Dubai Islamic Bank (DIB), announced today that its current Group Chief Executive, Saad Abdul Razak, who joined the bank in December 2001, will assume a new role within the Government of Dubai.
DIB also announced that Khaled Al Kamda has been appointed Managing Director of the bank.
Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance & Industry and Chairman of DIB, said: “Over the past six years, Saad has engineered an outstanding growth story at the bank and has cemented DIB’s position as the region’s leading Islamic bank.”
The bank’s financial results have registered unprecedented growth, and this is reflected in a 10-fold growth in net profit: from AED 160 million at the end of 2002 to AED 1.56 billion by the end of 2006. During the same period, assets have increased more than 300 per cent, reaching AED 64 billion by the end of 2006.
He continued: “Besides the financial growth and geographic expansion that has taken place at DIB, what stands out as his lasting contribution is the insitutionalisation of corporate management at the bank. Today, DIB is staffed by senior management who are global experts in their fields. During the past few years DIB has entered into strategic alliances, lead managed transactions for funding of government mega-projects, and won numerous awards from a broad range of international trade journals that have recognised the outstanding performance of the bank.”
He concluded: “All of us at DIB are indeed proud to note that our top executives have been chosen to take on challenging assignments with higher responsibilities. We wish Saad all the best as he prepares to embark on the next stage of his distinguished professional career.
“We are equally pleased to welcome Khaled Al Kamda to his new position at the bank, and look forward to working alongside him as DIB continues to build on its historic success.”
The Vice Chairman of the Board of Directors of UAE mortgage company Tamweel and Dubai World-owned investment company Istithmar, Al Kamda is currently a member of the Board of Directors of DIB as well other companies.
Saad Abdul Razak said: “Both professionally and personally, the past six years at DIB have been a challenging experience, and I have enjoyed carrying out my responsibilities at the bank. To be able to steer the bank and position it among the pioneering frontrunners of the fast-growing Islamic banking sector has been immensely satisfying.
“I have had the good fortune to work alongside talented colleagues, who have brought out the best in me and, I believe, the best in DIB. Most importantly, we have remained completely focused on our customer service quality as well as building shareholder value.
“I would like to express my profound gratitude to the Chairman, Vice Chairman, members of the board, senior management, employees, customers and shareholders of the bank for their continuous support.”