Dubai Islamic Bank appoints new chairman

Dubai: Dubai Islamic Bank (DIB) has announced the appointment of the new chairman of its board of directors, Mohammad Ebrahim Al Shaibani, who currently serves as director-general of the Ruler's Court and board member and CEO of the Investment Corporation of Dubai (ICD).

Al Shaibani replaces Dr Mohammad Khalfan Bin Kharbash, who is stepping down as chairman following the conclusion of the three-year tenure of the current board.

The annual general meeting (AGM), which was held on Sunday, approved the distribution of a cash dividend of 40 per cent of the company's share capital and a bonus share offer of 15 per cent.

DIB also announced that Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, chairman of Tamweel, has been named vice-chairman.

The composition of the new board, with decades of collective experience in Sharia-compliant financial services and a vigorous approach to growth, was approved at the AGM.

The bank's financial results for the year ending December 31, 2007, were approved at the meeting.

In 2007, DIB reported Dh2.5 billion in net profit, an increase of 60 per cent compared to Dh1.56 billion in 2006. In addition, the assembly reviewed the Director's Report and Annual Report of the Fatwa and Sharia Supervisory Board.

Al Shaibani, a member of the board of directors of Emaar Properties and Shuaa Capital, brings a wealth of corporate experience to DIB, including a specific background in Islamic financial services.

ICD is the investment arm of the Government of Dubai and the single largest shareholder in Dubai Islamic Bank.

Established in May 2006, ICD is chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

"Dubai Islamic Bank, with a heritage stretching across more than three decades, is not just the world's first Islamic bank," said Al Shaibani.

"DIB is a fast-growing, forward-looking financial services firm, offering a broad suite of Sharia-compliant products and services, focused on meeting the needs of clients here in the region and, indeed, across the world."

DIB, established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.

Composition: The new members