DIB posts Dh616m net profit
Despite the impact of the September 11 events, Dubai Islamic Bank
(DIB) has reported an impressive gain in net profit to Dh616
million. The corresponding figure for 2000 was Dh591 million.
"The results are very good," said Dr. Mohammed bin Kharbash, UAE
Minister of State for Finance and Industry, and DIB chairman, at the
end of the bank's annual general meeting yesterday.
DIB will come out with an Islamic fund focusing on the UAE market,
during the second quarter.
The fund, details of which are now being worked upon, will be listed
on Dubai Financial Market, said Butti Khalifa bin Darwish, DIB
general manager.
The bank will distribute Dh463 million to its depositors and Dh153
million for the shareholders. The Dubai Government holds a 30 per
cent stake in the bank, which has a paid up capital of Dh1 billion.
Following the upbeat results, DIB has also announced a 10 per cent
dividend totalling Dh100 million. In 2000, the dividend outgo was
7.5 per cent.
"September 11 had an impact on the whole banking sector in the UAE.
Despite this, DIB has actually been able to record growth during
2001 with the help of Islamic financial instruments launched during
the period. Some of these were tied to international rates, which
allowed us to be flexible as well," said Mohammed Al Sharif,
executive director at the finance and administration department.
"This year we will be coming out with new instruments suited to the
market."
In fact, following September 11, DIB had gone through an elaborate
check to determine whether any terrorist related funds had passed
through. The process revealed no trace of any such funds.
Also last year, DIB was particularly active in the local corporate
market, with Sharia-based financing extended to Emirates National
Oil Co, Emirates airline and Dubai Internet City among others. In
fact, it just extended Dh50 million to Emirates Group last week, an
official added.
It also took up equity in Injazat Technology Fund with a $5 million
capital infusion. Last week, it entered an agreement with Bahrain
Islamic Bank and Kuwaiti Financing House to set up a liquidity
management centre in Bahrain.
Customer deposits with the bank at the end of last year was Dh13.1
billion against Dh9.8 billion in 2000.
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