25% of the paid-up capital

Dubai Islamic shareholders agree to distribute cash dividends of 1.8 billion dirhams for 2021

Dubai Islamic Bank announced the conclusion of its annual general meeting, which was held in a hybrid system for the first time in the bank's history, in order to provide the highest levels of comfort to its shareholders participating in the meeting.

In a statement, the bank stated that the shareholders approved during the meeting the bank's financial statements for the year 2021, as well as other items that were approved during the meeting.

Other agenda items that were concluded at the annual general assembly meeting included agreeing to distribute cash dividends of 25% of the paid-in capital, with a total value of 1.8 billion dirhams, in addition to confirming the appointment of the Internal Shari’a Supervisory Committee, and the reappointment of the bank’s external auditors. for 2022, and its adoption of special resolutions.

strong performance

The bank recorded an annual growth of 39% in its net profits for the year 2021, due to a strong improvement in its performance with the start of the “Covid-19” pandemic.

Dubai Islamic also continued to consolidate its position in the capital and finance markets during 2021, with the completion of deals with a consolidated value of close to 25 billion dollars by the end of the year.

The bank was also appointed during the year to offer more than 20 sukuk deals and joint financing deals for national companies, sovereign and quasi-sovereign companies, and financial companies and institutions, at a time when the bank still occupies the highest ranks in the Bloomberg rating list for banks.

digitization and sustainability

Mohammed Ibrahim Al Shaibani, Director-General of the Court of His Highness the Ruler of Dubai, and Chairman of the Board of Directors of Dubai Islamic Bank, said that "Dubai Islamic" is proceeding with its developmental path, in line with the UAE, pointing to the bank's keenness to play a leading role in supporting the growth trends of the state. .

He added, “The foundations laid in 2021 will help propel us forward in two very important areas, our digital aspirations, and our absolute commitment to the country’s sustainability agenda,” noting that Dubai Islamic Bank sees these two pillars, as the main drivers of business development, growth and profitability. In the future, which essentially leads to higher returns for shareholders.

Al Shaibani continued: “After its unparalleled success in overcoming the consequences of the global pandemic and the economic effects that resulted from it, Dubai Islamic Bank is today on the right track to enhance its strength, expand its scope, improve its long-term resilience, and align its orientations with the UAE’s economic and commercial recovery plan, which It enhances its ability to achieve sustainable and responsible growth, and creates value for our customers, the communities in which we operate and our shareholders.”

Market Challenges

For his part, Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: “We have proven time and time again the ability of (Dubai Islamic) to successfully overcome market challenges and provide growth opportunities that seem almost non-existent.

He added, “The year 2021 was no exception to this, as the total financing reached 36 billion dirhams and a growth of 39% in annual profits.

We aspire for the organization to maintain its focus on growth, as technology is gaining momentum, and customer experience will determine our implementation process, to deliver on our promises towards a prosperous and sustainable future for all our stakeholders.”

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