Dubai Islamic Bank (DIB) has reported a 25 percent increase in net profit for 2003 with earnings reaching 751 million Emirati dirhams ($204 million) compared to Dh 601 million for 2002.
The announcement followed a meeting of the board of directors of the bank during which the results were reviewed and approved for submission to the shareholders at the annual general meeting to be held March 10, 2004. The board has recommended a dividend of 15 per cent to be distributed.
DIB's assets also rose by 16 percent from a total of Dh 19.6 billion in 2002 to Dh 22.77 billion in 2003, reported a press release. Total revenue rose to Dh 1.025 billion at the end of 2003 compared to Dh 882 million the previous year. Customer deposits increased by 17 percent from Dh 17 billion to Dh 19.9 billion, for the same period.
The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Founded in 1975, DIB creates partnerships with its customers to generate profits, which are then shared with them. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
