DIB among fastest movers in Top 1,000 World Bank for second consecutive year

In this year's annual Top 1,000 Bank rankings, DIB has been ranked 223rd in the world based on the bank's strong Tier 1 Capital. Since 2005, DIB has moved up a total of 454 places, from 677th to 223rd.

This jump makes DIB the 14th fastest mover in these global bank rankings. The ranking shows that DIB is the fastest growing bank in the region during the past two years. It also reflects DIB's strong Tier 1 Capital, which reached US$2.403 billion by the end of 2006.

Saad Abdul Razak, CEO of Dubai Islamic Bank Group, said: "We are delighted to see DIB among the top global movers in the world for two consecutive years. This shows the strong financials that the bank enjoys as well as the growing confidence of our shareholders, customers and depositors."

"DIB is a leading financial institution that has achieved continuous success in the Islamic financial area, especially during the past few years. This ranking demonstrates the success of DIB's strategy to roll out new and innovative products and to diversify its financing and investment portfolio," he added.

Abdul Razak noted: "DIB presented a sterling performance during the past few years, supported by an expansion plan across local, regional and international markets. The bank has opened new branches and representative offices overseas, and invested in leading companies and vital sectors."

He concluded: "The ranking also shows DIB's efforts in joining hands with strategic partners to launch special purpose vehicles in the fields of investment, real estate development, advisory, private equity funds and other fields These organisations offer services and products that cater to local and regional markets. The bank also consolidated its role in the financing sector as it continues to provide financial solutions, products and services that help large government organisations, semi-government entities and private firms benefit from such deals."

In recognition of its leading role in the international arena, DIB has received many awards from international organisations, such as the prestigious "Bank of the Year - UAE" award for 2006 by The Banker magazine and accolades from Euromoney. In 2006, DIB received international credit rating from both Standard & Poor's and Moodys.