Dubai Islamic Bank repays Ministry of Finance AED3.752bn deposit in full
06 Apr 2013 04:26 GMT
 

Abdulla Al Hamli, CEO, DIB said: "We are extremely thankful to the Government of UAE, the Ministry of Finance and the Central Bank for the decisiv (more)

Abdulla Al Hamli, CEO, DIB said: "We are extremely thankful to the Government of UAE, the Ministry of Finance and the Central Bank for the decisive and timely measures taken during the crisis to support the banking sector in shoring up liquidity and ensuring seamless performance of the financial system of the country."

In March 2013, Dubai Islamic Bank announced the successful pricing of a US$1 billion Tier 1 Capital-eligible issuance, with a perpetual (non-call 6) maturity which will provide a significant boost to the current Tier 1 Capital ratio.

"2012 has been a solid year for Dubai Islamic Bank ," said Dr. Adnan Chilwan, Deputy Chief Executive Officer, DIB . "The bank is now well established on a growth strategy aligning itself to the improved market conditions in Dubai and the UAE. In March 2012, the bank repaid its maturing USD 750 mln Sukuk from its own resources and the robust liquidity position has enabled DIB to settle the MOF deposit as well."

Dr. Chilwan further added: " DIB 's recent US$1 billion Tier 1 Capital-eligible issuance was extremely well received by investors across the globe, evidenced by the fact that it was oversubscribed 14 times. This landmark achievement has pushed the bank's Tier 1 Capital ratio from 13.9% to 18.7%, based on year end 2012 balance sheet size, putting us on a strong footing for growth as the market continues to improve."

For the 12 months ended December 31, 2012, DIB group reported a net profit of AED 1.19 billion, compared to AED 1.05 billion in 2011, an increase of 13 per cent while the bank continues to boast one of the best liquidity ratios (88.7% as December 2012) in the market.

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About Dubai Islamic Bank : Dubai Islamic Bank ( DIB ), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 82 branches in the UAE.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 100 branches across 30 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank .

Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.

DIB has earned the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 92 local, regional and international accolades that it has won between 2008 and 2012. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. The bank's most recent awards include being named "Best Islamic Bank, UAE" by World Finance and Banker Middle East magazines, "Best Distance Banking Service" (Electronic Banking Services) by Banker Middle East, and being named among The Banker's "Deals of the Year for 2012."

For further information, please contact:Liam Turner / Tameem AlkintarASDA'A Burson-MarstellerDubai, UAETel: 971-4-4507600 Fax: 971-4-4358040Email: liam.turner@bm.com / tameem.alkintar@bm.com

© Press Release 2013

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