To open 10 new branches in 2009

To launch Express Banking Centres

Targets 64 branches by end of this year

New branches to cater to increasing customer base

Dubai, February 14, 2009: Dubai Islamic Bank (DIB) today announced its branch network expansion plans for 2009. In a move to further strengthen its presence across the UAE and offer enhanced customer experience, the bank will open 10 new branches in 2009. With the new additions, DIB's strong nationwide network will reach 64 branches by the end of this year.

Speaking about the expansion plans, Dr. Adnan Chilwan, Chief of Retail and Business Banking, DIB, said: "Over the past few years, the world, and particularly our region has been witnessing an increased demand for Islamic banking services. As the world's first Islamic bank, and the acknowledged global leader in Islamic banking, it is imperative for us to fulfil the banking requirements of our growing base of customers. One of the key elements in ensuring customer satisfaction is accessibility, and our expansion plans for 2009 will enable us to be even closer to our customers."

He added: "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."

Keeping pace with the growth of the UAE, Dubai Islamic Bank opened six new branches in 2008 at Dubai Industrial City, Dubai Silicon Oasis and Jumeirah Beach Residence in Dubai; Al Ain Industrial Area; Kalba, Sharjah; and Madinat Zayed, Abu Dhabi.

Rashid Mahboob, Head of Branches, DIB, said: "The branches opened in 2008 have been extremely successful. We aim to duplicate this success with the new branches planned for 2009. The 10 new branches will be evenly spread across the Emirates and will provide the entire range of DIB's Sharia-compliant banking products and services, including current, savings and investment deposit accounts, auto finance, personal finance, home finance, credit cards and business banking solutions."

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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 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 1.73 billion in net profit for the nine months ending September 30, 2008, an increase of 35 per cent compared to AED 1.28 billion during the same period of 2007. DIB's total assets increased 17 per cent to AED 86.8 billion as of September 30, 2008, compared to AED 74.1 billion at the end of the same period of 2007. Financing and investing activity rose 27 per cent for the nine months ending September 30, 2008, to reach AED 52 billion compared to AED 40.8 billion for the first nine months of 2007.Customer deposits increased 18 per cent to reach AED 68 billion in the nine months ending September 30, 2008, compared to AED 57.5 billion in the corresponding period of 2007.

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 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
E-mail: n.nesson@asdaa.com / g.zeidan@asdaa.com

© Press Release 2009