Dubai Islamic Bank shareholders approve 35% dividend

DUBAI, The shareholders of Dubai Islamic Bank, DIB, approved the dividend pay-out of 35 fils per share, and an increase in the Foreign Ownership Limit in the Bank’s share capital from 25 percent to 40 percent.

Following the conclusion of its Annual General Meeting, AGM, on Sunday, DIB announced that the assembly has approved the bank’s 2019 financial statements and other tabled resolutions, closing another year with strong returns to shareholders since the bank embarked on a growth agenda ten years ago.

For the year 2019, DIB reported a net profit of over AED5.1 billion, the highest ever in its history. The strong financial performance has placed DIB amongst the top three most profitable banks in the UAE today.

The shareholders also approved the dividend pay-out of 35 fils per share, increase in the Foreign Ownership Limit in the Bank’s share capital from 25 percent to 40 percent, and the election of DIB Board of Directors amongst other items of the agenda.

Commenting on this occasion, Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, said, "2019 has been yet another record-breaking year for the bank as we continue our profitable expansion in both local and international markets. In the last decade, the UAE has witnessed significant regulatory advances aimed at aiding economic progress, including higher investment flows and rising visitor numbers. As we look towards the future of the nation, we remain aligned with Dubai and the UAE’s plans to create a diversified economy and a global hub for Islamic finance."

In the last ten years, DIB has witnessed a remarkable evolution in its size and scale. With the recent acquisition of Noor Bank, DIB is set to become one of the largest Islamic banks in the world, with total assets exceeding AED275 billion (approximately US$75 billion).

According to a DIB statement, the acquisition will strengthen Dubai’s position as a global centre for Islamic finance and will offer opportunities for DIB to further develop its successful growth strategy.

Source: Emirates News Agency