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Khalid Al Kamda, Managing Director, Dubai Islamic Bank Group, accepted the Best Islamic Bank Award and during a gala ceremony that was held on Wednesday, December 12, 2007, in Dubai. Adel Rahman, Senior Vice President, Head of Wealth Management, DIB, received the Best Islamic Finance Wealth Management Firm Award. The ceremony was attended by CEOs and top officials representing several banks and financial institutions.
Al Kamda said: 'We are proud to receive the Best Islamic Bank Award. This award is recognition of DIB's strategic vision, our execution expertise, management depth and our belief in Islamic banking principles.'
He added: 'The Best Islamic Finance Wealth Management Firm Award is also a manifestation of the hard work and innovation that DIB is known for. The bank has successfully developed and structured innovative products that meet the requirements of customers in the area of wealth management.'
'Winning both awards 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 of its direction and strategy. Finally, the award personifies DIB's ambitions and international recognition, especially when one considers the many other accolades the bank has received,' he concluded.
Dubai Islamic Bank wins Best Islamic Bank and Best Islamic Wealth Management Firm awards
Dubai Islamic Bank (DIB) has received the Best Islamic Bank Award and the Best Islamic Finance Wealth Management Firm award at the Islamic Business and Finance Awards 2007 organised by CPI Financial Publications.
- United Arab Emirates: Saturday, December 15 - 2007 at 10:33
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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
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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 Dhs1.56bn in net profit for the year ended December 31, 2006, rising by 47 % compared to Dhs1.06bn for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at Dhs3.3bn, an increase of 65 per cent compared to Dhs2bn for the year ended December 31, 2005. Total assets in 2006 reached to Dhs64.5bn reporting an increase of 50 per cent compared to Dhs43bn in 2005.
Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at Dhs38.8bn, an increase of 28% over last year. Customer deposits also showed an aggressive growth of 43 per cent over last year, reaching Dhs47.7bn in 2006.
DIB recently announced the breaking of another world record by raising $3.52bn 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 $9bn (Dhs33bn), 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 Medilyn Manibo, Assistant News EditorSaturday, December 15 - 2007 at 10:33 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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