Leading Islamic financial institution rewards 2007 performance at fifth annual DIB Best Performance Awards

Dubai, February 25, 2008: Dubai Islamic Bank (DIB) today announced the results of its DIB Best Performance Awards, a ceremony that recognises employees for excellence. This year's awards follow the announcement of record-breaking annual figures for DIB, with the bank's total revenue in 2007 increasing by 46 per cent and net profit attributable to shareholders climbing 61 per cent over 2006 figures.

Now in its fifth year, the Performance Awards ceremony was held at the World Trade Center under the patronage of DIB Chairman Dr. Mohammed Khalfan Bin Kharbash. The event was attended by many of DIB's senior managers.

"Without our exceptional employees, our achievements in recent years would not have been possible," said Dr. Kharbash. "Last year was a landmark year for DIB in terms of both revenue and profit. The efforts of our staff have allowed DIB to consolidate its leading position in the area of banking and Islamic finance."

Dr. Kharbash said the awards were in recognition of individuals and departments who have made an outstanding contribution to the bank's performance in 2007. Choosing this year's winners from the list of "outstanding" candidates, he said, was particularly difficult.

"These awards help boost morale among our staff, who are the driving force behind our strategic development plans and efforts," Dr. Kharbash said. "But new achievements in a more competitive environment mean new challenges for our institution. Given the quality of the people we have, we are confident that DIB will fulfill its ambitious plans to achieve more growth in 2008 and beyond."

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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 shares are listed on the Dubai Financial Market.

The bank reported AED 2.51 billion in net profit for the year ended December 31, 2007, rising by 61 per cent compared to AED 1.56 billion for the year ended December 31, 2006. The bank recorded a total revenue of AED 7 billion for the year ended December 31, 2007, rising by 46 per cent compared to AED 4.8 billion for the year ended December 31, 2006. The profit for 2007, including depositors' profits, stood at AED 5.2 billion, an increase of 58 per cent compared to AED 3.3 billion for the year ended December 31, 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 recently announced the breaking of another world record by raising US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted a structure never used before in Islamic or conventional banking history. The Nakheel sukuk brings the total sukuk raised by DIB in the UAE to more than US$9 billion (AED 33 billion), an unprecedented amount in the history of Islamic banking.

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 acquired 60 per cent of Al Khartoum Bank and is among the parent banks of 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.

For further information, please contact:
Nicholas Nesson / Ghaleb Zeidan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / g.zeidan@asdaa.com

© Press Release 2008