Oct 20 2008
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Dubai Islamic Foundation provides more than AED 10 million in goodwill financing
More than 950 people benefit from Dubai Islamic Bank's charity initiative since beginning of 2008
Dubai, October 20, 2008: Dubai Islamic Foundation, a non-profit charitable foundation and a subsidiary of Dubai Islamic Bank (DIB) , announced today that it has provided more than AED 10 million in the form of goodwill financing to individuals in need of financial aid, benefiting 958 people since the beginning of the year 2008.
The financial assistance provided by the institution includes marriage expenses totalling more than AED 6 million, medical treatment fees totalling over AED 1.2 million, AED 1 million in school and university tuition fees, over AED 900,000 for repayment of debts, and over AED 340,000 in the payment of housing rent.
Commenting on the goodwill initiative of DIB , Abdul-Razzaq Al-Abdullah, Chief Executive Officer of Dubai Islamic Foundation, said: "The Dubai Islamic Foundation is a one-of-its-kind non-profit and humanitarian institution, which works towards easing the financial burden on poor and needy individuals providing them with appropriate assistance, whether they are citizens or residents. We have provided more than AED 10 million in goodwill financing this year for nearly 1,000 people, which has helped solve problems of personal finance and contributed to a better socio-economic balance in the UAE. "
Goodwill financing is the only product that Dubai Islamic Bank currently provides through Dubai Islamic Foundation. The main objective behind setting up the goodwill financing fund is to help the bank's clients overcome challenges with regards to their personal finances. The fund does not seek any profit for this meritorious service.
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 AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.
DIB set a world record by raising a US$3.52 billion 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 Public Relations
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© Press Release 2008
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