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Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the bank’s 2019 financial statements and other tabled resolutions, closing another year with strong returns to shareholders since the bank embarked on a growth agenda ten years ago.
For the year 2019, DIB reported a net profit of over AED 5.1 billion, the highest ever in its history. The strong financial performance has placed DIB amongst the top 3 most profitable banks in the UAE today. The shareholders also approved the dividend pay-out of 35 fils per share, increase in the Foreign Ownership Limit in the Bank’s share capital from 25% to 40%, and the election of DIB Board of Directors amongst other items of the agenda.
Commenting on this occasion, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “2019 has been yet another record-breaking year for the bank as we continue our profitable expansion in both local and international markets. In the last decade, the UAE has witnessed significant regulatory advances aimed at aiding economic progress, including higher investment flows and rising visitor numbers. As we look towards the future of the nation, we remain aligned with Dubai and the UAE’s plans to create a diversified economy and a global hub for Islamic finance.”
In the last ten years, DIB has witnessed a remarkable evolution in its size and scale. With the recent acquisition of Noor Bank, DIB is set to become one of the largest Islamic banks in the world, with total assets exceeding AED 275 billion (USD ~75 billion). The acquisition will strengthen Dubai’s position as a global centre for Islamic finance and will offer opportunities for DIB to further develop its successful growth strategy. Today, the bank is recognised as being amongst the largest, most dominant and systemically important financial players in the UAE.
Dr. Adnan Chilwan, Group CEO of DIB, commented: “Over the last decade, we have been diligently working towards building a robust franchise which is able to successfully navigate the volatilities of global economics and maintain a financially strong and profitable growth trend. The sustained performance over the years has resulted in the balance sheet crossing AED 230 billion and the market share rising to circa 10%. Eyeing the tremendous interest from global investors, we have re-opened the doors for more foreign ownership with the enhancement of FOL to the maximum allowable 40% limit. With the much-anticipated 2020 major economic events, we remain committed to developing the key sectors driving the growth of Dubai’s economy, and ensuring that Dubai maintains its market competitiveness on the global map. Finally, I would like to take this opportunity to thank the shareholders for their relentless 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”
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