Dubai, UAE: Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of 45 fils per share as cash dividend for 2017, closing another year   with strong returns to shareholders since the bank embarked on a growth agenda four years ago.

The assembly also approved the bank’s 2017 financial statements. For the year 2017, DIB reported a net profit of AED 4.5 billion, an increase of 11% compared to AED 4.05 billion in 2016. Other agenda items concluded at the AGM included the review of the Fatwa and Sharia Supervisory Board Report and the reappointment of the bank’s external auditors.

The AGM has also approved DIB’s capital increase by way of rights issue to further bolster the bank’s CET1 and facilitate credit expansion in 2018. The rights will be offered after obtaining the required approval from relevant regulatory authorities.

Commenting on a fourth consecutive successful financial year, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “The year 2017 has been yet another remarkable period of growth for the bank as we continue to make great strides towards our expansionary agenda in both local and international markets. Despite challenges stemming from the global economic slowdown and across the region, the bank’s continued to display its resilience to external factors with a double-digit growth in profitability. As we move forward into 2018, we remain in full alignment with Dubai and the UAE’s plans of building a diversified economy and an attractive global hub for Islamic Finance.”

DIB’s evolution in the last four years has witnessed a complete transformation in the size and scale of its business. With the balance sheet and related key metrics of financing and deposits nearly doubling or more during the period, the profitability has risen by an unprecedented three times with both ROEs and ROAs recording significant  jumps as well. The last few years have also seen a complete reconstitution of the bank’s business model which now boasts a significantly more diversified portfolio with vastly reduced concentration risks.

Dr. Adnan Chilwan, Group CEO, DIB, commented:  “The bank has showcased another remarkable year. Our focus on returns to the shareholders continues with ROE at 18.7% and dividend payout of nearly 50%. Growth 2.0 is on course with the AGM approving the capital increase special resolutions. The continuous market leading performance that you have witnessed DIB give since 2014 has come from a very clear defined strategic plan, which has focused on the franchise’s strengths effectively limiting the impact of market conditions over the last few years. I thank the shareholders for their continuous support throughout the recent growth phase and look forward to the same as we continue to strive for greater heights in the years to come.” ​

-Ends- 

About Dubai Islamic Bank:

Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the fourth largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 243 branches across 62 major cities in Pakistan. In 2015, it received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.

Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities through distributing millions of dirhams to good causes at home and abroad each year.

Embarking on a newly established growth agenda in 2014, the Bank has been a leading performer in the UAE financial sector over the last three years with record breaking performance despite volatile market conditions. The massive growth has seen DIB’s market share cross over 6%, the financing book nearly doubling and deposits growing by over 50% during the same period. Even more impressive is the more than 100% growth in profits in the last three years as DIB joined the exclusive USD 1 bln profit club in the country.

The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking for businesses and consumers worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Consequently, DIB has been recognized asBest Islamic Bank in the UAE" at the 2016 World Finance – Islamic Finance Awards, “Strongest Islamic Retail Bank in the GCC” at the Islamic Retail Banking Awards, Best Islamic Financial Institution for Large Corporates and Best Trade Finance Provider at Global Finance - The World’s Best Islamic Financial Institutions 2016.  DIB lately received four major accolades at the 11th Islamic Business and Finance Awards 2016, including Best Retail Bank in the UAE, Best Corporate Bank in the UAE, Best Sukuk Arranger and Best Islamic Bank.

For more information, please visit us at www.dib.ae .

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https://www.facebook.com/dib.uae/ 

 https://www.youtube.com/user/DubaiIslamicBank 

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For more PR information, please contact:

Dubai Islamic Bank                                                                       

Nicole Hayde                                                                                   

Head of Strategic Communication                                              

Direct: +971 4 207 5251                                                                   

Email: jawaher.alshamsi@dib.ae                                                    

 

Weber Shandwick

David Ross

Senior Director

Direct: +971 4 445 4254

Email: dross@webershandwick.com

© Press Release 2018