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Saturday, November 21 - 2009

Dubai Islamic Bank named top distributor of Takaful products by Germany's FWU AG

  • United Arab Emirates: Monday, November 09 - 2009 at 14:29
  • PRESS RELEASE

As further confirmation of the bank's high standing in the international financial services community, Dubai Islamic Bank (DIB) announced today that it has received the "Top Distributor Bank for the UAE market" for the period July-September 2009 from Germany's FWU AG in recognition of the exceptional performance of the Al Islami Takaful Savings Programme.

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  • Dr. Adnan Chilwan, Huan Woon Han and in the presence of DIB officials.
    Dr. Adnan Chilwan, Huan Woon Han and in the presence of DIB officials.
The Al Islami Takaful Programme, launched earlier this year, is part of DIB's comprehensive suite of wealth management solutions, which includes savings schemes, mutual funds and other structured products. This programme combines savings and investment plans with personal Takaful protection, creating a unique product that offers two key benefits - savings and protection - within the same plan.

The Al Islami Takaful Programme was developed specifically to meet the needs of DIB customers by Munich-headquartered FWU, a global leader in Takaful expertise, with Dubai Islamic Insurance & Reinsurance Company (Aman) serving as the wakeel, or agent.

"As the leader in Islamic banking, the introduction of a takaful offering to our suite of products and services was a logical extension. Achieving international recognition for our efforts in such a short period of time is a source of pride for all of us at Dubai Islamic Bank. The response to the launch of this flexible and innovative savings programme has been tremendous, and we are grateful to FWU for their ongoing support."


said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank.

"As the world's first Islamic bank and a global pioneer in Sharia-compliant wealth management, Dubai Islamic Bank has established a reputation for excellence across its operations," said Huan Woon Han, Head of Distribution Management, International Business, FWU AG. "It comes as little surprise, then, that the bank's clients have responded so enthusiastically to the Al Islami Takaful Savings Programme. We are delighted to present this award to Dubai Islamic Bank.

"FWU is committed to make DIB the leading Banctakaful player not only in the UAE but also the region," he added.

The Al Islami Takaful Programme offers a range of investment options to suit different risk profiles, with flexible payment options - from monthly contributions to one-time lump-sum contributions - and flexible maturity periods. Depending on their age, customers can choose a plan term from 7-30 years (for regular savings) and 3-30 years (for lump-sum investments). The product also offers the flexibility to increase or decrease contributions and make partial withdrawals at any time during the term.

The Al Islami Takaful Programme invests in Sharia-compliant funds that seek to generate attractive returns for participants. Returns on contributions made into the investments depend upon the performance of these funds.
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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 and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed 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.

The bank currently operates 61 branches in the UAE. As part of its expansion plans announced in early 2009 and in line with its aim to ensure customer satisfaction through accessibility, DIB will increase its nationwide network to 64 branches by the end of this year. In addition to regular, full-service branches, DIB is also planning to launch Express Banking Centres, which will provide fast, efficient services to DIB customers at various convenient locations like shopping malls, hypermarkets and megastores

By the end of 2009, DIB forecasts that the bank's total customer base will increase by approximately 15 per cent, reaching some 900,000 customers, while its retail assets business will grow by approximately 20 per cent.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary. DIB has also 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 in Emirates and Sudan Bank, as well as contributing to the launch of Jordan Dubai Islamic Bank.

DIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 across diversified areas within banking, be it retail, corporate or investment banking. The bank was recently named "Best Islamic Bank" for the 4th 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 / Gunjan Chaurasia
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080

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