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DIB Extraordinary General Meeting approves AED 3.75 billion tier 2 capital Wakala agreement

2010-05-17

Following the conclusion of its meeting today, Dubai Islamic Bank’s (DIB) Extraordinary General Meeting (EGM) assembly has approved Wakala agreement signed with the Ministry of Finance for an amount of AED 3.75 billion. “By approving for tier 2 capital Wakala agreement, members of the assembly have demonstrated their support for DIB’s efforts to maintain its robust financial position and to capitalise on opportunities in the economy. We look forward to their continued support in 2010 and in the years to come,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.”  Chairing the EGM, Sheikh Khaled Bin Zayed Al Nahyan, Vice Chairman of Dubai Islamic Bank, said: “DIB remains committed to play a leading role in offering customised financing solutions. The funds generated through this wakala agreement will provide additional liquidity for DIB and the financial sector, thereby strengthening the UAE economy.”For the full year 2009, DIB reported a net profit of AED1.2 billion. The bank’s topline revenue remained stable at AED 5.1 billion in 2009 versus 5.2 billion in 2008, showing robust core business performance and significant resilience to the challenging economic environment.  The distribution of a cash dividend of 15 per cent and bonus shares of five per cent for the year 2009 was approved at the bank’s AGM.  DIB’s operational excellence and product innovation has been recognised by the industry in 2009. The bank was named “Best Islamic Bank in the UAE” for the fifth consecutive year by Islamic Finance News Award. DIB was also presented with the award for “Corporate Social Responsibility” in the Middle East by emeafinance magazine.Going forward, in 2010, the bank will continue to focus on consolidating its position by maintaining its significant presence in Sharia-compliant transactions. The emphasis on providing quality, value-for-money products and services that meet the needs of institutional, corporate, high net worth and retail clients will also remain a key objective for the bank.