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In a recent report on the liquidity challenges facing the UAE, Standard and Poor's (S&P) has highlighted the unique strength of DIB, pointing out that DIB is the only UAE-based bank among those rated by S&P to have a higher deposit growth compared to loan growth during the period January 1, 2003-June 30, 2008.
At a time when financial institutions worldwide are facing liquidity challenges, DIB, as the world's first Islamic bank has continued to fortify its strong fundamentals through prudent and conservative credit policies. The S&P report is a testament to DIB's efficient management and coincides with the release of its positive earnings for the first nine months of this year. The bank's customer deposits increased 18% to reach Dhs68bn in the nine months ending September 30, 2008, compared to Dhs57.5bn in the corresponding period of 2007.
Abdulla Al Hamli, Chief Executive Officer, Dubai Islamic Bank, said:
'This report from Standard and Poor's makes clear the underlying strength of Dubai Islamic Bank, despite the impact of the bursting of the global credit bubble. DIB has long recognised the importance of prudent risk management, in line with international best practices.'
'In the face of current challenges to the stability of the global economy, DIB and the financial services sector of the UAE as a whole remains extremely sound, supported by appropriate levels of Government intervention to ensure the long-term expansion of the sector and the continued growth of the national economy. In line with the bank's commitment to providing financial solutions, products and services that help government and semi-government organisations and private-sector firms sustain their growth, we will continue to prudently manage our own risk profile,' Al Hamli added.
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Posted by Siba Sami Ammari
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