Dubai Islamic Bank (DIB) announced today the appointment of Abdulla Al Hamli as the bank’s new Chief Executive Officer. Al Hamli, who previously served as Chief of Operations and Information Technology at DIB, has worked at the bank for nine years, following 16 years in progressively senior positions at leading public and private-sector organisations in Dubai, including more than a decade and a half as Director of Information Systems at the Dubai Ports Authority and Jebel Ali Free Zone. The holder of a BSc in Economics and Maths from Al Ain University who has completed various international professional development programmes, Al Hamli currently serves as a member of the Board of Directors of Deyaar Development.

Commenting on this strategic appointment, His Excellency Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, who also serves as Director-General of His Highness The Ruler’s Court and Board Member and Chief Executive Officer of the Investment Corporation of Dubai, said: “On behalf of Dubai Islamic Bank, it is my great pleasure to announce that Abdulla Al Hamli will assume the leadership of this storied institution. Founded more then three decades ago, the bank is focused on providing innovative Sharia-compliant products, services and solutions to its retail and institutional clients here in the Gulf and across the world. As CEO, Al Hamli will make a significant contribution to consolidating DIB’s leadership position in the regional and international Islamic banking sector.

“Despite the challenges currently facing the global economy, financial services sector and capital markets, Dubai Islamic Bank’s own long-term organic growth and geographic expansion strategy remains entirely on track. Backed by an exceptional management team and supported by world-class staff, the bank will continue to demonstrate its commitment to leading the Sharia-compliant banking sector and contributing to the economic expansion and diversification of Dubai and the wider region.

“Al Hamli’s mandate, as Chief Executive, includes not just realising this vision of growth and expansion, founded upon the bank’s rock-solid fundamentals. He will also continue to enhance DIB’s already strong corporate governance standards, ensuring that they are clear, consistent and fully in line with international best practice. On behalf of the Board of Directors, I look forward to working alongside Abdulla Al Hamli as Dubai Islamic Bank strives to set new standards for excellence in all these areas.”

Khaled Al Kamda, Group Managing Director, DIB, added: “This appointment comes at a signal moment in the bank’s long-term expansion, as we continue to establish our presence in new markets and consolidate our leadership status here in the UAE. All of us at DIB are determined to build upon this track record to achieve even greater success in the years to come.”

DIB announced in July 2008 that its net profit for the first half of this year reached AED 1.303 billion, an increase of 47 per cent compared to AED 888 million for the corresponding period last year, excluding the gain on transfer of interest in a DIB subsidiary. At the same time, total assets grew to AED 91.4 billion, up by 21 per cent in the first half of 2008.