Dubai Islamic Bank shareholders approve 20% dividend as robust growth continues despite economic challenges

Dubai Islamic Bank (DIB) successfully concluded its Annual General Meeting (AGM) held remotely at the bank’s headquarters in Dubai. Following the conclusion of the AGM, DIB announced that the assembly approved the bank’s 2020 financial statements and other tabled resolutions, closing another year with a strong performance despite regional economic challenges brought on by the ongoing Covid-19 pandemic.

Other agenda items concluded at the AGM included a dividend of 20% aggregating to an amount of AED 1.44 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 USD 7.5 billion.

Commenting on the AGM, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank: “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 AED 9 billion to more than 54,000 customers. We are honored by the continued trust shown by investors, stakeholders and customers alike and look forward to supporting the UAE’s leadership as we continue to navigate the pandemic and work towards a fully recovery.”

Dr. Adnan Chilwan, Group CEO of DIB, commented: “I want to take this opportunity to thank all of our shareholders and employees for their relentless support and commitment to DIB’s goals. 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 AED 13 bln whilst the operating revenue grew to nearly AED 9.5 bln is a huge achievement given the year’s subdued global and domestic economic activities. Going forward, we will be operating with a renewed sense of purpose and mission to help make financial solutions simple, convenient and accessible for all – a positioning we are calling #ReadyForTheNew.”

Over the course of the last several years, DIB has witnessed an exceptional evolution in the bank’s size and scale. Among its key milestones was the successful early completion of its integration with Noor Bank – amid challenging and unfamiliar working conditions – which set DIB on a path to become one of the largest Islamic banks in the world, with total assets exceeding $80 billion.