Dubai Islamic Bank (DIB) Dubai Islamic Bank, DIB, has announced that its Annual General Assembly has approved the distribution of a 25% cash dividend for the year 2013, following the conclusion of its assembly. The assembly also approved the bank's 2013 financial statements. For the 12 months ended December 31st, 2013, DIB reported a net profit of Dh 1.72 billion, a significant increase of 42 per cent compared to Dh 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.
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 capitalisation, 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."
Source: WAM