Dubai Islamic Bank's shareholders approved a dividend of 20 per cent aggregating to an amount of Dh1.44 billion. Image Credit: DIB

Dubai: Dubai Islamic Bank (DIB), the largest Islamic bank announced that the annual general assembly of shareholders approved the bank’s 2020 financial statements and other tabled resolutions.

Other agenda items concluded at the AGM included a dividend of 20 per cent aggregating to an amount of Dh1.44 billion, the appointment of members of the Internal Sharia Supervision Committee and external auditors, approve the recommendation to amend and restate the Articles of Association of the bank, as well as a move to allow the Board to issue Sukuks or similar instruments in amounts not exceeding $7.5 billion.

“DIB has proven its resilience and agility in its response to what has been one the most challenging and unpredictable years for the UAE’s business community and the world as a whole. As a response, the bank has taken steps to mitigate the economic impact of the Covid-19 pandemic and support the wider economy’s road to recovery. DIB has provided relief measures totaling Dh9 billion to more than 54,000 customers," said Mohammed Ibrahim Al Shaibani, DirectorGeneral of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

"Despite a particularly challenging year – one that was perhaps unlike any before it – we managed to remain steadfast and provide a counterbalance against the impact of the pandemic. The fact that our overall income remained stable at just over Dh 13 bln whilst the operating revenue grew to nearly AED 9.5 bln is a huge achievement," said Dr. Adnan Chilwan, Group CEO of DIB.