Record dividend approved at Bank's Annual General Meeting

Dubai, UAE; March 2, 2015: Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 40% cash dividend for 2014, a 60% increase from the previous year. 

The assembly also approved the bank's 2014 financial statements. For the 12 months ended December 31, 2014, DIB reported a net profit of AED 2.8 billion, a significant increase of 63 per cent compared to AED 1.70 billion in 2013. The assembly also reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed KPMG as the bank's external auditors.

Commenting on the successful financial year, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: "2014 witnessed rapid growth across the bank, far ahead of the industry average, in spite of challenging market conditions. DIB continues to play a strategic role as a key contributor to Dubai's long-term ambitions, in the Emirate's vision of becoming the capital of the Islamic economy. The 2014 performance is yet another milestone in our impressive journey, and as 2015 marks the 40th anniversary of the bank, we can look back with pride over the past four decades at all we have achieved, and the role we have played in spurring the rapid growth of Islamic finance in the UAE and across the world."

Whist realizing its best ever performance in the bank's rich history, DIB continued to build upon its existing franchise with expansion within and outside the home country. In May 2014, it completed a 24.9 per cent acquisition of Bank Panin Syariah in Indonesia and intends to enhance this stake to 40 per cent pending approvals from the regulator. The bank's healthy financial position was also reiterated by Fitch Ratings, 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.

Illustrating growing international interest in the brand, DIB raised its foreign ownership limit to 25% last year, following which the bank scrip was chosen to be included in the MSCI basket when the UAE was upgraded to 'Emerging Market' status. Local, regional and international analyst coverage and investor interest has grown significantly as the bank continues to be one of the most actively traded stocks on the DFM.

"The 2014 performance is not just a result of the growth strategy adopted for the year," said Dr. Adnan Chilwan, CEO DIB, "it is an outcome of a focused and deliberate mission that we embarked upon five years ago. We planned for this to happen and the successful execution of the same has allowed us to be what we are today."

"Our focus going forward remains unchanged," he added. "Whist we continue to deepen our existing relationships, we will carry on making further inroads in the many new sectors and business segments that have given us a successful 2014. We will push to create new business opportunities though relentless advancements in technology. Our focus on innovation is squarely aimed towards unlocking new growth prospects, not just through enhancement and diversification of products and offerings, but also through defining a service level and customer experience seldom seen elsewhere. With improving macroeconomic sentiments, a well-funded and stable funding base, and a robust capital position, we are now well placed to forge ahead on this trajectory and deliver greater value to all our shareholders in the coming years."

The bank grew its footprint locally by opening 4 new branches in 2014, bringing the DIB's UAE-wide network to a total of 90 branches. Further in line with this focus on broadening its consumer franchise, DIB launched the "Smart Bank" initiative, which is aligned with Dubai's "Smart City" agenda. By redefining and setting a new benchmark for delivering banking services to its customers through ground-breaking technology, DIB today provides one of the most seamless user experiences with rapid turnaround times in the industry.

About Dubai Islamic Bank: 
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 175 branches across 50 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank.

Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.

For its contribution to both the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank's leading position has been reaffirmed by more than 125 local, regional and international accolades that it has won since 2008. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. In addition to the "Best Islamic Bank 2013" at the Global Islamic Finance Awards, recent recognition includes being named "Best Islamic Bank" and "Best Investment Bank" at the Banker Middle East Industry Awards, "Best Sukuk House" at the EMEA Finance Middle East Banking Awards, "Best Islamic Card" and "Best SME Card" at the Banker Middle East Products Awards as well as being chosen as the "Islamic Bank of the Year -UAE" and "Most Established Bank of the Year - UAE" at 2014 Business Excellence Awards. Dubai Islamic Bank has been also declared the winner of the "Best Islamic Bank, UAE - 2014" by World Finance - Islamic Finance Awards 2014. 

For further information, please contact:
Kanishk Mishra / Nadine Maazrani
DABO & CO, Dubai UAE
Tel: +9714-237-8000
Email: kanishk.m@daboandco.com / Nadine.m@daboandco.com

© Press Release 2015