Following the conclusion of its Annual General Meeting (AGM), which was held today, Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008.

During the AGM, the bank’s 2008 financial results were also approved. DIB reported AED 1.73 billion in net profit for the 12 months ending December 31, 2008, demonstrating continued strong growth in its core operations despite extremely challenging global financial conditions. In addition, the assembly reviewed the Director’s Report and Annual Report of the Fatwa and Sharia Supervisory Board.

“As one of the UAE’s top five banks and the world’s third largest Sharia-compliant bank, Dubai Islamic Bank continues to set new standards for excellence at home and across the globe,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank. “We are very pleased to present 2008 financial results to our shareholders, and to be able to provide them with a generous share of the bank’s success. We look forward to their continued support in 2009 and in the years to come.

“While there is no doubt that the current challenges to the stability of the global financial system are without precedent in our lifetimes, Dubai Islamic Bank will strive to repeat the success of previous years by focusing on offering our retail and institutional clients the most innovative financial products and services,” he said. “Even more important, the bank will sustain its commitment to contributing to the ongoing growth, stability and diversification of the UAE and all the markets we serve.”

DIB will continue to build upon its many achievements in 2008, including the launch of its legal subsidiary, Dar Al Sharia Legal & Financial Consultancy LLC; a new joint venture with Jordan Dubai Capital and Dubai International Capital, via a strategic investment in Industrial Development Bank, which is to be converted into “Jordan Dubai Islamic Bank”.

The bank’s current growth strategy – with a renewed focus on its already robust retail operations – will deliver significant results. By the end of this year, the bank expects to record a 15 per cent increase in its customer base, reaching some 900,000 customers, while the bank’s retail assets business will grow by approximately 20 per cent.