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DIB to Increase Capital by Dh3b
DUBAI - Dubai Islamic Bank, or DIB, on Monday announced plans to increase its capital by Dh3 billion over a five-year period.
An extra-ordinary general meeting of the bank also approved the conversion of a Dh3.75 billion deposit, granted by the Ministry of Finance, into Tier-2 capital of the bank.
By approving the capital increase, members of the assembly have demonstrated their support for DIB’s expansion plan aimed at protecting the lending position of the bank during the current global financial crisis, said Mohammed Ibrahim Al Shaibani, Chairman of DIB. “We look forward to their continued support in 2009 and in the years to come,” said Shaibani.
By the end of this year, the bank expects to record a 15 per cent increase in its customer base, reaching some 900,000 customers, while the bank’s retail assets business is expected to grow by approximately 20 per cent.
“The bank will sustain its commitment to contributing to the ongoing growth, stability and diversification of the UAE and all the markets we serve.” Shaikh Khaled bin Zayed Al Nahayan, Vice-chairman of the bank said.
“The increase of the bank’s capital will provide additional liquidity to the financial operations carried out by the bank, thereby strengthening the UAE economy.” The bank reported Dh1.73 billion in net profit for 2008, a marginal decline compared to the Dh1.88 billion posted in 2007.
The distribution of a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008 were also approved at extra-ordinary general meeting.
The DIB will continue to build upon its many achievements in 2008, including the launch of its legal subsidiary, Dar Al Shari’ah Legal & Financial Consultancy LLC, a new joint venture with Jordan Dubai Capital and Dubai International Capital.
· abdulbasit@khaleejtimes.com
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