Dubai Islamic Bank (DIB) announced its financial results for the year ending December 31, 2011, demonstrating sustained growth across the bank’s core operations. For the 12 months ending December 31, 2011, DIB reported an operating profit of Dhs1.03bn.

Net profit for 2011 increased to Dhs1.01bn, compared to a net profit before restatement of Dhs806m in 2010.

DIB’s net profit for 2010 has been adjusted due to the restatement of the results of an associate company.

DIB’s total assets as of December 31, 2011, stood at Dhs90.59bn compared to Dhs89.8bn at the end of the same period in 2010. The bank’s customer base continued to expand in 2011, with customer deposits reaching Dhs64.77bn as of December 31, 2011, a year-on-year increase of 2.15.

The bank’s core business grew in 2011, with income from financing and investing assets and investment sukuks reaching Dhs3.96bn, a year-on-year increase of 10.2%.

As of December 31, 2011, DIB reported a robust Basel II capital adequacy ratio of 18.2%, and a Tier I Capital ratio of 13.7%.

“Dubai Islamic Bank continued to perform strongly in a year of continued global economic uncertainty,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

“These positive results show the bank’s strong liquidity position and stable funding base. The bank’s prudent focus on diversification and managed growth has ensured the interests of all stakeholders are safeguarded, and enabled DIB to make a meaningful contribution to the economic growth of the UAE.”

In 2011, the bank continued with its ambitious plans to expand its physical presence across the UAE, opening seven new branches, including the bank’s first stand-alone Al Islami Private Banking branch. DIB also expanded the alternative banking channels available to customers with the launch of its Express Banking Terminals, giving customers 24-hour access to a wide range of banking services usually only available in branch, online or through phone banking.

“Through our focus on innovation and expansion, DIB has reinforced its position as the UAE’s leading Islamic bank,” said Abdulla Al Hamli, Chief Executive Officer of DIB.

“By continuing to successfully combine traditional Islamic values with the technology and innovation that characterise the best of modern banking, DIB is excellently placed to achieve sustained growth in the coming years.”

Dubai, 8 February, 2010: In line with its keenness to fulfil the needs of customers and investors and enhance economic development in the Emirate, the Dubai Department of Economic Development (DED) and Dubai Islamic Bank (DIB) have signed a co-operation agreement to facilitate electronic payment of new trade licenses fees, as well as renewed and amended licenses through DIB’s branches in Dubai.

This initiative is part of DED and DIB efforts to enhance productivity, and save time and efforts for investors. As per the agreement, Dubai Islamic Bank will provide DED with electronic systems services to facilitate the review of banking settlement and also present a weekly detailed report covering all transactions and procedures that took place during the preceding week.

Mr Sami Al Qamzi, Director General, DED, and Mr Abdulla Al Hamli, Chief Executive Officer, Dubai Islamic Bank, signed the agreement. Officials from DED and DIB attended the signing ceremony held, recently, at DED headquarters in Deira.

“The Department of Economic Development signed agreements with a number of corporations in the finance sector in 2009 to ensure providing added-value service to clients through eServices that easily facilitate the process of attaining trade licenses and thus give more flexibility for investors and customers,” said Mr Al Qamzi.

“DED is always on the look-out to ensure the continuity of communication with customers to meet their requirements in a timely manner taking into account the necessary efforts to connect with the community. We are pleased to sign the agreement with Dubai Islamic Bank, which will contribute in enhancing the level of services provided to customers and enable them to process their documents electronically without having to visit DED offices,” added Al Qamzi.

“As one of the largest banks in the UAE, with a track record panning over three decades, DIB has been integral to Dubai’s growth, and we remain committed to the emirate’s economy,” said Mr Al Hamli.

“Through our line of innovative electronic banking services, we are pleased to offer a convenient payment solution to entrepreneurs and investors seeking to establish their businesses here. DED has continued to play a vital role in making Dubai a leading trade and investment hub in the region. We are confident that our electronic payment services will further add to the ease of doing business in Dubai. We encourage investors and customers to benefit from this service,” added Mr Al Hamli.

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