Following the conclusion of its Annual General Assembly (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 25% cash dividend for the year 2013.
The assembly also approved the bank’s 2013 financial statements. For the 12 months ended December 31, 2013, DIB reported a net profit of AED 1.72 billion, a significant increase of 42 per cent compared to AED 1.21 billion in 2012. The assembly also reviewed the Fatwa and Sharia Supervisory Board Report, and appointed KPMG as the bank’s external auditors.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “DIB witnessed a robust year of growth in 2013, which is a reflection of the UAE economy’s exceptional performance, driven by all sectors across the country. With continued progress expected as a result of the Expo 2020 win, in addition to the other strategic policies enacted by the government, the stage is set for a new period of prosperity.”
In 2013, DIB successfully returned to International Capital Markets with the issuance of its Tier 1 hybrid sukuk. This sukuk, issued in March 2013, represented the best yield ever achieved by a GCC bank on a public Tier 1 transaction and was extremely well received by investors across the globe, evidenced by the fact that it was oversubscribed 14 times. DIB’s healthy financial position was also reiterated by Fitch Ratings recently, which reaffirmed the bank’s Long-term Issuer Default Rating at ‘A’ with a stable outlook with both Fitch and Moody’s maintaining the outlook and ratings on the bank.
“2013 has been a key year in cementing DIB’s position as one of the most well entrenched players in the banking industry”, said Dr. Adnan Chilwan, CEO DIB. “It required extensive effort and close cohesion between the management and the Board as well as the teams within the bank over the last few years to build the strong financial platform that we see today. With solid liquidity and robust capitalization, the bank is well-positioned to benefit from the local and regional economic upturn and ready to expand its business and presence both in the UAE and beyond.”
The bank increased its footprint locally by opening 4 new branches in 2013, bringing the DIB’s UAE-wide network to a total of 86 branches. In addition to enhancing its services, the bank strategically invested in the expansion of its franchise by initiating the acquisition of Tamweel, having previously been a majority shareholder in the company. The deal for the largest home finance provider in the UAE signalled a momentous change in the local residential real estate market providing huge synergies for both businesses.
DIB also announced the appointment of its Board of Directors who were elected at the AGM, subject to regulatory approval. The board includes the following:
• H. E. Mohammed Ibrahim Al Shaibani – Chairman
• Hamad Abdulla Rashed Obaid Al Shamsi
• Yahya Saeed Ahmad Nasser Lootah
• Abdulla Ali Obaid Al Hamli
• Ahmad Mohammad Saeed Bin Humaidan
• Abdul Aziz Ahmed Rahma Mohamed Al Muhairi
• Abdulla Hamad Al Shamsi
• Hamad Buamim
• Adan Mohammed
For further information, please contact:
Rawan El Saleh / Kanishk Mishra
DABO & CO