Dubai Islamic Bank named world's Best Islamic Retail Bank by Global Finance

The prestigious accolade marks the first time DIB has been recognised by the New York-based magazine for its Sharia-compliant offerings.

The magazine, which recognises best global performers in Islamic finance across different categories, also named DIB as the UAE's "Best Islamic Financial Institution" for 2008.

DIB was selected as the winner in its category by the editorial staff of Global Finance, who made their selection after consultations with banking and financial executives and analysts from around the world.

Khaled Al Kamda, Group Managing Director and Chief Executive Officer of DIB, said: "This award is a reflection of the international best practice standards of DIB, and recognition that our products are truly class-leading. Since our founding in 1975 as the world's first Islamic bank, DIB has always sought to give customers the highest levels of service and trust possible".

The magazine focused on several factors to make their final determination, including growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products over the past financial year.

The magazine also factored in opinions of equity analysts, banking consultants and industry professionals from around the world to apply the best benchmarking standards in each category.

Kamda added: "Across the globe, Islamic finance is witnessing spectacular growth. There are now more than 300 international financial institutions offering Sharia-compliant products across the world, with more than $500bn worth of assets under management. This award, by Global Finance, is recognition of the growing footprint of DIB, and its commitment to customer service and innovative product offerings in a highly competitive environment".

DIB demonstrated exemplary financial results for the first quarter of 2008, with net profit rising to Dhs556m, an increase of 31% over the corresponding period last year.

At the end of the first quarter of this year, the bank's total assets stood at Dhs85.1bn, up 24% from the same period last year.

Earlier this year, DIB was named the UAE's Best Islamic Bank at the Islamic Finance News Awards and was also presented with the Best Islamic Credit Card Award at the inaugural Banker Middle East Product Awards.