DIB also announced that Khaled Al Kamda has been appointed Managing Director of the bank.
Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance & Industry and Chairman of DIB, said: "Over the past six years, Saad has engineered an outstanding growth story at the bank and has cemented DIB's position as the region's leading Islamic bank."
The bank's financial results have registered unprecedented growth, and this is reflected in a 10-fold growth in net profit: from AED 160 million at the end of 2002 to AED 1.56 billion by the end of 2006. During the same period, assets have increased more than 300 per cent, reaching AED 64 billion by the end of 2006.
He continued: "Besides the financial growth and geographic expansion that has taken place at DIB, what stands out as his lasting contribution is the insitutionalisation of corporate management at the bank. Today, DIB is staffed by senior management who are global experts in their fields. During the past few years DIB has entered into strategic alliances, lead managed transactions for funding of government mega-projects, and won numerous awards from a broad range of international trade journals that have recognised the outstanding performance of the bank."
He concluded: "All of us at DIB are indeed proud to note that our top executives have been chosen to take on challenging assignments with higher responsibilities. We wish Saad all the best as he prepares to embark on the next stage of his distinguished professional career.
"We are equally pleased to welcome Khaled Al Kamda to his new position at the bank, and look forward to working alongside him as DIB continues to build on its historic success."
The Vice Chairman of the Board of Directors of UAE mortgage company Tamweel and Dubai World-owned investment company Istithmar, Al Kamda is currently a member of the Board of Directors of DIB as well other companies.
Saad Abdul Razak said: "Both professionally and personally, the past six years at DIB have been a challenging experience, and I have enjoyed carrying out my responsibilities at the bank. To be able to steer the bank and position it among the pioneering frontrunners of the fast-growing Islamic banking sector has been immensely satisfying.
"I have had the good fortune to work alongside talented colleagues, who have brought out the best in me and, I believe, the best in DIB. Most importantly, we have remained completely focused on our customer service quality as well as building shareholder value.
"I would like to express my profound gratitude to the Chairman, Vice Chairman, members of the board, senior management, employees, customers and shareholders of the bank for their continuous support."
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DIB Group Chief Executive to assume new role in Dubai Government
- United Arab Emirates: Wednesday, October 10 - 2007 at 15:21
- PRESS RELEASE
Dubai Islamic Bank (DIB), announced today that its current Group Chief Executive, Saad Abdul Razak, who joined the bank in December 2001, will assume a new role within the Government of Dubai.
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Notes and media contacts
Dubai Islamic Bank is a Sharia-compliant financial institution. As such, please refrain from using any of the following terms in reference to the bank and its activities:• Loan
• Lender / Lending / Lend
• Borrower / Borrowing / Borrow
• Credit facility
• Advance
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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 shares are listed 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 per cent 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 per cent 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 per cent 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 per cent over last year. Customer deposits also showed an aggressive growth of 43 per cent over last year, reaching AED 47.7 billion in 2006.
DIB recently announced the breaking of another world record by raising US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted a 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 (AED 33 billion), an unprecedented amount in the history of Islamic banking.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted 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 enhance its access to that market. DIB has acquired 60 per cent of Al Khartoum Bank and is among the parent banks of Emirates and Sudan Bank (ESB). These steps 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:
Sunil John
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
Posted by Lara Lynn Golden, News EditorWednesday, October 10 - 2007 at 15:21 UAE local time (GMT+4)
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