Dubai Islamic Bank approves 10 per cent cash dividend at Annual General Meeting

Following the conclusion of its Annual General Meeting (AGM) today, Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a dividend of 10 per cent for the year 2010. 

During the AGM, the bank’s 2010 financial results were also approved. For the 12 months ending December 31, 2010, DIB reported a net profit of AED 806 million. In addition, the assembly reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed the external auditors Deloitte. 

The assembly also approved the appointment of the new Board of Directors: H.E. Mohammed Ibrahim Al Shaibani, Dr. Tariq Humaid Al Tayer, Khalid Ahmed Khalifa Al Suwaidi, Abdulla Ali Al Hamli, Ahmed Mohammad Bin Humaidan, Saleh Saeed Lootah, Hamad Bin Abdulla Al Shamsi, Abdullah Al-Sayed Mohammed Al Hashimi and Abdul Aziz Ahmed Al Muhairi. The new Board of Directors subsequently appointed H.E. Mohammed Ibrahim Al Shaibani as Chairman, and  Dr. Tariq Humaid Al Tayer as Vice Chairman. 

His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “In prudently managing its operations over the past 12 months, Dubai Islamic Bank has delivered positive financial results, and we are pleased to be able to share this success with our shareholders. Dubai Islamic Bank is excellently placed as the global economy continues to improve, and we look forward to the ongoing support of our shareholders as we implement our strategy for growth.” 

Last year, DIB’s main focus was to achieve healthy growth through a comprehensive suite of products and services that meet the needs of its institutional and consumer clients, while simultaneously ensuring that the franchise remains robust and profitable. 

In 2010, DIB continued to expand its presence in the UAE by opening six new branches and deploying 44 new ATMs. As a result the bank increased its customer base by over 100,000 customers last year. 

DIB continues to be recognised by its international peers for the excellence of its operations and innovative nature of its Sharia-compliant products and services. The bank’s most recent awards include being named “Best Islamic Bank in UAE” for the fifth consecutive year by Islamic Finance News, “Best Islamic Bank” in the UAE for 2010 by NY-based Global Finance magazine, “Best Islamic Bank in the UAE” by Asiamoney magazine, and being named winner of the first-ever Pan-Arab emeafinance award for corporate social responsibility.