DIB named escrow account agent by Ras Al Khaimah government

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 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.

The bank reported Dhs2.5bn in net profit for the year ending December 31, 2007, rising by 60% compared to Dhs1.56bn for 2006. The bank recorded total revenues of Dhs7bn for 2007, rising by 46% compared to Dhs4.8bn for 2006. Total assets in 2007 reached to Dhs84.3bn, an increase of 31% compared to Dhs64.4bn in 2006.

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 / Ghaleb Zeidan
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080