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Dubai Islamic Bank

Islamic bank in Dubai

Field	Value
name	Dubai Islamic Bank P.J.S.C.
type	Public company
traded_as
foundation
industry	Islamic banking and finance
products	Retail banking,Corporate banking,Investment banking
key_people	Mohammed Ibrahim Al Shaibani (Chairman)
Adnan Chilwan (Group Chief Executive Officer)
revenue	USD 6.3 billion
revenue_year	2024
assets	USD 94 billion
assets_year	2024
num_employees	Approximately 10,000
location_city	Dubai
location_country	United Arab Emirates
homepage

Adnan Chilwan (Group Chief Executive Officer)

Dubai Islamic Bank (DIB) is an Islamic bank headquartered in Dubai, United Arab Emirates. Established in 1975 by Saeed bin Ahmed Lootah, it is widely recognised as the world’s first full-service Islamic bank. The bank operates in accordance with Sharia principles across all its activities and is the largest Islamic bank in the United Arab Emirates by assets.

Dubai Islamic Bank is a public joint-stock company listed on the Dubai Financial Market and is regarded as a leading institution within the global Islamic finance industry.

Overview

Founded in 1975, Dubai Islamic Bank was established to provide banking services structured in accordance with Islamic principles. Over time, the bank expanded its operations and product offerings, contributing to the development of the modern Islamic banking sector.

As of 2024, DIB operates an extensive branch network across the United Arab Emirates and maintains an international presence through subsidiaries and strategic investments.

Subsidiaries and associates

Dar Al Sharia – A Sharia legal and financial advisory firm established in 2008.
Dubai Islamic Bank Pakistan – A wholly owned subsidiary established in 2006.
Panin Dubai Syariah Bank – A minority shareholding in an Indonesian Islamic bank.
Bank of Khartoum – A strategic shareholding in one of Sudan’s largest banks.
Deyaar Development – A real estate development company based in the United Arab Emirates.
Bosna Bank International – An Islamic bank established in 2000 in Sarajevo, Bosnia and Herzegovina.
DIB Bank Kenya Limited – Licensed by the Central Bank of Kenya.

Services

Dubai Islamic Bank provides a range of financial services comparable to those offered by other large commercial banks, structured in accordance with Sharia principles.

The bank’s activities include Retail banking,Corporate banking,and SME banking,as well as Trade finance,treasury services,and Investment banking-related products.

Financial performance

In 2024, Dubai Islamic Bank reported revenues of approximately USD 6.3 billion and total assets of approximately USD 94 billion.

Legal cases and controversies

Ryan Cornelius fraud case

Dubai Islamic Bank was the principal complainant in a fraud case involving British property developer Ryan Cornelius.

In 2010, Cornelius was convicted in Dubai of defrauding the bank and sentenced to ten years’ imprisonment.

In 2018, international media reported that his detention could be extended unless liabilities exceeding USD 400 million were settled.

References

(15 December 2021). "The Dubai debt trap". The Economist.
(6 February 2024). "UAE banks post strong results". Reuters.
"Islamic finance comes of age". Financial Times.
"The rise of Islamic banking". Financial Times.
"Dubai Islamic Bank expands abroad". Bloomberg.
"About Dar Al Sharia". Dar Al Sharia.
"Islamic banking growth in Pakistan". Reuters.
"Indonesia Islamic banking growth". Bloomberg.
"Sudan banking sector overview". Reuters.
"Deyaar reports results". Gulf News.
"Islamic banking in Europe". Financial Times.
(15 May 2017). "Kenya issues licence to shariah-compliant DIB Bank". Reuters.
"How Islamic banking works". Financial Times.
"Middle East banks expand services". Reuters.
"Dubai Islamic Bank posts strong results". Gulf News.
(12 August 2010). "Paradise lost for jailed Dubai expats". The Sydney Morning Herald.
(11 August 2010). "British developer jailed in Dubai". Reuters.
"The Dubai debt trap". The Economist.

Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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