Dubai Islamic Bank
Dubai Islamic Bank has achieved extraordinary growth in 2005 through its global leadership role in Islamic debt capital markets and its ability to cross new frontiers in Islamic corporate finance and to launch a range of innovative retail products and services.
Outstripping previous growth records, net profits grew by a stunning 130% in 2005 thereby providing a significantly improved RoE of 31.2%, up from 25% the previous year. DIB’s dynamic performance has continued into 2006 with profits up 127% for the first quarter.
Highlights for DIB include the largest ever $3.5bn sukuk (Islamic bond) for PCFC, a $1bn sukuk al ijara for the government of Dubai, expansion of the retail network to 30 branches across the UAE with plans to total 53 branches by the end of 2007. International expansion is also a priority, with a fully fledged bank set up in Pakistan and representative offices in Turkey and Iran. DIB is also acquiring 60% of Bank of Khartoum.
CEO Saad Abdul Razak says: “This award is recognition of DIB’s strategic vision, our execution expertise and management depth. We are honoured that The Banker nominated us for an award based not only on our latest financial results and performance data but also on the bank’s strategic developments and overall achievements. The award also illustrates DIB’s global ambitions.”
