Dubai Islamic Bank records 20 percent profit rise
Dubai Islamic Bank (DIB) has posted a 20 percent profit rise in the first nine months of 2001, at 502 million Emirati dirhams ($136.7 million), as compared to Dh418 million for the corresponding period the previous year, reported Gulf News.
Unaudited data made available to the Dubai Financial Market indicated that the bank’s total assets surged to Dh14.8 billion, 31 percent higher than at September-end 2000 when the figure stood at Dh11.3 billion. Investment assets showed a 27 percent jump to Dh12.7 billion, from Dh10 billion last year. Deposits recorded the most impressive rise, up 36 percent from Dh9.4 billion in 2000 to Dh12.8 billion during the period ending September 2001.
DIB has recently stated categorically that it is totally free of funds linked to terrorist groups. In 1999, the US State Department identified the Dubai Islamic Bank as one institution through which bin Laden used to funnel various funds, according to AFP.
A statement the bank released said it had thoroughly checked all its accounts for links to these groups and none had been found. It pointed out that all transactions outside the UAE are traded in US dollars handled by Chase Manhattan in New York.
The DIB opened in 1975 as the first modern, non-governmental Islamic bank. The Bank's main activities include carrying out investment, commercial and other banking service activities in accordance with Islamic Shari'a as approved by the Bank's Fatwa and Shari'a Supervisory Board. — (menareport.com)
© 2001 Mena Report (www.menareport.com)