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Dubai Islamic Bank Recognized For Market Leadership At Global Islamic Finance Awards
(5 October 2016)
Bank awarded the "GIFA Market Leadership Award 2016"


 

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced today that it has been awarded the “GIFA Market Leadership Award 2016” at the Global Islamic Finance Awards (GIFA) held in Jakarta, Indonesia. This achievement builds on the recognition that DIB received at last year’s GIFA, having won in the “Best Islamic Bank 2015” category.

The Global Islamic Finance Award assessments are based on an objective, proprietary methodology developed by Edbiz Consulting to recognize both successful individuals and institutions in the Islamic financial services industry. Nominees are critiqued based on three key criteria: social responsibility, Shari’a authenticity and commitment to Islamic banking and finance.

“We are honored to receive this recognition,” said Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank (DIB). ”Winning the Global Islamic Finance Leadership Award is testimony to the fact that we continue to remain the most progressive Islamic finance institution in the world. I believe this is because our approach to the market is simple - we want to be at the forefront of change, center everything that we do around our customers, and essentially compete with our own self. This simple formula combined with our expertise and knowledge across all facets of Islamic finance has enabled us to take a leadership role in this industry.

Having led the financial sector performance over the last three years, we will carry this growth momentum forward, forging ahead with continuous innovation and persistence with the aim of ultimately making Islamic banking the norm for businesses and consumers worldwide. I would like to thank GIFA and applaud their efforts to recognize best practice in the global Islamic finance industry and wish the organization much success in the years to come.”

For more than four decades, DIB has leveraged its unrivalled financial expertise and relentless focus on innovation to deliver the highest quality of banking services in the market. The bank’s ‘Smart Bank’ initiative, which is aligned with the Government’s ‘Smart City’ agenda, provides customers with a seamless and convenient digital banking experience. Additionally, with a network of 90 branches, the bank has continually remained committed to meeting, and exceeding, the needs of its base of over 1.4 million customers.

Embarking on a newly established growth agenda, the bank has been the leading performer in the UAE financial sector over the last three years recording record breaking performance despite volatile market conditions. The massive growth has seen DIB market share cross over 6% with financing book nearly doubling and deposits growing by 60% over the last two and a half years. Even more impressive is the more than a 100% growth in profits over the same period as DIB joined the exclusive USD 1 bln profit club in the country.

DIB is increasingly being recognized as a formidable force in Islamic finance. The bank’s recent rights’ issue was oversubscribed nearly three times, raising the share capital of the bank to Dh4.94bn. This is expected to drive incremental business growth through deeper penetration of existing and new wholesale ¬segments, and enable the bank to gain greater market share within the UAE. The Group also has assets of nearly USD 40 billion, a market capitalization of USD 7.0 billion, as well as a strong presence across all emirates with growing international operations in Asia, Middle East and Africa.

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