Dubai Islamic Bank announces expansion plans

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 Dhs1.73bn in net profit for the nine months ending September 30, 2008, an increase of 35% compared to Dhs1.28bn during the same period of 2007.

DIB's total assets increased 17% to Dhs86.8bn as of September 30, 2008, compared to Dhs74.1bn at the end of the same period of 2007. Financing and investing activity rose 27% for the nine months ending September 30, 2008, to reach Dhs52bn compared to Dhs40.8bn for the first nine months of 2007.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.

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 adapted an ambitious expansion strategy, which started with the establishment of DIB Pakistan Limited (a wholly owned subsidiary of DIB).

DIB has a representative office in Turkey, a fully operating office in Iran and has obtained approval for establishment of an Islamic Bank in Syria. Additionally, Dubai Islamic Bank, Dubai International Capital and Jordan Dubai Capital are also set to acquire a controlling stake in Industrial Development Bank of Jordan. These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan. Built on solid commitment to Islamic Banking principles, DIB aims to maintain its position as the world leader in Islamic banking.

DIB has won the respect of its peers around the world. The bank was recently named "Best Islamic Bank" for the fourth consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious "Bank of the Year" award from The Banker (Financial Times), along with prestigious accolades from UK-based Euromoney and NY-based Global Finance magazines.

For further information, please contact:
Nicholas Nesson / Ghaleb Zeidan
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080