Dubai - Dubai Islamic Bank (DIB) today announced that its shareholders had approved splitting the bank's stock from AED10 per share to AED one per share, at the Extraordinary General Meeting (EGM) held yesterday Tuesday, July 12, 2005.
In addition, the meeting also approved the move to open the door for foreign ownership, up to 15 per cent of DIB's total shares.
The decision was taken during the bank's Extraordinary General Meeting (EGM), which was held to seek approval of the shareholders to split the bank's stock and open the door for foreign ownership in DIB.
H.E. Sultan Saeed Al Mansoori, the UAE Minister of Communications and Vice Chairman of Dubai Islamic Bank chaired the meeting, which was also attended by DIB's Board of Directors and senior executives of the bank.
The shareholders also approved the motion to amend the bank's Memorandum and Articles of Association in accordance with the two resolutions. The EGM was called following a meeting of DIB's Board of Directors on Sunday, June 19, 2005.
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About the company
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's recent financial results confirm the strength of its balance sheet and profitability. Figures for the year ending December 2004 reported a 36 per cent increase in net profits including depositors' profits, to reach AED 1.02 billion (US$278 million) compared to AED 751 million (US$205 million) for 2003. The bank's assets at the end of December last year had grown 35 per cent in the same period to AED 30.8 billion (US$8.3 billion), against AED 22.8 billion (US$6.2 billion) for the equivalent year previously.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors. The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects within the UAE, one of which led to the world record US$1 billion Islamic bond issue. The issue was arranged for the Government of Dubai's Department of Civil Aviation to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.
For further information, please contact:
Sameh Hamtini
ASDA'A Public Relations
Dubai
UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
E-mail: info@asdaa.com
Tarek Fleihan
ASDA'A Public Relations
Dubai
UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
E-mail: info@asdaa.com
© Press Release 2005
