Dubai Islamic Bank profits rise by 30 percent
The Dubai Islamic Bank (DIB) reported a total profit of 502 million UAE Dirhams ($137 million) in the first nine months of 2001, a 30 percent increase from Dh 418 million ($114 million) in the corresponding period of the previous year. The Bank’s total asset value increased from Dh 11.3 billion (three billion dollars) to Dh 14.8 billion (four billion dollars) during the same period, a 31 percent increase, reported Al-Ittihad.
DIB’s total customer deposits increased by 36 percent in the first nine months of 2001 from Dh 9.4 billion ($2.5 billion) to Dh 12.8 billion ($3.4 billion). The Bank’s total revenues also rose by 36 percent from Dh 531 million ($144 million) to Dh 630 million ($172 million) in the same period.
DIB opened in 1975 as the first non-governmental Islamic bank. Currently the seventh largest Bank in the UAE, DIB is a UAE public shareholder company with a base of approximately 20,000 shareholders. The Government of Dubai holds 30 percent of these shares and is the principal shareholder.
The Bank's 13 Branches carry out investment, commercial and other banking service activities in accordance with Islamic religious law (Shari'a) as approved by the Bank's Fatwa and Shari'a Supervisory Board. — (menareport.com)
© 2002 Mena Report (www.menareport.com)