consecutive year that DIB has won the award.
DIB was chosen among fierce competition from a list of the biggest global financial institutions at a gala ceremony organised by Banker Middle East Magazine that was held recently in Doha, Qatar. Abdullah Al Hamli, Senior Vice President, DIB, accepted the award on behalf of the bank management.
Saad Abdul Razak, CEO of DIB Group, said: "Winning the best Islamic Bank Award for the third year in a row is a triumph for the bank's staff and management, and confirms the strength not only of the bank's offering to customers but also its overall direction and strategy. 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."
He added: "Being a leader in Islamic banking is a great achievement, yet attaining this status amid the increasing competition in the sector is a far greater accomplishment. We view this award as, in part, a challenge for all of us at DIB to elevate our efforts towards implementing comprehensive strategic planning to provide even more innovative products and services, and to meet to the demands of a dynamic and fast-developing economic environment."
He concluded: "The award ceremony was as a very special showcase for the quality of DIB's range of Islamic products and services, and provided us a platform to present them to the rest of the banking sector."
Local, regional and foreign financial institutions operating in the Middle East were eligible for nomination in the Banker Middle East Awards. The winners were selected by an expert panel of judges from rating agencies, consultancies, card schemes, solution providers and banks.
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Dubai Islamic Bank wins best Islamic Bank Award from Banker Middle East
- United Arab Emirates: Saturday, May 19 - 2007 at 13:36
- PRESS RELEASE
Dubai Islamic Bank (DIB) has won the best Islamic Bank Award at the Banker Middle East Awards 2007.
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About Dubai Islamic BankDubai 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
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
Posted by Lara Lynn Golden, News EditorSaturday, May 19 - 2007 at 13:36 UAE local time (GMT+4)
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