DIB, JDC and DIC set to acquire 52% in Industrial Development Bank of Jordan

Dubai Islamic Bank (DIB), through a joint venture with Jordan Dubai Capital (JDC) and Dubai International Capital LLC (DIC), announced today that a strategic investment in Industrial Development Bank (IDB), a Jordanian bank listed on the Amman Stock Exchange, is imminent.

United Arab Emirates: Tuesday, September 02 - 2008 at 16:29
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The investment will allow IDB to be converted to a Sharia-compliant institution.

The investment is part of a proposed agreement between DIB, JDC and DIC to acquire 52% of IDB in order to re-launch the Jordanian bank as a world-class Islamic financing institution, offering a full range of Islamic products for the Jordanian market. If the proposed agreement is completed, it is intended that IDB will be re-branded as 'Jordan Dubai Islamic Bank'.

In addition to ownership of a percentage of IDB, the proposed agreement will allow DIB to manage the key processes needed to reorganize IDB according to international best practices and provide IDB access to DIB's extensive background in creating Sharia-compliant financing products.

'As the world's first Islamic bank and as a leader in the Islamic finance industry, we are very keen to expand our business methods to countries throughout the Arab and Muslim world,'

said Khaled Al Kamda, Group Managing Director and CEO of DIB.

Al Kamda added, 'Our partnership with IDB will allow us to provide to the Jordanian market the same award-winning business model we have firmly established in the UAE and throughout the region.'

DIB has long held investments in the banking sectors of other Islamic countries. In Pakistan and Sudan, DIB has created subsidiaries that practice Sharia-compliant banking with great success. This latest venture will add the Jordanian market to the firm's portfolio.

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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
• Lender / Lending / Lend
• Borrower / Borrowing / Borrow
• Credit facility
• Advance
• Interest

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 share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

In the first half of 2008, the bank's net profit reached Dhs1.303bn, an increase of 47% compared to Dhs888m for the corresponding period last year. At the end of the first six months of this year, the bank's total assets stood at Dhs91.4bn, up 21% compared to Dhs75.5bn at the end of first half of 2007. Financing and investment activities increased 34% in the first half of 2008, reaching Dhs60.8bn, up from Dhs45.3bn in the same period of 2007. Customer deposits showed strong growth of 22%, reaching Dhs72.8bn in the first half of 2008, compared to Dhs59.7bn in the first half of 2007.

DIB set a world record by raising a $3.52bn sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.

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 also acquired a stake in Al Khartoum Bank and a stake in 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.

DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE's Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious 'Bank of the Year - UAE' award from The Banker magazine and additional accolades from Euromoney.

For further information, please contact:

Nicholas Nesson / Mohammed Daggamseh
ASDA'A Public Relations
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080

Posted by Siba Sami Ammari
Tuesday, September 02 - 2008 at 16:29 UAE local time (GMT+4)

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