Dubai Islamic Bank nine-month net profit up 35%

Dubai: Dubai Islamic Bank (DIB) reported a 35 per cent increase in its net profits to Dh1.73 billion for the first nine months of 2008 compared to Dh1.28 billion during the same period last year, excluding the gain on transfer of interest in a DIB subsidiary.

DIB's total assets increased 17 per cent to Dh86.8 billion as of Sep-tember 30, 2008, compared to Dh74.1 billion at the end of the same period last year.

Financing and investing activity rose 27 per cent to reach Dh52 billion compared to Dh40.8 billion for the first nine months of 2007.

Customer deposits increased 18 per cent to reach Dh68 billion in the nine months ending Sep-tember 30 compared to Dh57.5 billion in the corresponding period of 2007.

Mohammad Ebrahim Al Shaibani, director-general of the Ruler's Court of Dubai and chairman of Dubai Islamic Bank, said: "Operating in a challenging global economic environment, the bank continues to demonstrate the strength of its fundamentals and the soundness of its long-term strategy of diversifying its operations and revenues.

"Today more than ever, DIB stands at the forefront of the financing sector by providing financial solutions, products and services that help government and semi-government organisations and private-sector firms sustain their own growth even during this period of unprecedented challenges to the stability of the global financial system."

The world's first Islamic bank continues to focus on providing innovative solutions for institutional and retail clients.

Most notably in the previous quarter, DIB, through a joint venture with Jordan Dubai Capital and Dubai International Capital LLC announced a strategic investment in Industrial Development Bank (IDB) of Jordan, leading to the conversion of IDB into Jordan Dubai Islamic Bank, a new Sharia-compliant institution.

The bank held the second round of its unique leadership development programme, "Qiyadee 2," and provided a group of students from the UAE Institute of Training and Judicial Studies with a specialised training programme at the Dubai Islamic Bank Academy.