Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, has held its first hybrid Annual General Assembly Meeting to provide convenience for its shareholders, successfully concluded with the approval on the bank’s 2021 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank’s Board and management’s strategic agenda for the coming years.
For the year 2021, and following a strong post-COVID return to growth, DIB reported a 39% year-on-year increase in net profit. Other concluded agenda items at the AGM included the agreement of a 25% cash dividend of the paid-up capital, aggregating to an amount of AED 1.8 billion, the confirmation on the appointment of the Internal Sharia Supervision Committee and the reappointment of the bank’s external Auditors for year 2022, along with passing the special resolutions.
DIB further entrenched its position as a market leader in Islamic financing and capital markets in 2021, with nearly USD 25 billion in combined deal value completed by year-end. During the year, DIB was appointed in more than 20 Sukuk and syndicated financing transactions for supranational, sovereigns, quasi-sovereigns, corporates and financial institutions and has been consistently amongst the top-ranked banks on the Bloomberg league tables.
Commenting on the bank’s performance and outlook, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “DIB’s progress has been synchronised with that of the UAE, ensuring the bank plays a leading role in supporting the growth trajectory the country. The foundation created in 2021 will help propel us further in two critical areas – our digital aspirations and our absolute commitment to the Sustainability agenda of the country. We at DIB see these two pillars as the key drivers to future business development, growth and profitability, essentially leading to higher returns for our esteemed shareholders.
Today, having successfully navigated through the pandemic and its economic hangover, DIB is perfectly set on a course to deliver strength, scale and resilience for the long-term, aligning DIB with the UAE’s business and economic recovery plan, and leaving it positioned for sustained, responsible growth that creates value for our customers, the communities we serve and our shareholders”.
Dr. Adnan Chilwan, Group CEO of DIB, commented: “Time and time again, we’ve proven that DIB can successfully navigate market challenges and create growth opportunities, where seemingly none existed. 2021 was no exception with AED 36 Billion of new gross financing and a 39% jump in annual profit. DIB’s 2021 performance comes on the back of a steady return to local and regional economic growth, the bank’s focus on prudent risk management and a sustained reduction in operating expenses. We aspire to remain a growth focused organization where technology will provide the impetus and customer experience will dictate the execution, as we deliver on our promise for a prosperous and sustainable future for all our stakeholders.
“I want to take this opportunity to thank the shareholders for their unwavering support during a significant period of growth and look forward to working closely with colleagues and partners to deliver sustained value over the months and years to come.”
Looking into 2022, the bank’s strategic direction is perfectly aligned with that of the UAE. DIB’s newly unveiled 5-year strategy is set out to strengthen and grow the group’s business, building on the progress made in 2021 to transition DIB into a more sustainable business model that generates stronger returns for its shareholders. Today, DIB’s vision, purpose and values are fully aligned with the bank’s sustainability journey and to the global sustainable practices, ensuring that it remains committed to deliver on the promise of sustainable economic growth and UAE leadership ambitions.