Dubai, August 11, 2008: Dubai Islamic Bank (DIB) today announced that Bur Dubai Public Prosecution has awarded a representative of DIB with a certificate of appreciation for his support in resolving cases in financial fraud reported by the bank to Public Prosecution. This award is another recognition of DIB's abiding commitment to completing transactions accurately.

The Bur Dubai Public Prosecution honoured Mr. Naji Al Dakhil, the representative of Dubai Islamic Bank, in recognition of his commitment and dedication in facilitating the work of prosecutors on behalf of DIB, which has a successful track record of completing transactions accurately.

Al Dakhil and DIB's ongoing support and cooperation in the public prosecution's proceedings have been acknowledged through this coveted certificate of honour, which places DIB among the few banks in the emirate to have received this credential.

Mr. Sami Al Shamsi, Chief Public Prosecutor, Dubai, awarded the certificate to Mr. Naji Al Dakhil on Thursday, July 24, 2008. Also present on the occasion were Mr. Nidal Al Shomali, Senior Vice President and Head of the Collection Department at DIB and a number of officials from Bur Dubai Public prosecution.

Al Shamsi said: "This certificate has been awarded to Dubai Islamic Bank as a special recognition of the bank's constant endeavour to support the public prosecution in court cases of a financial nature.  This makes Dubai Islamic Bank one of the few chosen banks in the emirate of Dubai to have been appreciated with this honour. We hope that we will continue to work together with DIB in bringing transactions to its legal completion and facilitating better and enhanced quality of banking in the UAE."

Al Shomali said: "Dubai Islamic Bank has been one of the pioneers of banking both in the emirate and the region. Through the collective enthusiasm and excellence of the DIB family, we continue to deliver the highest standards of banking to our valued customers and facilitating the highest standards of corporate governance. This certificate of honour is a further testimony to our strong perseverance in working with the authorities to legally secure our transactions."

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Note to editors:
Dubai Islamic Bank is a Sharia-compliant financial institution. As such, please refrain from using any of the following terms in reference to the bank and its activities:

  • Loan

  • Lender / Lending / Lend

  • Borrower / Borrowing / Borrow

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  • Advance

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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 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:
Ghaleb Zeidan
ASDA'A Public Relations
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: g.zeidan@asdaa.com

© Press Release 2008