Islamic Banking Succeeds In Dubai

05 Feb 2013

Everything about Dubai is prize-worthy. Dubai Islamic Bank (DIB) has now received accolades on account of the DH 1.9b profit it posted for 2012, an increase of 13%over the previous year.  The bank announced a dividend of 15% to its customers. The dividend would be distributed in cash subject to the assembly laws.

The bank’s total assets stood at DH94.5b as compared to DH90.6b in the previous year, an increase of 5.3%. The bank’s customer base grew steadily in the year.  The other notable achievements for the year ended are as follows: It has successfully returned to the international capital markets. The bank dutifully repaid in full $750m “sukuk” from its own sources. This reflects DIB’s comfortable liquidity position. The bank floated $500m 5-year sukuk, which was oversubscribed more than four times. The bank received rating of A with a stable outlook from Fitch Rating agency.

The DIB also went online with over 70 different types of transactions at the click of a button in both Arabic and English. This was followed by internet-based banking. The forward-looking international financial institution , DIB has heavily invested in all its distribution channels , making it easier to people manage their finances and businessmen their businesses.