Dubai, March 26, 2006: Dubai Islamic Bank (DIB) received the Golden Trophy in the UAE Web Awards that was held under the patronage of H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry, at the Al Murooj Rotana Hotel.
The Bank was selected as the No. 1 institution in the Banks & Financial Institutions Category among national and international banks and financial institutions operating in the UAE. Mr. Syed Zia Islam, Vice President - Electronic Banking, DIB, upon receiving the award, said: "The Golden Trophy reflects DIB's commitment towards investing in technology. The enormous and continuous efforts to upgrade and develop the bank's online services to meet the customers' growing needs have resulted in this prestigious recognition. The award is another achievement for DIB, adding up to a series of recognitions for its leading role in the local and international arena."
He added: "DIB's online services have developed noticeably over the past years and proved to be highly advanced. These services have contributed to enhance the credibility of DIB's Internet banking services which are now highly appreciated and recognized universally."
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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 reported net profit for the year ending 31st December 2005 of AED1.061 billion rising by 130 per cent compared to AED461 million in 2004. The profit for the bank, including depositors' profits, reported a 97 per cent increase for the year ending December 2005 at AED2 billion compared to AED1.017 million for 2004.
Financing and investment operations also delivered strong growth, with total financing now standing at AED25.6 billion rising by 46 per cent compared to 2004. Total assets reported a 40 per cent increase to AED43 billion. Customer deposits too showed an aggressive growth, reaching AED33.34 billion in the year, a growth of 34 per cent over 2005.
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.
DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB), which recently completed its US$28.5 million IPO and was oversubscribed by more than US$224 million. 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:
TimHarrison/Tarek Fleihan
ASDA'A Public Relations
Dubai,
UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
E-mail: info@asdaa.com
© Press Release 2006
