Dubai Islamic Bank (DIB) announced today the appointment of its new Chairman of the Board of Directors, His Excellency Mohammed Ibrahim Al Shaibani, who currently serves as Director-General of His Highness The Ruler’s Court and Board Member and Chief Executive Officer of the Investment Corporation of Dubai (ICD). Al Shaibani replaces Dr. Mohammed Khalfan bin Khirbash, who is stepping down as Chairman following the conclusion of the three-year tenure of the current Board of Directors.

During the Annual General Meeting (AGM), which was held today, the assembly approved the distribution of a cash dividend of 40 per cent of the company’s share capital and a bonus share offer of 15 per cent.

DIB also announced that Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, has been named Vice Chairman of the Board of Directors.

The composition of the new Board of Directors, with decades of collective experience in Sharia-compliant financial services and a vigorous approach to growth, was approved at today’s AGM. The board will include the following additional prominent members of the UAE business community: Saleh Saeed Ahmad Lootah, Khaled Al Kamda, Nasser Hassan Al-Shaikh, Dr. Tarek Humaid Al Tayer, Abdulrahman Al Hareb, Saed Mubarak Al Muhairi, and Ahmad Bin Humaidan.

The bank’s financial results for the year ending December 31, 2007, were approved at the AGM. In 2007, DIB reported AED 2.5 billion in net profit, an increase of 60 per cent compared to AED 1.56 billion in 2006. In addition, the assembly reviewed the Director’s Report and Annual Report of the Fatwa and Sharia Supervisory Board.

Mohammed Ibrahim Al Shaibani, a member of the Board of Directors of Emaar Properties and Shuaa Capital, brings a wealth of corporate experience to DIB, including specifcially a background in Islamic financial services. He currently serves as Director-General of The Ruler’s Court (Al Diwan Al Amiri) and as Chief Executive at ICD, the investment arm of the Government of Dubai and the single largest shareholder in DIB. Formed in May 2006, ICD is chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“Dubai Islamic Bank, with a heritage stretching across more than three decades, is not just the world’s first Islamic bank,” said Al Shaibani. “DIB is a fast-growing, forward-looking financial services firm, offering a broad suite of Sharia-compliant products and services, focused on meeting the needs of clients here in the region and, indeed, across the world. Along with my fellow incoming members of the Board of Directors, who together have rich experience in the Islamic financial services space, I am grateful for the opportunity to contribute to realising the bank’s long-term vision of global growth.

“Under the tenure of Dr. bin Khirbash, DIB has cemented its reputation as the region’s leading Sharia-compliant financial services organisation, and has achieved the ranking of one of the largest bank in the highly competitive UAE banking sector,” added Al Shaibani.

“On behalf of the incoming board members and everyone at the bank, I would like to applaud Dr. bin Khirbash for his leadership in steering DIB to such great heights. DIB has proved that it is uniquely positioned to meet the changing needs of its clients, while also providing superior value to shareholders. I look forward to upholding that tradition of excellence and continuing the bank’s focus on innovation