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Dubai Islamic Bank, the largest Islamic bank in the UAE announced a highly successful closing to the bank’s capital raising. The issuance of 1.6 bln additional shares at price of of AED 3.11 per share was announced earlier in April with the aim to boost the core capital (CET1) of the bank by over AED 5 bln. The transaction generated massive interest with subscriptions crossing AED 14 bln clearly denoting the huge interest from local and international investors in one of the fastest and most profitable banks in the region. The transaction is part of the bank’s strategic agenda to preemptively create capacity to support its growth plans that have placed the institution amongst the top performers in the region.
“Growth remains on the horizon for DIB”, said Dr. Adnan Chilwan, Group CEO, DIB. “The last four years have seen us double our size and triple our profitability. More importantly perhaps is the fact that the bank’s financial position has become stronger than ever before with vastly improved asset quality and significantly more robust balance sheet that today offers even more opportunities to grow. The numbers speak for themselves with returns remaining at the highest end of the market which is obviously why investors continue to be attracted to the most liquid banking stock listed on the country’s exchange.”
“This exercise is a strategic move for us”, the GCEO added. “The capital boost will help maintain our competitive edge whilst meeting regulatory requirements as we further progress our growth ambitions in the medium term. We are extremely grateful to all our shareholders for the tremendous support provided and we remain committed and focused on our growth plans aimed to enhance returns to the investor community in the years to come.”
Dubai Islamic Bank remains an iconic name in the global Islamic banking industry bestowed with a plethora of awards over the years for its efforts in the progression of the business model. Today the bank ranks 4th in the country in terms of size and 3rd in terms of profitability.
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