DIB named UAE's best Islamic bank

Notes and media contacts

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 Dhs2.51bn in net profit for the year ended December 31, 2007, rising by 61% compared to Dhs1.56bn for the year ended December 31, 2006. The bank recorded a total revenue of Dhs7bn for the year ended December 31, 2007, rising by 46% compared to Dhs4.8bn for the year ended December 31, 2006. The profit for 2007, including depositors' profits, stood at Dhs5.2bn, an increase of 58% compared to Dhs3.3bn for the year ended December 31, 2006. Total assets in 2007 reached to Dhs84.3bn, an increase of 31% compared to Dhs64.4bn 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:

Nicholas Nesson / Ghaleb Zeidan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080